Home Loans
Fixed Rate Mortgage Loans
Fixed rate mortgage loans are offered at competitive interest rates and terms. Fixed rate mortgage loans
can benefit those borrowers who plan on owning their home for an extended period of time. Monthly
principal and interest payments remain the same throughout the duration of the loan. Fixed rate financing
can be obtained for up to 97% of the appraised value of the home. These loans are generally underwritten
in accordance with standard FNMA and FHLMC guidelines.
Adjustable Rate Mortgage Loans
Bank of St. Augustine offers adjustable rate mortgage loans, which have a fixed interest rate for up to the
first five years of the loan and are subject to adjustment on an annual basis thereafter. Annual
and life adjustment caps limit interest rate changes. Adjustable rate mortgage loans are many times
advantageous to those borrowers who do not plan on owning their homes for extended periods. Adjustable
rate mortgage loans typically are offered at interest rates below standard fixed rate mortgage loans, resulting
in significant savings to the borrower. Additionally, these loans generally require less paperwork than
fixed rate mortgage loans and result in lower closing costs to the borrower.
Construction Permanent Mortgage Loans
Bank of St. Augustine provides construction financing to individuals which can be converted to a permanent mortgage
loan upon completion of the construction. Construction permanent mortgage loans are generally made for
up to 85% of the construction costs (not to exceed 80% of appraised value). In addition to the standard
approval process of the borrower, the selected builder is also subject to approval. Loan funding is administered
by the Bank as the construction is being completed.
Residential Lot Loans
Bank of St. Augustine provides financing for the purchase of residential lots. Lot loans are generally granted for terms
of up to five years and amounts up to 90% of the purchase price. A variety of repayment terms are available.
< Return to Loans
|
