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Buying a house is one of the most important investments you will ever make. That’s why at Avenue Bank we have a variety of programs to best suit your needs as a homebuyer. We also have experienced mortgage bankers to help you select the one that’s best for you.
Maybe you’re not a typical homebuyer. That’s fine with us because Avenue Bank is not a typical bank either. We can tailor our mortgage programs and use our industry expertise to help you buy the home you want.
Whether you are planning on buying today or in the near future, the best way for you to make the most informed purchase is to sit down with us today. We can help you get pre-approved for a home mortgage and guide you through the financing process.
To help get things started, here are some simple definitions of some commonly
used mortgage terminology:
With this kind of loan, the interest rate is fixed for the term of the loan and your payments remain constant over the life of the loan.
Your interest rate can be fixed or floating, where no principal repayment is included in the monthly payment.
Adjustable Rate Mortgage
The interest rate is set for a fixed period of time, but that period is shorter than the actual term of the loan. There are multiple options for the rate reset time frame.
This is any first mortgage for an amount greater than $417,000.
This type of loan is used for the sole purpose of renovating your home.
Consumer Construction Loan
This loan is used for the construction of a home where monies can be drawn in increments during construction.
Portfolio 5/1 or 7/1 Mortgage
Loans are available for properties that do not conform to the underwriting guidelines set by the secondary market investors. The interest is fixed for 5 or 7 years then becomes an adjustable rate loan.
One-Time-Close Construction-To-Perm Loan
This kind of loan is used for the construction of a home where monies can be drawn in increments during construction. Upon completion of the home, it is automatically converted to a mortgage loan.
This kind of mortgage is insured by the FHA to assist homebuyers who may not be able to qualify for a conventional mortgage.
This is a special mortgage program for veterans of the United States armed forces.
First-Time Homebuyer Loan
This loan is designed for individuals who are buying a first home and just beginning to build a credit history.
Second Home Loan
This is a mortgage for individuals who are acquiring a second home to be used for residential and/or recreational purposes, but not for the sole purpose of being an income-producing property (by leasing it out full-time to others).
Investment Property Loan
This kind of mortgage is for the purchase of residential homes to be leased out on a full-time basis for the sole purpose of generating income.
If you have questions about home mortgages, just ask. We’ll be happy to talk to you about them. After all, it’s our business.
1 Credit is subject to approval. Normal credit standards apply.