When you have questions about financing your home purchase, Bank of St. Croix is ready to serve you. Our professional loan officers will help you determine which of our mortgage products best suits your needs.
Fixed Rate Mortgage 1
A fixed-rate mortgage is a home loan with the same interest rate for the entire payment period. The principal and interest payments remain the same during the entire term of the loan. The fixed payment makes budgeting easier. Terms are offered from 10 to 30 years. Low downpayment for qualified buyers.
Adjustable Rate Mortgage 1
An adjustable-rate mortgage (ARM) is a home loan which the interest payment changes or adjusts over the life of the loan. It allows you to take advantage of a lower initial interest rate and monthly payment. An ARM may be a great option if a borrower plans a move within 5-7 years. The Bank offers 5/6 and 7/6 ARM. The rate will remain fixed for 5 or 7 years and can be adjusted every 6 months until maturity.
New Hope Mortgage 1, 2
This program is designed for low-to-moderate-income households interested in purchasing a home or refinancing their existing mortgage. It is also available for borrowers looking to purchase or refinance a property in designated low-to-moderate income areas. The New Hope Mortgage Program is limited to United Fidelity Bank’s footprint/assessment areas. Home and Pest Inspection is required on purchases. Low downpayment for qualified buyers.
Jumbo Mortgage
A Jumbo Mortgage is a type of home loan that exceeds the loan limits set by the Federal Housing Finance Agency (FHFA). These loans cannot be purchased by Fanny Mae or Freddie Mac. Jumbo Mortgages are normally offered as Adjustable-Rate Mortgage (ARM) products.
Construction Loan
Our construction loans have a one-time close, up to twelve-month construction term, and interest-only payment during construction. Instead of separate loans for construction and permanent financing, you can get one convenient loan to cover both. Once the home is completed and all construction funds are disbursed, the loan converts to a permanent loan with regularly scheduled payments. Escrow is not allowed during the construction phase. Escrow may be established once the home is completed, and funds are disbursed.
Loans are subject to credit approval. Rates are subject to other terms, and conditions and are subject to change without notice. 1 Loans for more than 80 percent for the home’s value require mortgage insurance. See associate for details. 2 Income based on borrower not household income. All rates assume a 45-day lock period and escrow for taxes and insurance may be required for this product.
