Conventional Financing

We offer a wide variety of financing options in addition to FHA loans. We offer Conventional (Loan amounts up to $417,000) and Jumbo (Loan amounts higher than $417,000) loans as well. Below is some information about the loan programs we offer.

Fixed-Rate Mortgages

These mortgages, with a fixed percentage rate, and a fixed loan amount are usually carry higher rates than other types of mortgages, but they offer the security and certainty of knowing your monthly principal and interest payment and interest rate will not change for the term of the loan.

Available Terms: 30, 20, 15 and 10 year

Adjustable-Rate Mortgages

These mortgages (also known as ARMs) have a variable interest rate and monthly payments that are recalculated on a regular basis to reflect changes in the market interest rate. These programs typically offer lower initial rates than the fixed-rate mortgages, but expose you to the risk that market interest rates may rise in the future.

Available Types: 10/1, 7/1, 5/1, 3/1, 1 year and 6 month

Interest Only Mortgages

These mortgages have either a fixed interest rate or a variable interest rate but offer an interest only payment for a specific number of years. Example: On a 30 year fixed interest only mortgage the interest rate would be fixed for 30 years but the required monthly payment for the first 10 years would be interest only. Starting the 11th year the required monthly payment would be both principal and interest for the remaining 20 years.

Available Terms: 30 and 15 year fixed, 10/1, 7/1, 5/1 or 3/1 ARM

Fixed Rate Second Mortgages and Home Equity Lines of Credit (HELOC)

Fixed Rate Second Mortgage

The fixed rate second mortgage offers a fixed interest rate and monthly payment for a specific number of years.

Available Terms: 30, 15, 10 and 30/15 year Balloon

Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is a 2nd lien that allows you to qualify for a maximum loan amount and “Draw” the funds as needed. HELOC’s offer a 5 year draw period with an option to extend for an additional 5 years. During the draw period the required monthly payment is an interest only payment. At the end of the draw period the line is closed and principal and interest payments are required for the repayment term, typically 10, 15 or 20 years.

Available Terms: 25 and 20 years

Ask one of our Certified Mortgage Planners today to help you determine which loan is right for you!