Choosing the right type of mortgage loan is very important. Everyone’s circumstances are different and by choosing the right mortgage, you can save yourself thousands of dollars during your lifetime while managing your cash flow. Many factors may influence on product decision such as repayment ability, purpose, interest rates, etc.
Above all, make sure you know the total cost before entering into a mortgage transaction: rate, points, application fees, appraisal fees, title fees (including title insurance), inspection fees (termite inspection and septic system inspection), etc.
Call 304-822-8700 and ask for Gabby Newcomer or Judy Giffin for more information.
Fixed Rate In-House Mortgage
FNB Bank offers fixed rate mortgages. Fixed rate means the rate of interest remains the same throughout the duration of the loan.
Adjustable In-House Rate Mortgage
FNB Bank offers Adjustable Rate Mortgages (ARM) with terms to suit all needs and budgets. An Adjustable Rate Mortgage is a mortgage on which the rate is subject to periodic adjustments. ARM rates are usually tied to a widely published index and contain periodic and lifetime caps.
Secondary Market Mortgage
FNB Bank also has access to secondary markets. These loans are originated by FNB Bank and then sold. Products include:
Home Equity Line of Credit
By using the equity in your home, you may qualify for a Line of Credit. A line of credit that can be used for home improvements, major purchases, college tuition or even to start a new business. Whatever your needs may be, just write a check from your Home Equity Line of Credit Account. Your monthly payments are based on the amount of funds you use and the remaining term of your note. Best of all, the interest you pay may be tax deductible (check with your tax advisor).