Fixed Rate
We offer many different terms on first-mortgage home loans. These types of loans are often financed in the "secondary market". This means the loan is normally sold to other lenders. A key advantage to these "secondary market" loans is the availability of lower fixed-rate loans. While we do make these types of loans, the KEY difference is we RETAIN the servicing of your loan. This means you have a local bank to make your payments to, and someone to call or walk in and see.
Terms:
- Interest rate is fixed for the term of the loan
- Flexible terms available
- Appraisal required
- Title work required
- Interest rate changes daily until "locked" and varies depending on term of loan
- Purchase agreement to closing is normally 30 days or less
- All loans subject to credit approval
Costs
Some costs are variable depending on the property location, as costs vary from state to state. In addition, lender fees vary greatly. An individual is wise to shop and compare. Other factors that may affect the closing costs are:
- Amount of loan
- Title insurance
- Recording fees
- Attorney fees
- Escrowing for taxes and insurance
- Lender you are using
Additional Information
Annual Percentage Rate for qualified borrowers is 5.058% APR as of July 6, 2004. Rates are subject to change. In this example, a $160,000 loan with a 30-year term would have a monthly payment amount of $858.91. This example assumes $1,391.77 in additional prepaid finance charges. This rate assumes a 20% down payment. If the down payment is less than 20%, private mortgage insurance may be required, which will increase the APR and payment amounts in this example.
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