Loans & Lines of Credit
Mortgage Loans
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FIXED RATE MORTGAGE LOANS*
A fixed-rate mortgage provides you with the security of having the same interest rate over the life of your loan. It can also provide you with a fixed payment for ease of budgeting your monthly household expenses. With financing options up to 30 years, a fixed rate mortgage can meet your needs for either short or long term financing. The LTV* for fixed rate mortgages can be up to 95%.
ADJUSTABLE RATE MORTGAGE LOANS*
An Adjustable Rate Mortgage (ARM) is an increasingly popular alternative to the conventional fixed rate mortgage for homeowners trying to get the most home for the lowest payment. An adjustable rate mortgage can be easier on your wallet, help you qualify for a larger mortgage, and could be less expensive over time. It offers you a lower starting interest rate, which can give you a lower initial monthly payment making it easier for you to qualify.
These loans have an initial fixed rate period of 3, 5, or 7 years, after which the rates are adjusted on a yearly basis. There are built in caps to protect a person against a huge payment increase. There are lifetime caps and periodic rate caps. Lifetime interest caps can protect you and help keep your interest rate and payments within your reach during the life of the loan. The periodic rate cap restricts the payment increase for a time period. The LTV* for adjustable rate mortgages can be up to 95%.
JUMBO MORTGAGE LOANS*
CharterBank offers both fixed and adjustable rate mortgages for those individuals who are financing a much larger home purchase. The LTV* for jumbo loans can be up to 90%.
INTEREST ONLY MORTGAGE LOAN*
An Interest-Only Mortgage loan is a very popular alternative to traditional fixed rates. Gaining popularity at record speed these home loans allow a consumer to make Interest Only payments during a defined period of time. This program offers greater purchasing power, increased cash flow and a number of other benefits. For example, a five (5) year interest only loan where the borrower has a fixed rate for five years is only obligated to pay the interest owed every month. This could mean hundreds of dollars in monthly savings, increased purchasing power and many other benefits. These loans are not for everybody, however if you are self disciplined, have a good understanding of the time frame you will be in your home and understand the potential risks then these products may provide an extremely attractive option to many homeowners. CharterBank offers an interest only loan up to seven (7) years with a LTV* up to 80%.
FHA and VA FINANCING*
CharterBank offers government supported fixed rate financing options such as FHA loans, which are backed by the Federal Housing Administration, and VA Loans, which are available to American War Veterans or individuals who have served a specific time in the Armed Forces. Please contact your nearest CharterBank office for terms, loan limits, and other details on FHA and VA loans. The LTV* for VA financing is up to 100% while FHA LTV* financing is up to 97%.
*LTV means Loan-to-Value. LTV refers to the ratio of the mortgage loan's principal amount to the property's appraised value or its' sale price, whichever is lower.
*All loans are subject to approval. Fees may apply. Terms and LTV requirements are subject to change without notice. Consult you tax advisor regarding any tax deductibility.
