Overwhelmed by your options? You don't have to be. We'll help you understand the benefits of each loan program, so you can choose the one that is right for you.
Fixed Rate Mortgages
There's a reason Fixed Rate Mortgages are among the most popular loans. They are the simplest. Plus, your payment will not change over the life of your loan because your interest rate cannot change.
Conventional Loans
Best choice if:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
- You would like to pay off the loan balance quickly.
Advantages:
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
- This product will pay off the loan balance the quickest and you will save on interest charges.
Disadvantages:
- Monthly payments are higher than longer-term options.
Best choice if:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
- You would like to pay off the loan balance quicker.
Advantages:
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
- This product will pay off the loan balance sooner and you will save on interest charges.
Disadvantages:
- Monthly payments are higher than longer-term options.
Best choice if:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
- You would like to pay off the loan balance quicker.
Advantages:
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
- Your monthly payment will be lower than shorter-term mortgages because you are extending the term longer.
- The loan balance will decrease more rapidly than a 30-year mortgage, and you will save on interest charges.
Disadvantages:
- Monthly payments are higher than a 30-year mortgage.
Best choice if:
- You plan on staying in the home long-term.
- You need your monthly payments to remain fixed over the life of the loan.
- You would like a lower monthly payment.
Advantages:
- Level principal and interest payments for the full term of the loan.
- No risk that changing market conditions will increase your monthly payments.
Disadvantages:
- This product will take the longest to pay off the loan balance.
- The total cost in terms of the interest paid is higher than shorter-term options.
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Home Equity Loans and Lines of Credit
A Home Equity Loan or Line of Credit may be an excellent way to access the equity in your home for a variety of reasons. It may be utilized to make home improvements, consolidate high-interest debts, or finance a wedding, educational expenses, major purchases such as a boat, car, second home, or a once-in-a-lifetime vacation, and unexpected major medical expenses
Turn your equity into cash for repairs and renovations that will transform your home into your happy place. Get a money-saving introductory rate of 4.99% APR* for 6 months, no closing costs, and no appraisal fee on a new Home Equity Line of Credit.
These are limited-time special savings. Without this special discount, the variable rate would be as low as7.750% APR, so take advantage of this offer before it's gone!
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Ready to Apply?
Apply now for a better mortgage experience through Floridacentral.