Home & Construction Loans
Buying a new home should be a pleasant experience. We’d like to help make it that way. Before you apply for your mortgage loan, you’ll need to decide which type of loan is right for you.
- Fixed rate and monthly payment for the entire life of the loan
- Easy to budget for because your payment will always be the same
- Rate on a conventional mortgage loans are generally higher than an adjustable rate mortgages
Adjustable Rate Loans
- Usually start with lower rates than conventional loans
- You will know how much the rate can be adjusted over the life of the loan
- You will know from the beginning the absolute maximum amount you would 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
- Once you know approximately how much home is in your price range, use our 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
- Annual costs such as taxes, insurance and mortgage life insurance are also not included, but may be added to your monthly payments
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 officers at 940.549.2066 or e-mail us.