Choosing the right type of loan and payment schedule for your needs is very important. Everyone’s circumstances are different. By choosing the right mortgage, you can save yourself thousands of dollars during your lifetime. For example, if you are looking at a retirement home, a short-term fixed rate loan may be best for you. Adjustable rate mortgages with periodic adjustments and rate caps move up and down with the market and can be used to your advantage, if you are looking for a short term mortgage or you think rates are headed lower.
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. Also, make sure there are no hidden fees.
Call 304-822-8700 and ask for Gabby Newcomer or Judy Giffin for more information.
Fixed Rate Mortgages
FNB Bank offers fixed rate mortgages. Fixed rate means the rate of interest remains the same throughout the duration of the loan. Your payments stay the same, and there is no risk of an increase in the payment amount.
Adjustable Rate Mortgages
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 market rate of interest and cannot exceed a certain “Cap” previously agreed upon.
Secondary Market Mortgages
Home Equity Line of Credit
By using the equity in your home, you may qualify for a sizable “Personal Line of Credit”. A personal 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. Best of all, the interest you pay may be tax deductible. Check with your tax advisor to be sure.