Mortgage Options
Overview
An unchanging monthly payment and interest rate
Fixed-Rate Mortgage
- Fixed principal and interest payment throughout the life of the loan
- Choice of when to lock in the interest rate
- Simple online application process
Flexibility and savings with varying interest rates
Adjustable-Rate Mortgage
- Lower initial monthly payments
- Lower initial interest rate
- Interest-only payment options
Homeowners who need a loan amount above the conforming loan limits
Jumbo Loan
- Term loan for existing homeowners who have a current mortgage that exceeds $417,000
- Potential to increase loan-to-value ratio up to 90%
- Potential to lower mortgage interest rates
Low closing costs for home construction and permanent financing
Construction-to-Permanent Mortgage
- Financing for the construction of a new home that converts to permanent financing
- Interest-only payments throughout the construction phase
Normal credit approval applies.
Compare Accounts
| Account type |
Fixed-Rate Mortgage |
Adjustable-Rate Mortgage |
Jumbo Loan |
Construction-to-Permanent Mortgage |
|
|---|---|---|---|---|---|
| Best if you want | A mortgage with a fixed monthly payment and interest rate | A mortgage that offers lower monthly payments and lower interest rates during an initial period, after which time rates are readjusted regularly | To purchase or refinance a home, though you already have an existing mortgage over $417,000 | Low closing costs for both the construction and permanent financing of your new home | |
| Terms | Flexible terms, both long and short | 5/1 ARM1 7/1 ARM 10/1 ARM |
5/1 ARM1 7/1 ARM 10/1 ARM |
Terms vary; up to 12-month construction terms available | |
| Rates | Current Rates | Current Rates | Current Rates | Talk to a mortgage banker for current rates. | |
| Additional benefits |
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| Account type |
Fixed-Rate Mortgage |
Adjustable-Rate Mortgage |
Jumbo Loan |
Construction-to-Permanent Mortgage |
|
Normal credit approval applies.
1.An example of a typical 5/1 adjustable rate mortgage as of March 6, 2015 is as follows: A loan amount of $400,000 with an annual percentage rate of 3.25% for the first 5 years of the loan would result in a monthly payment of $1659.57. The rate and monthly payment may increase annually following the 5th year.
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