| Fixed 30/15 |
| Description: This product is available for second mortgages, also referred to as home equity loans. This loan
offers a fixed rate. The payment is based on a 30 year amortization term, but after 15 years, there is a balloon payment that
is due and payable.
Benefits: The payment is based on a 30 year amortization term, so it is much lower than it would be if you selected a 15 year loan. Also, a fixed rate and payment offers you stability and peace of mind for 15 years. To Consider: By repaying the loan at a 30 year rate, you will not build equity in your home as fast as you would with a 15 year loan. Also, in the event that you retain the loan for 15 years, you must be prepared to refinance, pay cash, or sell your property to pay the remaining balance that will be due and payable. |
| For information about Fixed 30/15 loan program, please contact us |
Equal Housing Lender. Some products may not be available in all states. Restrictions apply.
All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must
submit additional information for review and approval. Approval may be subject to rate increases,
satisfactory title and appraisal review, and no change in financial condition. *Refinancing
or taking out a home equity loan or line of credit may increase the total number of monthly
payments and the total amount paid when comparing to your current situation.