Buying a new home should be a pleasant experience
We’d like to help make it that way by taking the worry out of applying for a mortgage. Call (352) 521-0141 today to speak to one of our mortgage loan experts. First National Bank of Pasco NMLS Registrant # 415133.
Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.
- Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage.
- Adjustable Rate Loans usually start with lower rates than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you’ll want to consider an adjustable rate since monthly payments may be lower.
- FHA/VA Loans offer lower interest rates, require a relatively small down payment, and are insured through the Federal Housing Administration.
Once you know approximately how much home is in your price range, use a Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.
Ready to apply? Access our online application.
Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage.