A fixed-rate mortgage has an interest rate that remains the same for the entire loan term. The interest rate of an adjustable-rate mortgage (ARM) can change periodically during the life of the loan.

An adjustable-rate mortgage could be a good choice if you intend to sell, pay off, or refinance your mortgage within a few years. It may also offer a lower initial rate than a fixed-rate mortgage and your rate could stay low if mortgage interest rates remain steady or trend downward.

The lender calculates your monthly payment based on the loan amount, the interest rate, and the term of the loan. It also depends on whether or not you have to pay mortgage insurance premiums.

Private mortgage insurance (PMI) protects the lender if you stop making payments on your loan. Lenders require PMI if you make a down payment of less than 20% of the purchase price.

A conventional loan is a mortgage that does not carry government insurance. For first-time home buyers, conventional loans may allow for a down payment as low as 3% and offer many benefits for eligible borrowers.

The total amount you can borrow depends on your income, debts, and credit score. It also depends on the value of the property you want to buy. A mortgage loan officer can help you decide how much you can borrow.

Yes, we are an equal housing lender. If you want to purchase a home, simply fill out an application, give us a call, or stop by a branch to start the process.