Want the security of knowing that your monthly mortgage payment of principal and interest will be the same for as long as you have your loan? Then a fixed rate loan can be an ideal choice for you.
- When you get the loan, the interest rate is set and will never change -- so you can budget accordingly. [top]
The interest rate on an ARM is fixed for an initial period. After that time, the interest rate may vary annually according to market conditions, in which case your monthly payments could change.
- Because ARM rates are fixed for a relatively short period of time, the initial interest rate can be lower than those of longer term fixed rate loans.
- Your Mortgage Loan Representative will give you a full explanation of the terms of the ARM loan you're considering. [top]
If you're looking to finance more than $484,350, a Jumbo mortgage from First American can be just the answer.
- Varies by type -- fixed rate or ARM
- Flexible terms
- A loan to fit your financial situation whether 15 year, 30 year or ARM [top]
FHA Loans are subsidized by a government agency, which protects lenders against defaults on payments. We work directly with government agencies including the Federal Housing Administration. These types of loans are ideal for lower income households and first time home buyers because they offer:
- Low down payment options
- Flexible credit guidelines
- Credit scores as low as 620 [top]
VA home loans are designed to help veterans, active-duty service members and their families qualify to buy or refinance a home. These loans are issued by First American Bank but are backed by the U.S. Department of Veterans Affairs. With the VA home loan option, qualified veterans or active-duty personnel can finance up to 100% of the purchase price of their home.
- VA home loans have little to no down payment, no private mortgage insurance and low interest rates.
- The VA home loan allows borrowers to pay off their home loan at any point without a pre-payment penalty.
- No bank origination fees.
- Seller assistance is allowed to help with closing costs. [top]