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Adjustable Rate Mortgage (ARM)
Adjustable-rate mortgages, or ARMs, have monthly payments that can move up and down as interest rates fluctuate.
Most ARMs have an initial fixed-rate period during which the borrower’s rate doesn’t change, followed by a longer period during which the rate changes at preset intervals.
FIXED RATE MORTGAGE
It’s a mortgage with an interest rate that remains constant throughout the life of the loan. The main advantage is that your monthly principal and interest payments do not change, making budgeting a snap. One of the most common mortgages for first-time home buyers due to their stability – allowing for a predictable monthly housing cost.
HOME EQUITY LINE OF CREDIT (HELOC)
Like a home equity loan, a HELOC depends on how much equity you've built up in your home. Instead of receiving one large loan, though, you get a line of credit - a set amount from which you can regularly withdraw funds. The amount you can borrow is based on a loan-to-value (LTV) ratio. The loan-to-value (LTV) ratio is a calculation lenders use to assess how much of your home's value is already borrowed against, and it's used to determine your eligibility for a home equity line of credit.
LAND LOAN
Found the perfect piece of land to eventually build your dream home, retirement cottage or hunting cabin!? Or even as land for future investments? Our Bayer HFCU land loan is for you! Purchase vacant land without the pressure to build immediately. We offer land loans with a fixed interest rate.
CONSTRUCTION LOAN
Let us help you build your dream home! Our mortgage professionals will guide you along the way. We offer construction loans with a one-time closing process which smoothly transitions over to permanent financing.
- With a construction loan you will make interest only payments on the amount of money borrowed during the first six months of construction.
- After construction, the loan will be converted into a regular mortgage loan.
- Construction loans usually require specialized insurance on the building site in the event of fire, theft or any other destructive accident or disaster.
Which mortgage loan option should you choose?
Talk to one of our Mortgage Lending professionals and make sure you’re getting the mortgage that best fits you and your goals. That’s what we’re here for!
800-272-6003 ext. 1474
*We’re able to provide Mortgage Lending Services in the following states: OH, WV, SC, NC, FL, TX and PA.
CONSTRUCTION LOANS OFFERED IN LIMITED COUNTIES. Call to check availability.
CONSTRUCTION LOANS OFFERED IN LIMITED COUNTIES. Call to check availability.
