Understanding options is the first step to financing your dream.
FIXED RATE MORTGAGES (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
ADJUSTABLE RATE MORTGAGES
Adjustable rate mortgages contain a feature that allows the interest rate to move up and down over time (subject to limitations). FFB offers Hybrid ARM options that combine the features of both fixed rate and adjustable rate mortgages. These ARM products offer an initial fixed rate term that converts to an adjustable rate term for the remainder of the loan.
Adjustable rate mortgages contain a feature that allows the interest rate to move up and down over time (subject to limitations). FFB offers Hybrid ARM options that combine the features of both fixed rate and adjustable rate mortgages. These ARM products offer an initial fixed rate term that converts to an adjustable rate term for the remainder of the loan.
COMPONENTS OF AN ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
FHA LOANS
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA LOANS
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
USDA
A department of the United States government that manages various programs related to food, agriculture, natural resources, rural development and nutrition.
A department of the United States government that manages various programs related to food, agriculture, natural resources, rural development and nutrition.
JUMBO LOANS
These loans are for luxury properties or those in more expensive area with a cost of $647,200 or greater. Monthly payments can be tailored to you based on the term selected and underwriting guidelines.
WHAT KIND OF LOAN PROGRAM IS BEST FOR YOU?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
Ready to take the next step?
We help you through every step of the mortgage process. Because the process can be daunting, we've have experienced mortgage loan officers ready to help.
Choose whether to meet face-to-face in one of our branches, manage everything over the phone, or online through our Consumer Direct Mortgage Team - personal service is our specialty.
