
Home Financing Options
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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