Fixed Rate Mortgage (30,15,10 or 7-Year)
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. When interest rates are low, fixed-rate loans may be a great fit as you can lock in the rate for the life of your loan. The popular 15-year loan offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. If you want to pay off your mortgage and own your home sooner, the 7 or 10-year fixed rate mortgage might be a good fit for you. Please inquire with one of our mortgage professionals for further details or restrictions.
Adjustable Rate Mortgage "ARM": (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1, 7/1 or 10/1—can offer the best of both worlds: lower interest rates and a fixed payment for a period of time. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs. Please inquire with one of our mortgage professionals for further details or restrictions.
Build your dream home with Construction-to-Permanent Financing. With Equity Bank®, you can streamline the financing of your new home construction or a major remodel with a construction loan. This is a short-term loan that finances the cost of the construction while giving you the opportunity to have an extended lock on your permanent financing loan in a volatile market. Please inquire with one of our mortgage professionals for further details or restrictions.
Fannie Mae HomePath: (Non-Rehabilitation Properties Only)
HomePath Mortgage (www.homepath.com) allows a borrower to purchase a Fannie Mae owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. These loan are available for primary residences and second homes. Please inquire with one of our mortgage professionals for further details or restrictions.
HELOC "Home Equity Line of Credit"
A HELOC is one option available to homeowners which allows a flexible way for you to tap into the equity in your home. Proceeds from a HELOC are often used to pay for home remodeling, a new car, or loan consolidation. HELOC's are a revolving line of credit secured by your home and is the most flexible type of home financing available. The credit limit is based on the amount of available equity and as you make payments to the balance, the available credit is replenished. You can borrow up to $250,000 for a period of 20 years (10-year draw period and 10-year repayment period). The interest rate is variable and based on the Prime Rate. Your minimum monthly payment during the first 10 years is your choice of either 1.5% of the outstanding balance, or interest only. Once the 10-year draw period has expired, your entire outstanding line balance will be converted into a fully amortizing loan for the 10-year repayment period. Please inquire with one of our mortgage professionals for further details or restrictions.
HEIL "Home Equity Installment Loan"
A HEIL is another option available to homeowners which allows a way for you to tap into the equity in your home with a fixed rate. A HEIL can serve many purposes and is often used by homeowners who need to finance a major project, such as making a home improvement or consolidating debt. Please inquire with one of our mortgage professionals for further details or restrictions.
Affordable Housing Home Loan Program
At Equity Bank®, we are committed to the investment of our community. Therefore, we have created an Affordable Housing Program which lends up to 100% of the purchase price of a home to qualified low and low-moderate income households. This program allows first-time home buyers that have had steady employment within the same line of work for the previous two years to purchase a $100,000 or less home with no money down as well as no private mortgage insurance! This program has limited funds and other restrictions; please inquire with one of our mortgage professionals for availability and further details or restrictions.
Investment/Rental Home Loan
If you are looking to start, or continue to invest in real-estate, Equity Bank® has developed a product for you. Our Investment/Rental Home Loan is for single units only and can be obtained with either a 5/1 or 7/1 ARM (see ARM description above) on an amortization of 20 years and 25% down payment. Please inquire with one of our mortgage professionals for further details or restrictions.
Resident Physician Home Loan
Equity Bank's® Resident Physician Mortgage Loan is a personalized loan designed exclusively for medical residents. This loan can either be a 3/1 or 5/1 ARM (see ARM description above) that is fully amortized for a full 30 years and requires no down payment or private mortgage insurance. Monthly payments on student loans for the resident applicant may be excluded. Please inquire with one of our mortgage professionals for further details or restrictions.