Products as unique as your situation.
Fixed Rate Mortgage
If you're planning to stay in your new home for the long term and like the idea of having the exact same principal and interest payment over the course of your mortgage, the fixed rate mortgage is for you. The interest rate remains the same for the entire term of the loan, keeping your principal and interest payment the same on your first month as it is on your last. Various terms available; the choice is yours.
Adjustable Rate Mortgage
An ARM is a great option if you want the lowest possible initial rate or are planning to move or refinance in a few years. ARM rates are normally lower than fixed rate mortgages, but are not guaranteed for the term of the loan. The interest rate changes based on market conditions, but you're protected from big payment swings due to volatile economic conditions with a pre-determined rate cap. We offer a wide variety of terms to meet every unique situation.
Affordable Lending Programs
Every buyer has a unique set of needs and challenges. That's why Fairport Mortgage offers a full menu of financing options, including FHA and VA loans, as well as the First Home Club.
Federal Housing Authority (FHA) loans are perfect for many first-time and experienced buyers because they offer lower down payment requirements and more flexible qualifying ratios.
Perfect for Veterans of the U.S. Armed Forces, VA loans offer low or no down payment, low closing costs and no required mortgage insurance premiums
First Home Club
If you're a first time homebuyer who needs a little extra help, you'll want to check out the First Home Club. This loan program offers low down payments, closing cost assistance, education, and grant opportunities.
Jumbo Loan Mortgage
If you are planning to purchase a larger, more expensive home, you'll want to consider this special fixed rate mortgage. It's designed for buyers who want a competitive rate and can afford larger monthly payments. These loans are for financing $417,000 or more.
Construction End Loans
Building instead of buying? Want to lock into one rate to cover the costs? Then this is the loan for you. Funds are distributed once construction on the new home is complete. There are no interim draws. Construction End Loans provide a longer lock-in period for the builder to complete your new home.
Construction Draw Loans
This construction loan allows funds to be distributed in draws as construction progresses. Once construction is complete, this loan simply converts into a permanent regular mortgage. It gives you flexibility as you build, and stability once you're done. And even though it can be viewed as two separate loans, there is only one closing, saving you time and money.
Home Equity Loans
Need cash? Then put your home to work for you. Based on the equity you have built up in your existing home, these loans are for a fixed amount at a competitive fixed rate that may be tax deductible. A home equity loan is great if you have a one-time specific expense like a dream vacation, education costs, a new car or boat, debt consolidation or even a wedding.
Home Equity Lines of Credit
Like the idea of having extra cash when you want it without having to pay the high rates you do on an unsecured credit card? Here's the answer. This is a revolving line of credit you can draw on as needed for any purpose. Your credit line can be up to 85% of the value of your home up to $150,000. Repayment is at a competitive rate, and is based on how much you "draw." The interest may be tax deductible.
For complete details on all of these products and more, see your
Fairport Mortgage specialist.