Conventional Fixed Rate Mortgage
Our fixed rate mortgages are a good idea for those who like to keep their monthly budgeting consistent. The monthly payments and interest rates will remain fixed through the term of the loan.
Adjustable Rate Mortgage
An adjustable rate mortgage is beneficial because the initial interest rate and payments are lower when compared to other mortgage loans. However, these rates will adjust periodically through the term of the loan depending on the market conditions.*
Federal Home Loan Bank indexes are used for adjustable rate mortgages. You can view the FHLB rates here.
Home Construction and Home Improvement Loan
If you’re looking to make improvements or an addition to your current home, a home improvement loan may be the solution you need. Home improvement loans are typically short-term and often converted to permanent financing at the end of the construction.**
During the construction, only interest payments are required.
| Construction Loan | 12 Month | 12 Month | 9 Month | 9 Month |
|---|---|---|---|---|
| Purchase Price | $400,000 | $400,000 |
$400,000 |
$400,000 |
| Loan Amount | $320,000 | $360,000 | $320,000 | $360,000 |
| Interest Rate* | 4.249% | 4.249% | 4.875%** | 5.125%** |
| APR | 5.868% | 5.693% | 7.017% | 7.040% |
| Term (Months) | 12 | 12 | 9 | 9 |
| Down Payment | $80,000 (20%) | $40,000 (10%) | $80,000 (20%) | $40,000 (10%) |
| 11 Interest-Only Monthly Payments (Approx.) | $585.42 | $658.60 | — | — |
| 8 Interest-Only Monthly Payments (Approx.) |
— |
— |
$671.67 | $794 |
| 1 Balloon Payment | $321,171 | $361,317 | $321,213 | $361,435 |
| Estimated Closing Costs | $3,000 | $3,000 | $3,000 | $3,000 |
| Credit to Closing Costs on End Permanent Financing of Loan | $1,500 | $1,500 | $1,500 | $1,500 |
Home Equity and Home Improvement Loan
Home equity and home improvement loans are based on the amount of equity in your home. Loans like these are typically ideal for borrowers who have a specific need and who wish to repay in regular monthly payments over an extended period.
Interest is generally tax deductible; however, we’d recommend speaking with a tax advisor for specific rules concerning tax deductibility.
Home Equity Line of Credit
A home equity line of credit is a flexible, revolving line of credit that allows you to borrow against the equity in your home in just the amounts that you need at the time you need it. Similar to a credit card, the available credit will be restored as you repay the balance.
Residential Lot Loan
Residential lot loans are specially designed for the purchase of a non-income producing residential lot. There are a variety of financing options available, such as fixed terms for stable monthly payments, to accommodate your needs.
Government Loans
If eligible, there are many types of government loans with benefits that include up to 100% financing and assistance for those with less than perfect credit.
Minster Bank has experience with the following programs:
- Veterans Administration (VA) Mortgage Program.
- Federal Housing Administration (FHA) Mortgage Program.
- Rural Development Mortgage Program.
In addition to the loans and programs featured above, Minster Bank can also develop a unique financial solution tailored to your needs. We pride ourselves on listening to the needs of customers and helping them achieve their financial goals.
Contact Our Lenders Today and Let's Get Started!
*Rates as of May 25, 2018. Loan rates and closing cost are subject to change. Certain qualifications apply. Construction loans are interest only. **Rate Cap Guarantee- End permanent financing loan rate will not increase or decrease more than .25% from the initial construction loan rate.
