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Traditional Mortgage Loans

Fixed-Rate Mortgage Loan

If you plan to live in your home for more than 10 years, a fixed-rate loan might be your best option.

A fixed-rate loan is good for locking in a low interest rate. While your property taxes and homeowner’s insurance premiums may change, your principal and interest (in other words, your monthly payment) will remain stable for the life of the loan. Early on, most of your payment is applied to the interest and very little to the principal. Over time this trend reverses.

Adjustable-Rate Mortgage Loan

Adjustable-Rate Mortgages ("ARMs") can be an attractive option for borrowers who anticipate moving in three to five year because they tend to offer lower rates at the beginning of the loan.

An ARM will guarantee an introductory rate that is typically lower than that of a fixed rate mortgage for a set period of time. After this time, the rate will "unlock" and adjust periodically to an outside index.

"5/1" is a common type of ARM. Citing our example, the borrower will pay a a lower fixed interest rate for the first five years (the "5" in 5/1). In year six, the rate will adjust once a year (the "1" in 5/1) for the remaining life of the loan.

Many different types of ARMs are available - some adjust once a year and others every six months. Most have "caps" that ensure your monthly payment will not increase too much.

The actual amount of your monthly payment may be capped. Meanwhile, a "lifetime cap" represents the maximum interest rate your loan may reach but never exceed under any circumstance.

FHA Mortgage Loan

The FHA Mortgage Loan is a government backed loan covered by the Department of Housing and Urban Development that requires a minimum down payment of 3.5%.

Credit score requirements for FHA loans are much more relaxed and depends heavily on the mortgage lender. Although it is easier to apply for an FHA loan, they are not always accepted everywhere; some condominiums are reluctant to accept FHA loans.

FHA Loan Requirements:
  • 3.5% minimum down payment
  • Upfront mortgage insurance payment of 1.75%
  • Borrower must occupy the residence

Advantages of FHA loans:
The FHA requires a much lower minimum payment at 3.5% making it much easier for those without a large savings to purchase a home. Also, credit scores requirements with FHA loans are much lower, a great option for those who have suffered credit issues in the past. FHA loans also don’t have a prepayment penalty for those looking to go this route.
 
Drawbacks of FHA loans:
Unlike the traditional mortgage, an FHA loan can be limited in terms of loan options and often may not fit your needs. Additionally, the FHA is not allowed on all property types like some condominiums and investment properties. The required mortgage insurance may also be an extra cost you may not be willing to deal with.










Specialized Mortgage Loans

203(k) Mortgage Loan

The 203(k) Mortgage Loan program was created to aid home buyers when purchasing homes that need repairs and renovations.
 
Similar to a standard FHA mortgage, borrowers can take advantage of down payments as low as 3.5% with excellent interest rates. The 203(k) Mortgage Loan program not only makes it easier for home buyers to get the house they always wanted, it also encourages urban renewal and renovation of historic homes and neighborhoods.

The Union Bank 203(k) Mortgage Loans are set up to borrow against the future value of your home after necessary renovations have been made. This allows you to make all relevant repairs both large and small. Many homeowners use the 203(k) loan to repair a roof, fix structural problems, or even purchase appliances. There are two varieties of 203(k) loans.

Jumbo Mortgage Loan

Jumbo Mortgages Loans are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms, including fixed-rate and adjustable-rate loans.
 
Lenders determine jumbo mortgage rates based on your down payment amount, credit score and a number of other external factors. Jumbo loans are also called non-conforming loans because they're over conventional loan limits. The conforming loan limit (CLL) is set each year and will increase or decrease based on changes in the average U.S. home value over the past year.

To learn more about this loan or to find out the current year's CLL, contact one of our mortgage loan experts.

USDA Mortgage Loan

USDA Mortgage Loans are zero-down-payment mortgages for rural homebuyers who can’t get a traditional mortgage.
 
The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. 


Benefits of a USDA Mortgage Loan:
  • 100% financing
  • No down payment
  • Low mortgage insurance
  • Low interest rates
  • Qualify with a score at or above a 620 credit score
  • Fixed rates
  • Flexible credit guidelines
 

VA Mortgage Loan

VA Mortgage Loans are offered as a benefit to service members, veterans, reservists and their spouses to assist in buying a new home, home repair and even making a home more energy efficient.

These home loan guarantees are designed to help service members move toward the next step in their life. VA Mortgage Loans can be used for any of the following:
  • Buy or build a home
  • Buy a residential condominium
  • Buy a residential cooperative housing unit
  • Repair, alter or improve a residence
  • Refinance an existing home loan
  • Buy a manufactured home and/or lot
  • Fund energy-efficient home improvements
Not only do VA Mortgage Loans protect lenders from any loss if a borrower fails to repay the loan, but they also provide many benefits to the service members.

VA Mortgage Loans make the loan process easier for service members by:
  • Eliminating the need for a down payment
  • Eliminating the need to purchase private mortgage insurance
  • Limits the amount a servicemember can be charged for closing costs
  • Some closing costs may even be paid by the seller
  • Lenders cannot charge a penalty for paying off a loan early
  • Provides some assistance if a borrower struggles to make payments
The benefits of a VA Mortgage Loan are designed to remove some of the stress and difficulty service members and veterans have when trying to purchase a home for their family.

Other Specialized Mortgage Loans

  • Construction Mortgage Loans
  • Medical Professional Mortgage Program
 
 
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The Union Bank Co. NMLS: 433131