Mortgages
APPLY NOW!
We want to put home ownership within your reach.
Our Mortgage Lenders live in your neighborhood; their kids go to school with your kids, and they know how important a home is to a family. Our Lenders want to help you achieve the American dream of home ownership.
Choosing the right Lender and loan to buy or re-finance your home will be a challenging task. More loan options mean more choices but also tougher decisions – the process can be overwhelming. Your needs are simple. You want a knowledgeable Lender who offers favorable interest in both a loan rate and in you. Our loan decisions are made locally - for quick, accurate and personal service. And, we continue to provide customer service to you for the life of the loan.
Remember we are locally owned, provide FREE pre-qualifications and local customer service is provided on all mortgages.
What types of mortgages does Town & Country Banc Mortgage Services, Inc. offer?
|
Description |
Interest Rate Structure |
Calculators |
Fixed Rate Mortgages |
With a Fixed Rate Mortgage you enjoy the certainty of a fixed rate of interest for the life of your loan. While your monthly payment may change due to escrowed expenses such as real estate taxes and insurance, principal and interest payments remain fixed over the life of the loan for any period of repayment that you may choose – 40, 30, 20, 15, or 10 years. Payments are structured to repay the loan at the end of the loan term. (Property taxes and home owner’s insurance may increase, but generally your monthly payments will be stable.) |
Interest rate remains fixed for the life of the loan.
|
What will my payments be? ¥ |
Adjustable Rate Mortgages (ARMs) |
ARMS offer a fixed interest rate for a specific period of time - 1, 3, or 5 years – after which the interest rate adjusts every year. You may convert your ARM to a fixed-rate mortgage at the 1st, 2nd, or 3rd interest rate adjustment dates. The lifetime interest rate cap for an ARM is 6% above the initial interest rate. The annual cap during the adjustable period is 2% above or below the current interest rate.
|
Maintains the same initial interest rate for 1, 3, or 5 years and then adjusts annually. |
What will my payments be? ¥ |
Balloon Mortgages |
A short-term fixed-rate loan which involves smaller payments for a certain period of time and one large payment for the entire balance due at the end of the loan term.
At the end of the balloon term, the remaining balance may be paid in full, refinanced with a different loan product, or refinanced for a final term of the balloon program.
|
Interest rate is fixed for the term of the loan, but the unpaid balance must be paid or refinanced at maturity. |
What will my payments be? ¥ |
Other Special Home buyer Programs:
Construction Loans - A short term loan that is used to finance the construction of a new home. During the term (generally nine months) the lender makes payments to the builder as the work progresses and the borrower makes interest payments on only the funds that have been disbursed to the builder. Typically, the construction loan is refinanced into a permanent loan after the home is completed.
Bi-weekly Payment Mortgages - A mortgage that requires payment to reduce the debt every two weeks instead of monthly. The 26 (sometimes 27) biweekly payments are each equal to one-half of the monthly payment that would be required with a standard 30 year fixed-rate mortgage. The result is a faster loan balance reduction with substantial savings in interest.
InterestFirst - Allows borrowers to make lower payments on a fixed- or adjustable-rate mortgage by offering an interest-only period during the early years of the loan, followed by a fully amortizing period.
First Time Home buyer Programs - Various home buying programs designed specifically for borrowers who have never owned a home or have not owned a home in the last three years.
Bridge Loan/Interim Loan - A bridge loan/interim loan is generally a loan that is secured by a borrower's current residence to obtain the funds needed to purchase a new home if the current residence will not be sold prior to the purchase of a new home.
Please contact your Mortgage Lender for more details and for a friendly appointment to discuss your dreams of owning a home.
Other Home Financing Calculators :
Click here to simplify your life. Sign up to automatically deduct your Home Equity Line of Credit or Loan payment from your checking account -  (file size: 33 KB)
If you can’t view a PDF form, please click the link below to Download Adobe Acrobat Reader
 Download Adobe Acrobat Reader
Adobe® Acrobat® Reader™ is free, and freely distributable software that lets you view and print Adobe Portable Document Format (PDF) files on all major platforms.
|
