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|First Palmetto Mortgage Loans
Whether you are a first time home buyer, purchasing your dream home, or refinancing your existing mortgage, First Palmetto can assist you in selecting the right loan for your circumstances.
Fixed Rate Mortgage
A fixed rate mortgage guarantees the interest rate for the life of the loan. This loan offers a predictable monthly payment of principal and interest. A long term mortgage loan (30 years) offers lower monthly payments of principal and interest and greater buying power, but the interest rate is generally higher than a shorter term mortgage. A short term mortgage (for example 15 years) builds the equity in your home faster, with monthly payments approximately 15% to 20% more a month than the monthly payment on a 30 year mortgage of the same amount. First Palmetto offers fixed rate loans over various terms with the most popular being 15 years, 20 years and 30 years.
Adjustable Rate Mortgage (ARM)
An adjustable rate mortgage's interest rate rises and falls with the movement of a predetermined market index, often the average of one year treasury bills, plus a fixed margin. This loan has an interest rate cap to protect you from substantial increases in market rates. An ARM can offer you a lower initial interest rate compared with other loan products which will allow you to qualify for a larger loan. ARMs are often the choice of professionals who expect substantial increases in income or do not plan to live in the house financed for a long period of time.
Balloon/Reset Mortgages generally offer a competitive rate with a payment amount usually based on thirty years with the total balance due after five years. Benefits include a fixed rate for the five year period which is often less than other fixed rate alternatives.
If you are considering building a home, this loan offers you the advantage of having both your construction loan and permanent financing in one package with one closing. In certain cases, the interest rate on the loan is fixed while you build your home, and funds are disbursed based on the percentage of completion of the construction of your home. There are a variety of financing options from which you may choose.
Residential Lot Loans
This loan is specifically designed to finance the purchase of a residential lot for future construction. Five year fixed rate balloon loans as well as variable rate products are available for terms generally not exceeding fifteen years.
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