FIRST MORTGAGE
- Pre-Approved Financing
- Fixed Rate Mortgage
- Balloon Mortgage
- Adjustable Rate Mortgage (ARM)
- Refinancing
Get a step ahead by getting pre-approved for financing a home purchase! Before purchasing a home, have our loan experts analyze your financial situation and advise you on how much of a home you can afford to buy. The processing can begin while you are looking for your new home.
Being pre-qualified helps you prepare for your purchase, answers your financial questions, reduces anxiety, and speeds up processing. It will also save time for you, your realtor, and the seller.
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A Fixed Rate Mortgage offers you a guaranteed interest rate and a fixed monthly payment amount for the full term of the loan, giving you peace of mind for as long as you live in your home. This program typically allows the lowest down payment of any type of mortgage, so that you need less money to purchase a home. As with most types of mortgages, a down payment of 20% or more will usually eliminate the need for mortgage insurance and an escrow account for taxes and insurance. Loan terms from ten years through thirty years are available. Example: A $150,000 home with 20% down and $120,000 borrowed at 7.75% for 30 years, including pre-paid finance charges of $405, results in an APR (annual percentage rate) of 7.786% and monthly payments of $859.69.
For qualified first time homebuyers, we offer special low rate, low down payment programs to get you started with home ownership. Income and purchase price limitations apply to these programs.
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Balloon mortgages are a type of hybrid between a fixed rate and an adjustable rate mortgage. Based on a 30-year amortization, the interest rate is set for an initial period at a rate usually lower than a fixed rate mortgage. After the initial period, if certain conditions are met, the interest rate will be adjusted and the loan may be able to be extended for the remainder of the 30 years. Example: $100,000 borrowed with 20% down with a 7 year initial rate lock at 7.50% and including $405 in pre-paid finance charges, results in a 7.579% APR and an initial monthly payment of $699.21.
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Adjustable Rate Mortgage (ARM)
Under most economic conditions, an Adjustable Rate Mortgage, commonly referred to as an ARM, can offer you the most competitive interest rate available. The interest rate and payment amount will adjust periodically to current market rates after an initial rate lock period. There are many versions of the ARM available to discuss with your Evergreen State Bank mortgage expert.
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There are many reasons to refinance a home. Debt consolidation, lower interest rates, changing repayment terms, or needing funds for large purchases can make refinancing your current mortgage necessary or attractive. Evergreen State Bank's mortgage lenders can help you decide on the best alternative for your own personal needs.
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