Browse All Categories
By Heritage Bank on March 22, 2022
3 minute read

Types of Mortgage Loans & Rates

Heritage Bank Mortgage Rates 

Purchasing a new home is a monumental event, whether you're a growing family or individual buyer. And although it's an exciting time for many, it's often met with mixed emotions and many questions, including:

-Where should I apply for a mortgage loan? 
-Will I be approved? 
-How long does the process take? 
-What are my loan options? 

At Heritage Bank, we offer competitive mortgage loans, as well as refinancing options. Our team of mortgage loan officers are committed to helping individuals who live and work in our communities. That means we'll work diligently to find you the right loan type with the best interest rate to fit your lifestyle and further financial investments.

Before we discuss how we can help your unique situation, let's first review the basics of applying for a mortgage and the types of loans you may qualify for.

How Do Mortgages Work? 

We mentioned purchasing a home, but mortgages can also help you purchase a plot of land or other types of real estate. As with any loan, you are requesting to "borrow" money from a trusted lender, who you will be required to pay back over an agreed-upon period of time, while the loan accumulates interest.

It's no surprise that buying a home is a major investment. And though you may have a considerable amount of funds to put down on your purchase, you may still need extra capital to pay the remaining fee.

If you've ever applied for a loan to purchase a car, then you've probably come across the legal term "lien." This gives the lender the right to repossess your vehicle, should you stop making regular payments.

The same situation occurs with a mortgage. The lender is entitled to a lien against the property. If you were to stop making mortgage payments, the lender has the right to foreclose on the home.

 Types of Mortgages 

It may surprise you to learn that there are many different types of mortgage loans. In fact, at Heritage Bank, we offer a wide selection of competitive mortgage loan options to meet the needs and individual circumstances of our customers.

Let's review a few. 

Fixed Rate vs. Adjustable Mortgage 

These two types of loans are perhaps the most popular options for homeowners across the country.

A fixed-rate mortgage, for example, typically works as either a 15-or 30-year loan, where the interest rate stays the same throughout that period. That means you'll make the same monthly payments for the duration of the loan. This option appeals to many first-time homeowners, as it allows more control and ability to save and plan ahead.

An adjustable mortgage, on the other hand, has an interest rate that changes according to the current housing market. You will typically pay a fixed interest rate for a certain amount of time at the beginning, however. Then your rate will either increase or decrease, depending on fluctuations in the housing market.

Construction or lot loan 

If your dream is to build your own home, our community bank also offers the option of a construction loan. This type of financing option will provide you with enough capital to purchase the land, where you plan to develop and build upon.

Investment & Multi Family Real Estate Loan 

Ready to invest in real estate? Check out our loan options for non-owner real estate for investment purposes as well as financing for 1-to-4 family homes or apartment buildings.

USDA Rural Loans 

Yearning for a home in the country? Talk to Heritage Bank about financing available for people living in rural communities.

Affordable H.O.M.E Program 

Ask about our grants to qualified buyers who need something other than conventional lending.

Jumbo Loans & 7/1 Adjustable Rate Jumbo Mortgage 

 Are you in the market for a luxury home? Heritage Bank can help with loans designed specifically for luxury home buyers.

 Welcome Home Program 

This popular FHLB program provides grants to low and moderate income home buyers. Applications are generally accepted in the spring and funds are quickly exhausted. Talk to Heritage Bank about preparing for the next round of funding. Contact a  Mortgage Loan Officer today to get started. Refer someone you know.

FHA Loan

First time home buyer looking for a break on down payments? Ask us about FHA Loans.

V.A. Loan  

If you are actively serving in our U.S. military, or you're a retired veteran, you may be eligible to apply for a VA loan. This type of loan offers a little-to-no-down payment option with flexible loan terms. to learn more about this option, contact  Mortgage Loan Officer near you!

How to Start the Process 

Whether you're ready to apply for a mortgage, or you still have questions, the next step is to get in contact with the lending experts at Heritage Bank.

As your local community bank, we pride ourselves on offering outstanding customer service, competitive products, and financial resources that keep you informed and in control of your money.

If you prefer to reach out digitally first, you can Get Started by providing some information through an online form. One of our mortgage loan officers will reach out in a day or so after you’ve submitted the form.

If you prefer to start this critical decision with a personal touch, simply visit our mortgage loan page and scroll down to find a lending officer. You can either give one of our experts a call or send an email.

Navigate the mortgage process the way that works best for you. If you prefer to keep it digital, no problem. Our process is automated and streamlined. If you need a mortgage loan officer to talk you through high stress moments or answer several anxious emails, Heritage Bank Mortgage Loan Officers are happy to be there for you.

Published by Heritage Bank March 22, 2022