Mortgage Lending Services
Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you:
- Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage.
- Adjustable Rate Mortgages – ARMs are normally available at lower initial rates with potential for rate and payment adjustments at 1, 3, or 5 year intervals. Future market conditions can influence rate changes; however, built in rate caps and margins provide a measure of security and limited increases over the life of the loan. ARMs can be amortized up to 30 years. Private Mortgage Insurance is usually required for loans with less than a 20% down payment.
- First-Time Homebuyer – In addition to our regular loan programs, we also offer First Time Home Buyer & Down Payment Assistance Programs. Our Loan Officers will be happy to discuss our many programs to find the one that fits your lifestyle and financial needs.
- Jumbo Loans are available on both fixed and adjustable rate options.
- Collateral Pledge Program allows us to offer creative solutions in cases where the borrower may not have a qualifying down payment, or credit quality does quite conform to the secondary market guidelines or a relative may want to assist with the purchase of a home without making a cash gift for a down payment. Other collateral is used instead of down payment cash.
- Non-conforming Loans are defined as those loans which fall outside the secondary market guidelines for what is typical in underwriting a loan, i.e., credit quality, type of home, job history, size of a lot, etc. Not every potential homebuyer qualifies for a standard, predefined, “cookie cutter” type of loan program. In some cases, we are able to offer “outside the box” solutions to help families meet their housing needs.
- Home Equity Loan / Line of Credit – Expanding, remodeling or have a significant life expense? Use the equity in your home to meet large cash flow needs. You can borrow up to 90% of your equity.
- Bridge Loans allow a homeowner to “bridge” the equity in one home to a new home. This occurs when a homebuyer needs the cash proceeds from the sale of the current home to use as the down payment for the new purchase. This solution is usually a short term loan. A bridge loan allows the new purchase to be accomplished without requiring the sale of the current home to be part of the contract.
- Lock-In features offer you the choice to lock in for 40 days at no additional charge or for longer periods for an additional fee.
- Interest Only Mortgage – If your annual income fluctuates or you don’t have the down payment needed to secure a traditional mortgage, an Interest Only loan may be your best solution. Your payments are substantially lower since they apply only to interest expense and principal payments can be made when finances allow or at the end of the loan term.
- Construction Loan – When building a new home, partner with First Federal Bank to provide construction financing. Our new home interest-only construction loan program helps to simplify the process from the time construction starts until your loan is converted and your permanent mortgage is funded. Gain the benefit of one set of loan documents, with no need to re-qualify or incur costs for a second closing!
- Land Loan / Lot Loan – If you found the perfect property to build your future home or vacation property, a short-term land loan with a fixed or variable rate may be your best choice.