Mortgage Loans

 

Buying a new home should be a pleasant experience.

We’d like to help make it that way by taking the worry out of applying for a mortgage.

Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.

  • 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.
  • FHA Loans offer lower interest rates, require a relatively small down payment, and are insured through the Federal Housing Administration.
  • VA Loans the Veterans Administration assists eligible U.A. Veterans purchase a home by providing low closing cost and special financing options.
  • USDA the Guaranteed Rural housing Loan Program may be ideal for first-time home buyers and provides special financing options on homes located in eligible rural communities.
  • Construction Loans are for short term financing to be used for construction of a new property.
  • In-house Balloon Loans offers solutions for borrowers who are looking for options outside of conventional lending programs.

Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.

Monthly Mortgage Payment Guide

Mortgage Amount4% APR5% APR6% APR7% APR
$60,000 $286$322$360$399
$80,000 $382$429$480$532
$100,000 $477$537$600$665
$120,000 $573$644$719$798
$140,000 $668$751$839$931
$160,000 $764$859$959$1,064
$180,000 $859$966$1,079 $1,198
$200,000 $955$1,074 $1,199 $1,331

The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.

Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage.  For more details, speak to one of our mortgage loan experts at 217-795-2331.