At FNB, we offer some of the most competitive mortgage products available. Whether you’re a first-time homebuyer, moving up to a larger home or refinancing your current residence, you’ll find that FNB is here to help you every step of the way.
Before you go house hunting, be sure to give us a call. Our mortgage professionals have the expertise, and will take the time, to lead you through the home loan process. You can rest assured that we’ll be there step-by-step – from the day you apply for your loan, to the moment you’re holding the keys to your new home.
Fixed vs. ARM
There’s a range of mortgage choices available for home purchases. Your choice in financing will depend on your unique set of circumstances. To help you make an informed decision, we’ll make sure you understand the best option for your current situation.
Fixed-Rate Mortgage – This type of financing features an interest rate that is set for the life of the loan, offering predictable monthly payments. This kind of loan usually has a higher interest rate than an adjustable-rate mortgage.
Adjustable-Rate Mortgage (ARM) – ARMs normally start with an interest rate that’s lower than fixed-rate mortgages. However, the interest rate (and your monthly loan payment) can move up or down, according to market conditions. Most ARMs have interest rate caps, both annually and over the life of the loan, to help prevent dramatic changes in rates.
Government Loans – These types of loans include FHA, VA and USDA Guaranteed Rural Housing. VA and USDA provide 100% financing options and FHA requires a 3.5% down payment. All programs provide means to assist first time homebuyers with allowable gifts, seller contributions and flexible guidelines.
Jumbo Loan – If you need a loan for $417,000 or more, we can provide a Jumbo Loan.
Reverse Mortgages
A reverse mortgage is a special type of home loan that allows a homeowner, age 62 or over, to convert a portion of the equity in their home into cash. The equity built up over the years of mortgage payments can be paid to you. But unlike traditional home equity loan or second mortgage, no repayment is required until the home is no longer your primary residence. A reverse mortgage provides these benefits, and it is federally insured as well. This could provide the solution your family needs.
If you’re building a home, our construction/permanent loan may be ideal for you. Our interest rates are competitive and closing costs are minimal. You won’t pay any interest until the funds are used or drawn, giving you a convenient and affordable way to meet ongoing building expenses. At FNB, we can easily convert your construction loan into permanent financing once your house is ready to be occupied.
When interest rates drop below your existing loan rate, you may be able to save money by refinancing your existing loan. Contact us today to help you determine if refinancing can help you:
- Reduce Your Interest Rate – A lower interest rate means lower payments.
- Reduce Your Mortgage Term and Pay Off the Loan Faster – Refinancing to a shorter term mortgage can save you thousands of dollars in interest charges over the life of the loan.
- Convert Your Equity Into Instant Cash – Borrowing against the equity in your home can be a low-cost and often tax deductible way to get extra money (please consult your tax advisor). Plus, mortgage interest rates are usually lower than other types of consumer loans. We can help you unlock cash from your home’s value with a Home Equity Line of Credit that allows you to “write yourself a loan” at your convenience. We also offer fixed term Home Equity Loans (subject to separate application and approval).
Let our FNB mortgage experts help make your dream of home ownership a reality! Contact any of our offices, or call our Mortgage Department today for more information and to apply. We look forward to working with you!
The first step to qualify is to make an appointment to review your needs and determine the best type of mortgage to fit your situation. We can schedule an appointment to complete the application in person, by telephone or email. We will then determine the necessary documentation needed and proceed.
Information needed to complete your purchase or refinance transaction:
- Copy of accepted sales contract, if purchase transaction.
- Residence addresses for the past 2 years with landlord information, if applicable.
- Name and address of employers for the past 2 years with W-2's, 1099's, etc.
- Last 2 pay stubs showing gross monthly salary.
- If self-employed, most recent 2 years tax returns with all schedules.
- Last 2 statements on all checking, savings, investments, IRA's, etc.
- Copy of driver's license.
- Deposit will be required for appraisal.
For more information, contact our Mortgage Department today.
