FIXED RATE MORTGAGE:
A Fixed Rate Mortgage is a loan that has an interest rate that does not change over the life of the loan. The fixed rate long-term mortgage appeals to borrowers who plan to remain in their homes for more than seven years and who wish to keep their monthly principal and interest payments stable. This type of mortgage is also well suited for borrowers who are adverse to interest rate risk.
Pine Island Bank offers Conventional, FHA, USDA Rural Development, and VA fixed rate mortgages.
These mortgages are ideal for home buyers who plan to sell or refinance their home within a short period of time. A balloon mortgage is a fixed rate mortgage with a short term in which the principal and interest payments are amortized over a longer period. The borrower must pay off the outstanding balance with a lump sum payment at the end of the mortgage term. Options may be available to reset the mortgage for an additional term, with a modification to the rate.
If you are building, our One Step Construction Loan Program could be just what you're looking for. Pine Island Bank combines your construction loan and home loan into one... one application, one loan. It's a great way to avoid many of the fees and hassles associated with construction and home financing.
Our One Step construction Loan Program has five easy steps: ApplicationLoan and processing approvalConstruction loan closingConstruction loan phasePermanent financing phase
Interested in buying a lot today but not ready to build on it? Not a problem. Down payment optionsFlexible repayment termsVery competitive ratesLow closing costs
HOME EQUITY LINE OF CREDIT (HELOC):
A flexible, pre-determined line of credit. Once your HELOC is established, you can borrow any amount up to your credit limit whenever you want. To access the money you simply write a check from your HELOC account or use Online Banking. Repayment is flexible; you can pay the monthly interest only or include additional principal payments in an amount that you determine.
A HOME EQUITY LOAN:
A fixed loan amount with specific payments for a set length of time. The payment amount is determined by the amount and length of the loan. A Home Equity Loan is typically used for purchases which require a lump sum of money up front and where you want a fixed interest rate and fixed monthly payment.
Common use of Home Equity Line of Credit or Loans are as follows: Debt consolidationVehicle or RV purchasesVacationsHome improvementsAnything you may want!
Best of all, the interest on your loan may be tax-deductible which can mean big savings. Consult your tax advisor to see if this may apply to you
For a Mortgage Calculator,
THE SAFE ACT
(The Secure and Fair Enforcement for Mortgage Licensing Act)
NMLS ID #
Pine Island Bank 654950
Jim Mack 697979
Chris Nelson 698014
David Egger 697685Darin Jensen 876441
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