Many people, especially these days, are looking for lower monthly mortgage payments. Community Financial can make it happen with the below financing options. Not sure which option is right for you? Contact a mortgage specialist for a personalized payment quote today.
With our adjustable rate mortgages, Community Financial is able to give you the benefit of a lower rate for the initial term of the loan. However, once the initial period has passed, your rate may change periodically over the term of the loan. The rate increases or decreases depend on loan’s index and margin at the time.
• A maximum loan value of 95%
• Annual re-pricing based on the 1-year index + 2,75% and a 30-year term
• Annual rate cap: 2.0%, lifetime cap: 6.0%
• Your annual percentage rate (APR) varies based on your loan amount and finance charges
• ARM rates and points are subject to change without notice
An ARM is great if you’re confident that your income will increase steadily or if you plan to move in a few years.
Check out our ARM rates here, fill out an application online or speak to a mortgage specialist today.
If you’re looking for steady mortgage payments over a short period of time, usually 5 to 7 years, then you might want to consider a Community Financial balloon mortgage. A balloon mortgage will offer you a lower rate than a traditional 30-year fixed mortgage, but with a balloon mortgage, you’ll be responsible for a large balloon payment when the term of the loan is over. At that time, the unpaid balance can then be either paid in full or refinanced into a new loan. Take a look at a balloon mortgage payment here.
Why would you want a balloon mortgage? They’re a great option if you’re financing a vacant piece of land or plan on refinancing your loan in a few years.
Take a look at our balloon mortgage rates here, fill out an application online or speak to a mortgage specialist today.
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