Consider a mortgage with Slovenian Savings & Loan!Comments Off on Consider a mortgage with Slovenian Savings & Loan!
Mortgage loans are what launched Slovenian Savings & Loan more than 100 years ago, and they are still one of our most important products. We enjoy helping people achieve the dream of home ownership – especially first-time buyers! We pride ourselves on offering experienced, friendly customer service for people seeking a mortgage, and hope you’ll allow us to serve you.
Mortgage loans offered by Slovenian Savings & Loan
We offer mortgage loans for a variety of purposes:
- Purchase: when you are purchasing a home, mobile home, or vacant land
- Refinance: when you already own your home, but want to refinance your mortgage in order to take advantage of a lower interest rate, consolidate debt, or improve your home.
- Construction: when you are building a home
First-time homebuyer program
Buying your first home is a big decision and an important life step, and we want to help! Slovenian Savings & Loan is proud to offer a discounted interest rate of .25% to first-time home buyers.
Types of mortgages
There are two main types of mortgages: fixed rate and adjustable rate. Here’s a quick rundown of the advantages and disadvantages of each.
Fixed rate mortgages: These are exactly what they sound like – mortgages in which the interest rate does not change over the term of the loan. Slovenian Savings & Loan offers fixed-rate mortgages from one to 30-year terms. Interest rates are lower for shorter-term loans and higher for longer-term loans.
Advantages of fixed-rate mortgages include the stability in a changing economy, as your payments won’t change. Another advantage is that fixed-rate mortgages are easy to understand. The disadvantage is that if interest rates drop, you have to go through the trouble and expense of refinancing your mortgage in order to get a lower rate.
Adjustable rate mortgages: With adjustable rate mortgages, the initial interest rate is typically lower than a fixed-rate mortgage. Although the initial rate will stay the same for an introductory period, it will likely increase afterward. The interest rate that you pay will be determined by an index, which is a broader measure of interest rates. Adjustable rate mortgages tend to adjust either every year or every three years for the life of the loan, depending on the type selected. There is a cap on how high the interest rate can adjust each time and over the life of the loan.
An advantage of adjustable rate mortgages is that if rates drop in the future, the interest rate on your loan could reduce on the adjustment anniversary. Conversely, the disadvantage is that rates and payments can rise significantly each adjustment period.
Determining what kind of mortgage is best for you
At Slovenian Savings & Loan, we’re big enough to serve you, but small enough to care – and our expert loan officers are ready to assist you with choosing the right mortgage for your specific needs! Give us a call or stop into one of our branch offices today for more details on any part of the process.