• Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable-rate mortgage.
• Adjustable Rate Loans usually start with lower rates than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you’ll want to consider an adjustable rate since monthly payments may be lower.

A construction loan covers the costs of land purchase, construction materials, labor, permits, and other expenses associated with building a home from the ground up or even adding on to an existing home. Unlike a traditional mortgage which is dispersed as a lump sum at closing, construction funds are paid out in disbursements, or “draws,” to the builder or contractor as different stages of the project are completed. Each draw is typically tied to a specific milestone, such as foundation completion, framing, or roofing.

Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages exceeds two percentage points below your present mortgage. And whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, ask about a Homeowner’s Credit Line. It can help you save on fees when you apply; interest when you want to borrow money; and, taxes at the end of the year.

You can use the equity in your home to make improvements or repairs, consolidate debt, or take that dream vacation.

With a Home Equity Loan, you may be able to save money on our special low, locked-in interest rate that could be 100% tax-deductible (consult your tax adviser). You’ll enjoy the convenience of affordable monthly payments over a fixed time, and you might be able to save even more by paying off higher interest obligations such as department store charges.