Home Mortgage Loans
Residential Mortgage Lending
Realizing that buying a house can be a thrilling yet challenging experience, we have developed a residential mortgage program with benefits. We offer in-house mortgages and secondary market mortgages at very competitive rates and terms.
Your application, loan processing and closing are all done right here at our office, so you’re not going to be paying extra costs just to get your loan closed!
What is a mortgage?
A mortgage, basically speaking, is a loan. When you set out to purchase a home, no one expects you to have, say, $500,000 in cash. So that’s where a mortgage comes in: You borrow the extra money that you need to buy your chosen home, agreeing to pay it back in the coming years.
Since homes are pricey, a mortgage is a lending system that allows you to pay a fraction of a home’s cost (called the down payment) upfront, while we loan you the rest of the money. You arrange to pay back that money, plus interest, over a set period of time (known as a term), which can be as long as 30 years.
Adjustable Rate Mortgages (ARM) Option
The interest rates on adjustable rate mortgages are adjusted at predetermined intervals to reflect the current market. Some mortgages are a combination of fixed and adjustable. This type of loan may be right for you if you plan to live in your home for approximately the same length of time as the original fixed term.
Fixed Rate Option
This is a popular payment setup for a mortgage. It means that the borrower will pay a “fixed” interest rate for the next agreed upon number of years. It’s an appealing prospect because homeowners will pay the exact same amount every month. Fixed mortgages are best for homebuyers who buy when interest rates are low or on the rise, are counting on a predictable payment and who plan to stay in the home for a long time.