Log In  |  Contact Us  |  Help
Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and constant monthly payments of princiapl and interest. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid Adjustable (ARM) (3/1 ARM, 5/1 ARM, 7/1)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment of principal and interest for the first five years and then turns into an annual adjustable rate for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.


ADDITIONAL SECONDARY MARKET SERVICING RELEASED PROGRAMS AVAILABLE

Federal Housing Administration (FHA)
Veterans Administration (VA)
New Hampshire Housing Finance Authority (NHHFA)

Please contact one of our Residential Loan Officers to discuss product options.

 

Woodsville Guaranty Savings Bank
63 Central Street, Woodsville, NH  03785
Toll Free:  (800) 564-2735
mortgages@theguarantybank.com
Copyright © 2017 Woodsville Guaranty Savings Bank
Internet Privacy Policy  | Security Statement  |  Site Map