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. That’s why we would like you to take our Home BuyAbility Test. It will help you find out how much home is right for you, so you can feel more comfortable when you apply for your mortgage loan with us.
Interest rates on home mortgages are at their lowest point in decades. There has not been a better time in years to buy or refinance your existing mortgage. We offer low and highly competitive interest rates.
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.
- Adjustable Rate 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.
- Freddie Mac Loans are long term, fixed rate, home loans which we originate and service.
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 Amount | 4% APR | 5% APR | 6% APR | 7% 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 | $1064 |
| $180,000 | $859 | $966 | $1079 | $1198 |
| $200,000 | $955 | $1074 | $1199 | $1331 |
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. 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, on taxes at the end of the year. You should consult a tax advisory to see what is best for you. Speak to one of our mortgage loan experts at at any of our convenient locations.
