This adjustable-rate mortgage removes* costly private mortgage insurance (PMI), making it even more affordable. The rate will stay the same for the first five years, after which it becomes variable—decreasing or increasing every six months according to an index & margin—potentially raising or lowering your payments. Closing costs and other loan-related fees may still apply.

Conventional loans are those that are not associated with government programs, such as Federal Housing Administration (FHA), but they offer great rates and friendly terms. More substantial down payments and solid credit are required. In some cases, you'll need private mortgage insurance, which adds to the overall payments. However, the insurance can eventually be removed as you reach an 80% loan-to-value ratio.

There are several government-backed loan programs for borrowers, such as Federal Housing Administration (FHA) and the Department of Veterans’ Affairs (VA) mortgages. Talk with a loan officer to see if one of these is right for you.

These loans let you tap into the value your home will have after renovations are complete. They are ideal for financing big home improvements, like major additions, mother-in-law apartments, or finished basements. Whether you’re tackling a fixer-upper, making room for your growing family, or adding space instead of moving, Renovation Loans can be a great option.

If you don't plan on staying in the house for very long, or if you're going to refinance after a few years, an adjustable-rate mortgage might start off at a lower interest rate, decreasing your monthly payments. ARM rates are based on an index plus a margin, so your payments can rise and fall throughout the term of your loan. We offer a 5/6-month option—the first numeral (5) is the years a fixed rate will be in effect.

After five years, the rate goes variable—decreasing or increasing every six months according to an index & margin—potentially raising or lowering your payments.