The following is a partial list of programs offered by Blue Ridge Bank with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 336-931-1222.
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Contact us for details on down payment requirements.
Fixed rates for various terms are available.
Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher.
Various types of ARM loan terms are available. Contact us for more information on adjustable rate mortgage loans.
Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.
Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.
FHA loans are private loans insured by the federal government. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.
Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $417,000 loan limit.
For information on qualifying for this loan program please give us a call today.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.
Learn more about jumbo loans by contacting us today.