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We are a 
Consumer
Service!
Mortgage fee & Loans
How do
I know what type of mortgage is best for me?
You should talk with a loan officer to help you determine
what is best for you. Here are some items for you to consider to help you answer
this question:
- What is your current income?
- Do you expect your current income to increase
substantially?
- How long do you intend to own your house?
- How comfortable are you with your mortgage payment
changing from time to time?
What
is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
A fixed rate mortgage has an interest rate that stays
fixed and payments that stay the same for the life of the loan. An adjustable
rate mortgage has an interest rate that changes based on a predetermined time
interval and an identified index (such as treasury bill rates), and payments may
go up or down accordingly.
What
is a conventional loan?
A conventional loan has an amount under $240,000. It is
not insured, guaranteed or funded by the Veterans Administration (VA), the
Federal Housing Administration (FHA), or the Rural Economic Community
Development (RECD) (formally Farmers Home Administration).
What
is a jumbo loan?
A jumbo loan is a conventional loan of over $240,000,
which is the limit set by the Federal National Mortgage Association (FNMA) or
Federal Home Loan Mortgage Corporation (FHLMC) guidelines. This is also referred
to as a nonconforming loan.
What
is LTV?
LTV is an acronym for Loan-to-Value. The loan-to-value
ratio is the relationship, expressed as a percentage, between the amount of a
proposed loan and a property's appraised value or sales price, whichever is
lower. For example, a $75,000 loan on a property appraised at $100,000 is a 75%
LTV.
Are
there any interest only loans?
Yes.
Is
there a 20-year fixed rate program?
Yes.
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