Deciding which mortgage loan is right for you can depend on a lot of factors. Where you’re at in your life cycle, how much you have for a down payment, how long you plan to be in your new home, etc. Learn more about the differences between these mortgage products below:
Conventional Fixed Rate Mortgages
Your loan payment stays the same.
- Up to 97% financing.
- Interest rate remains the same for the entire loan.
- Perfect if you want stay in your home for a longer period of time or the entirety of the loan.
- 15, 20, 25 and 30-year terms.
Federally-Insured Options Include:
FHA Mortgages
A loan with a lower down payment.
- Up to 96.5% financing.
- 15 and 30-year terms.
- Federally insured mortgage loan.
- Down payment can be gifts, savings or 401(k) withdrawals.
USDA Rural Development (RD) Mortgages
A loan for RD designated areas with a lower down payment.
- Up to 100% financing.
- 30-year fixed-rate loan.
- Federally insured mortgage loan.
- Flexible credit guidelines.
Second Mortgage Loan
- Available on primary, single-family residences.
- As long as 9 years to repay.
Buying a home is one of the most important purchases of your life. That’s why we will ask you these questions and help you make the right choices for you. We don’t just take your information and quote a rate. Visit one of our branches to speak to one of our experienced Mortgage Loan Officers or call 1-866-221-1876 to make an appointment.
Curious about what your potential mortgage payment could be? View our mortgage calculators.
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*NMLS ID: 412587. First mortgage purchase and refinance loans are available in most Central Illinois Counties.