Types of Mortgages
The majority of people seeking to finance a home will choose a fixed rate loan. This product offers stability and security. Knowing your monthly payment allows for budget planning and peace of mind. Port Washington State Bank offers a variety of terms at competitive rates. A lender will help you determine which program best meets your needs.
ARMs are fixed for a short period, usually one, two, three or five years, and then the rate and payment adjust annually for the remainder of the term. These products are appealing during rising rate markets, as the rates are lower than those for fixed rate products.
Home equity loans are a great option if you need a loan for a special purpose such as a large retail purchase or consolidation of debt. The funds are disbursed in one lump sum, at a fixed rate. There’s also a fixed monthly payment which makes creating and sticking to your budget easier. Interest may be tax deductible; consult your tax advisor.
These loans are flexible credit lines that allow you to use the equity in your home. These loans are used for covering unexpected expenses, college tuition, or a long-term home improvement project. You can withdraw the funds when you need it, and as you repay, the available credit is replaced for you to use again without having to fill out new paperwork. You can access your balance simply by writing a check whenever you need it. We offer competitive variable rates. Your loan will be tax deductible in most cases, but consult your tax advisor to be sure.
Port Washington State Bank also offers special programs for first-time home buyers, veterans and those with low to moderate income, low or no down-payment or less than perfect credit. Our lenders will advise you about the programs for which you may be eligible.