Fixed Rate Mortgages:
Fixed
rate mortgages are loans where the
interest rate for your mortgage stays
the same for the entire term of the
loan. Fixed rate construction mortgages are
available in either a 15 or 30 year
term. Generally, the longer the term
of the loan, the higher the interest
rate. Fixed rate mortgages are great
loans for clients who anticipate staying
in their home for a longer period of
time. With a fixed rate mortgage, your
interest rate and principal and interest
payment will never change. With
our fixed rate construction loans you
have 4, 6, 8 or 12 months to complete your
home depending on the option you select.
All construction loans typically require
a minimum of 20% down payment.
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Adjustable Rate Mortgages (ARM):
Adjustable rate mortgages are loans
where the interest rate on your mortgage
is subject to change at some point
during your loan term. Adjustable
rate loans are available with repayment
terms of 30 years. However, the
interest rate on your loan may only be
fixed for a period of 1,3,5 or 7 years -
depending on the option you choose.
For clients who will be staying in their
home for a shorter period of time, an
adjustable rate may offer a lower
payment and interest rate. An ARM
may also benefit you if fixed rates are
higher and you anticipate mortgage rates
to drop within the next couple of years.
This allows you to keep your payment
reasonable while you wait for fixed
rates to decrease. With our
adjustable rate construction loans, you
have 12 months to complete your home.
All construction loans typically require
a minimum of 20% down payment.
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Executive (Jumbo) Mortgages:
Executive loans are mortgage loans in
excess of $417,000. These loans
typically range from $417,001 to $1
million dollars. Executive/Jumbo construction
loans can vary significantly from lender
to lender. We are pleased to be a
leading provider of executive mortgages.
Because of our affiliation with First
Place
Bank we are able to hold in our
investment portfolio several large
executive mortgages at extremely
competitive rates. We offer
executive mortgages under our fixed and
adjustable rate products. Our
executive/jumbo construction loan
programs allow for up to 12 months to
complete your home. Jumbo loans
require a minimum down payment of 20%.
Larger loan amounts may require a larger
down payment.
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Lot - Vacant Land Mortgages:
At First Place Bank, we are one of the most
aggressive lenders for lots and vacant
land. Most of our land loan
programs require a down payment as little as
20% down. We offer programs that
feature attractive adjustable rates.
Lot and land loans have a repayment term
as long as 30 years, with your rate
being fixed for the first 1, 3 or 5
years depending on the option you
choose. Land financing is
available to those clients who
anticipate building a new home on the
land they are purchasing.
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Investment Property Mortgages:
With our wide product offerings, we are
able to offer financing on 1-4 unit
properties. Investment property
construction loans are available on most products.
To find out if you qualify, please
contact us to
discuss your options.
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Bridge (Swing) Mortgages:
These mortgage options are used when you
currently own a home and need to close
on the construction loan for your new home before you
close on the sale of your current home.
Our bridge loan options may allow you to
borrow up to 80% of your current home's
value for your down payment on your new
home. Best of all their flexible
payment options allow you to make
interest only payments monthly,
quarterly or at maturity - depending on the option you
choose. In many cases, we don't count
your new bridge loan payment against you
when you qualify for your new mortgage.
This makes it easy to qualify for your
new home without selling your old home.
First Place Bank bridge (swing) mortgage
options are the most flexible around.
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NO PMI Options:
We are pleased to offer mortgage options
that allow for NO PMI (Private Mortgage
Insurance). These options are available
on our fixed, adjustable and executive
mortgage programs. NO PMI options are available
with loans that require anywhere from 5% to 15% down. Eliminating PMI
insurance may save you a substantial
amount on your monthly payment and may
save you thousands of dollars over the
term of your loan. Contact our office
to find out what options may be
available to you.
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Special Programs:
We
are pleased to offer special
construction loan programs
for clients who desire to build a home
that may have a more unique financial
situation. Here is a sample of some of our
special programs:
- NO Debt Ratio Loans (Income
still verified but no debt ratio is
calculated in order to qualify)
- Self Employed less than 2 years
- Unique Property Programs
- Common Sense Programs
- Bruised Credit Programs
- Blanket Mortgage Options
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If
you have a special or unique situation,
contact our office to discover the many
options that may be available to you.
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