Loan Options

What is the right loan for you? We know buying a new home, second home or investment property is one of the biggest financial investments you’ll ever make. That’s why we have put together information about all of our home mortgage loan products for you to review.

Loan Options

5/5 ARM

  • Fixed percentage rate for the first five years
  • Rate adjustments that only occur once every five years of the 30-year term
  • Maximum increase of just 2% per rate adjustment with a lifetime maximum adjustment of 5%
  • Purchase or Refinance Option

3/1 ARM

  • Fixed percentage rate for the first three years
  • Rate adjustments that occur every year for the remaining 27 years
  • Maximum increase of just 2% per rate adjustment with a lifetime maximum adjustment of 5%
  • Purchase or Refinance Option

7/1 ARM

  • Fixed percentage rate for the first seven years
  • Rate adjustments that occur every year for the remaining 23 years
  • Maximum increase of just 2% per rate adjustment with a lifetime maximum adjustment of 5%
  • Purchase or Refinance Option

10/1 ARM

  • Fixed percentage rate for the first ten years
  • Rate adjustments that occur every year for the remaining 20 years
  • Maximum increase of just 2% per rate adjustment with a lifetime maximum adjustment of 5%
  • Purchase or Refinance Option

First-Time Homebuyer

  • Low down payment
  • Easy Application
  • No Private Mortgage Insurance (PMI) required for loans with 10% down
  • Maximum closing costs of $1,000
  • Home$tart Down Payment Assistance
  • Purchase Only

15 Year Fixed Rate Mortgage

  • Only 15 year loan
  • Interest Rate and monthly payments remain the same for the entire term of the loan
  • Protection against rising interest rates
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option

30 Year Fixed Rate Mortgage

  • Interest Rate and monthly payments remain the same for the entire term of the loan
  • Protection against rising interest rates
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option

FHA Loan

  • Low down payment options
  • Allows for lower credit scores than conventional mortgage
  • Fixed Rate
  • Protection against rising interest rates
  • Interest rate and monthly payments remain the same for the entire term of the loan
  • Purchase or Refinance Option

Jumbo Mortgage

  • Purchase a more expensive property
  • Variety of terms available
  • Purchase or Refinance Option

HomeReady

  • Flexible down payment options
  • No minimum cash contribution required
  • Affordable Payments
  • Cancellable mortgage insurance
  • No income restrictions in designated low-income communities
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option

Rural
Development

  • Fixed-rate
  • 30 year mortgage
  • No down payment option
  • Home$tart Down Payment Assistance
  • Purchase or Refinance Option

VA Mortgage Loan

  • Backed by the Department of Veterans Affairs
  • Low to no down payment options
  • No mortgage insurance
  • Purchase or Refinance Option

Rapid Refi

  • No closing cost options
  • 10 or 15 year term with low fixed rate
  • No annual fees
  • Refinance Only

Rates effective as of August 23, 2019

All rates are subject to change.
All rates quoted are listed in percent.
Payment Example:
Mortgage Loan: $100,000 borrowed for 360 months (30 years) with an APR of 6.00% would have a monthly payment of $599.55.
The payment example does not include amounts for taxes and insurance premium, if applicable, and that the actual payment obligation will be greater.
The terms listed are the maximum term available for qualified borrowers.

*APR = Annual Percentage Rate

**Interest rates are subject to change based on the type of loan, the collateral, loan to value, borrower’s credit history, account relationship, and automatic payments. Rates disclosed are the lowest rates available at SouthPoint Home Mortgage. Other conditions may apply.