Home Financing Options

• Conventional Fixed-Rate Mortgages
• 1xClose Loan -  new home construction loan and mortgage
• Adjustable Rate Mortgages (ARMs)
• Government Mortgage (FHA) Loans
• Veterans Administration (VA) Loans
• Lock and Roll
• Lock and Shop
• Extended Lock-In Periods - up to 18 months!
• Construction Loans

Vectra Bank offers hundreds of home financing options.  These are just a few!  Choosing the right one for your needs can seem even harder than finding your dream home.  Fortunately, you don’t need to do it alone.  Let one of Vectra Bank’s experienced Mortgage Loan Officers help you assess your financial situation and recommend a mortgage product that’s right for you.  You found your home - let us find your loan!

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Examples of Mortgage Options

1xClose Loan - New Home Construction with Permanent Mortgage
If you’re thinking about building a custom home, we’ve got the right loan product for you!  Simplify the building of your new home with the new 1XClose Loan program from Vectra Bank.  Only one application, one approval, one closing, for your construction and permanent mortgage - all before construction begins!  Click here to learn more about our 1xClose product.

Conventional Fixed-Rate Mortgages
Any mortgage made without the guarantee of a government agency is classified as a conventional loan, and fixed-rate mortgages have an interest rate that remains constant for the life of the loan. Vectra Mortgage Group allows you to tailor your conventional loan to suit your needs: extend the term to get smaller monthly payments, shorten the term to save thousands of dollars in interest expense. Conventional "Conforming Loans" available to $275,000 and Jumbo Loans up to $2,000,000.

You have the option to lock in (or guarantee) the interest rate at the time of application or wait until closing. Use our "alternative documentation" to speed up the mortgage approval process or consider a "stated income" option, if income verification is difficult.

Adjustable Rate Mortgages (ARMs)
Adjustable rate mortgages have rates that fluctuate up and down with the market. Low initial interest rates, the ability to choose between different rates and a choice of several life-of-loan interest rate caps create an appealing alternative to our fixed-rate mortgage programs. "ARM" loans often make qualification easier. Programs range from 6 months to 1 year adjustables.

Ask about our 3, 5, 7 or 10 year fixed rate plans that offer an attractive combination of fixed and ARM programs.

Government Mortgage (FHA) Loans
The Federal Housing Administration insures mortgages to assist homebuyers in qualifying. FHA loans require the borrower to pay a mortgage insurance premium that can be added to the loan amount. FHA offers both one-year adjustable rate mortgages and fixed-rate mortgages, with a variety of down payment options and repayment terms.

Veterans Administration (VA) Loans
For veterans of military service, the VA will guarantee home mortgages. The VA requires a "Funding Fee" from the borrower to pay for this guarantee, which can be added to the loan amount. The amount of the funding fee differs depending upon the veteran's status, the amount of the loan and prior use of VA mortgages. Veterans can obtain up to 100 percent financing.

Lock and Roll
Available only on adjustable rate mortgages, the Lock and Roll presents an innovative alternative to the standard interest-rate lock. The Lock and Roll option offers a guaranteed interest rate for a specified period and allows you to roll down that interest rate if the standard market rate improves.

Lock and Shop
Available on ARMs and permits a prospective buyer to lock in an interest rate while shopping for a new home for up to 30 days. Lock and Roll and Extended Lock features are also available, once a property is found.

Extended Lock-In Periods
Extended interest rate lock-in periods of 3, 6, 12 and up to 18 months are available. This is a "no cost option" that includes the payment of a "commitment fee" that is credited or refunded at closing.

Construction Loans
Loans to build or improve residential properties are also available. Vectra's Mortgage Group can arrange financing to buy the lot, construct the home and can extend the permanent loan as well. Truly "One Stop Shopping"! Combination permanent/construction loans featuring a "single close" are also available.

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Buying a home is perhaps the largest financial transaction you will make. Being informed will help you find the right house at the right price and the financing to help you purchase that house. Check the links below and do your homework even before you pick up the real estate section of your paper and use them for reference during your process.

The Basics of Owning a Home"
Overview of the entire home-buying process, from start to finish.

"100 questions & answers about buying a new home"
HUD's questions and answers have been carefully selected to give you a foundation of basic knowledge about the homebuying process.

"Buying Your Home: Settlement Costs and Helpful Information"
Federal Consumer Information Center's booklet that describes the home buying, home financing, and settlement process.

"What Are the Hidden Costs of Home Ownership?"
Helpful article to alert first-time buyers of all the costs they might face.

Related Links
hud.gov/buying
U.S. Department of Housing and Urban Development website for homebuyers.
financiallearning.com
Great site with a lot of information on several financial topics. "Owning a Home" section is very informative.
homebuyingguide.org
Fannie Mae Foundation's free home-buying guide also contains a mortgage guide, a credit guide, and a borrowing basics section.

Contact your nearest Residential Lending Specialist to apply today!