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Types of Loans
Fixed Rate Mortgages
The conforming loan limit is $417,000 within the continental United States.
15-year, 20-year or 30-year fixed rates terms are available for primary residences, second homes and investment properties. Up to 95% Loan-to-Value for qualified borrowers on a primary residence, 85% Loan-to-Value for second homes, and 80% Loan-to-Value on investment properties.
 
Adjustable Rate Mortgages

Adjustable Rate Mortgage loan limits depend on a individual borrower’s Credit and Debt-to-Income Ratio and will be determined on a case by case basis.

3/1 ARM, 5/1 ARM, 7/1 ARM and 1/1 ARM are available for primary residence, second homes and investment properties. Up to 95% Loan-to-Value for qualified borrowers.
 
ARM Type
CAP on first rate adjustment
CAP on subsequent annual adjustments
Lifetime CAP
3/1
6.00%
2.00%
6.00%
5/1
6.00%
2.00%
6.00%
7/1
6.00%
2.00%
6.00%
1/1
6.00%
2.00%
6.00%
 
3/1 ARM   
A 3/1 ARM is an Adjustable Rate Mortgage that has an initial interest rate that remains fixed for the first three years, and thereafter adjusts each year. Each annual rate adjustment is based on the 1-year Treasury index plus a margin.
5/1 ARM   
A 5/1 ARM is an Adjustable Rate Mortgage that has an initial interest rate that remains fixed for five years, and thereafter adjusts each year. The adjustment is based on the 1-year Treasury index plus a margin.
7/1 ARM   
A 7/1 ARM is an Adjustable Rate Mortgage that has an initial interest rate that remains fixed for seven years, and thereafter adjusts each year. The adjustment is based on the 1-year Treasury index plus a margin.
 
Home Equity Loan / Second Mortgage
Enjoy a fixed rate for the life of your loan with payment amounts that never change.
·          Borrow up to $300,000
·          Repayment terms up to 15 years
·          Borrow up to 90% loan-to-value for primary residences.

        Interest Rates are based on the length of term selected and the borrower’s credit scores

 
Home Equity Line-of-Credit
Home Equity Lines of Credit are accessed by writing a check. No interest is charged until the credit line is used. The APR is a variable rate plus or minus a margin and is based on the prime rate (adjusted according to each member's credit history, so your rate may differ) as published in The Wall Street Journal. The rate is subject to change semi-annually. Maximum APR is 18%.
·          Up to $300,000 line of credit.
·          Borrow up to 90% loan-to-value for primary residences
        Interest Rates are based on the borrower’s credit scores


 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

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