Mortgage Comparison Chart

Interest Rates Terms Benefits Best If You
Fixed-Rate Mortgage Fixed 10, 15, or 30 years 1. Interest rate and monthly payment remains stable for the length of the loan
2. No pre-payment penalties
Plan to stay in your home for many years.
Jumbo Fixed-Equity Fixed or Variable Allows you to purchase a more expensive property Will buy a primary residence that is above $417,000.
Mortgage Refinance Fixed 10, 15, or 30 years 1. May be able to secure a lower interest rate based on market conditions
2. Draw on your home’s equity to afford home repairs, consolidate debt or pay for education
3. Potentially shorten your mortgage term or replace one mortgage type with another
Currently have a higher interest rate on your mortgage and have already built equity in your home.
80-10-10 Fixed and Fixed/Variable 10, 15, or 30 year mortgage, with a Fixed or variable Home Equity 1. Finance 90% of the home loan without having to pay PMI
2. Only need 10% of the purchase price for a down payment
Want to make a smaller down payment while avoiding private mortgage insurance (PMI).
HomeFree Home Loan Fixed 6, 8, 10 or 12 years 1. Refinance your mortgage balance, without paying closing costs
2. Flexibility to choose your own term
3. Can become free of mortgage payments in 12 years or less
Have A current mortgage balances under $250,000 and want to refinance without closing costs.
10/1, 7/1 Adjustable-Rate Mortgage (A.R.M) Variable 10, 15, or 30 years 1. You get a lower payment with the 30-year-term as the payments are amortized over the longer period and thus affordable— providing you flexibility within your budget
2. Your rate is locked for 7 or 10 years depending on which product you choose
3. Annual adjustments after the initial 7 or 10 years are capped at 2%
Plan to stay in your home for 7-10 years.
Golden A.R.M. Variable Rate Adjusts Annually to 2.00% below Prime on Anniversary Date If you currently have a high-rate or a traditional adjustable-rate mortgage, or are looking to purchase a home.
Fixed Home Equity Fixed 5, 10, 15 years 1. Receive the proceeds of the loan at settlement
2. You can use the money for many purposes, and at a much lower interest rate than most installment loans
3. Finance charges you pay may remain tax deductible (consult a tax advisor for specifics)
Need access to all funds and want a fixed rate.
Jumbo Fixed Home Equity Fixed 10 or 15 years Finance charges you pay may remain tax deductible (consult a tax advisor for specifics).
Home Equity Line of Credit Variable Revolving 1. Offers Overdraft protection for you share Draft Checking Account
2. Finance charges you pay may remain tax deductible (consult a tax advisor for specifics
Will be using the money over a period of time and are comportable with and adjustable rate.
Loanmaker Line of Credit Fixed Revolving 1. Excellent compliment to a Share Draft checking account, providing overdraft protection with no annual fee
2. As you make loan payments, the amount that reduces the principal balance is made available for you to borrow again