Mortgages: What’s the difference?
If you’re shopping for a home, you’ll most likely be in the market for a mortgage loan. But before you really step into the homebuying process, determine which type of mortgage loan is right for you.
Depending on where you live or how long you plan to stay, there are variables than can make a specific mortgage loan the better fit for you.
At Adirondack Bank, we offer a variety of mortgage products with convenient terms and competitive rates. Whether it’s your first home or a refinance, we’ll have the product that will suit your needs.
Conventional mortgages
For consumers looking to purchase or refinance anything from a single-family home as their primary or secondary residence up to a four-family home, consider a conventional fixed mortgage.
With a fixed rate mortgage, your rate is locked for the term of the loan. The term may be 10, 15, 20, or 30 years.
Contact an Adirondack Bank loan officer for more details.
Investment property
Investment property loans are available for properties including single and multi-unit with a fixed rate option.
FHA mortgages
Federal Housing Administration (FHA) loans are government backed with relatively low closing costs and down payment requirements of as little as 3.5%. These loans offer easier qualifying guidelines than most lenders. The loans are fixed-rate with either 15 or 30-year terms. Because of the low down payment, you will be required to pay private mortgage insurance over the life of the loan.
VA mortgages
Backed by the U.S. Department of Veteran Affairs, Veteran’s Administration (VA) loans provide veterans and/or their surviving spouses with a federally guaranteed mortgage with no down payment requirements.
USDA rural housing mortgage
Backed by the U.S. Department of Agriculture, low to moderate income rural homebuyer applicants must purchase a home within eligible rural areas and meet the established income limits where the home is located to qualify.
Camp Financing Program
Adirondack Bank offers the Camp Financing Program to help you with your homebuying dreams. Whether you’re purchasing your first vacation home or refinancing your existing loan from another institution, there are several financing options with competitive rates and flexible repayment terms.
Looking for a mortgage?
Let our team of professional and dedicated mortgage services professionals help you with all your home financing needs. Contact a mortgage loan originator in your area for more details.
Additional resources
Visit our online mortgage center for more resources about your property, loans, application and more.
The information in this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.
