ACH Schedule for Independence Day:
Business Online Banking ACH files must be received by Thursday, June 30 in order to settle before the upcoming federal holiday (Independence Day). ACH files received on Friday, July 1 will not settle until Tuesday, July 5.
Conventional mortgages are insured by private mortgage insurance and generally allow more flexibility when choosing a home. Conventional mortgage loans are a great option for buyers with good or excellent credit.
Fixed Rate Mortgages
The loan, interest and fees remain the same for the duration of the loan. Fixed-rate mortgage loans are typically offered in 15- and 30-year terms.
Adjustable Rate Mortgages
The rates and fees remain the same for a fixed period of time and then adjust up or down based on market conditions for the duration of the loan.
Government mortgage loans are backed by the government—not the bank. These loans may offer lower interest rates than conventional loans, which may help make home buying more affordable.
FHA loans are insured by the Federal Housing Administration. These loans can include lower minimum down-payments and closing costs than conventional loans.
Qualified military veterans have the option to get a loan backed by the U.S. Department of Veterans Affairs. These loans don’t require a down payment but are subject to VA loan limits. While mortgage insurance typically is not required with VA loans, you may pay a funding fee.
USDA offers a 0% down payment loan to eligible applicants looking to purchase a primary residence in an eligible rural area. USDA Rural Development loans often offer lower rates than conventional loans and mortgage insurance options.
Most states offer first-time home buyers’ assistance programs. Many of these programs may offer low or no down-payment options. To learn more about mortgage assistance programs in your state, contact our mortgage loan officers today.
1 Loans are subject to buyer/property qualification. This is not an offer of credit or a commitment to lend.