The following is a partial list of programs offered by GNB Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at .
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements. Available terms generally range from 10 years, 15 years, 30 years and 40 years.
FHA (Federal Housing Administration) loans are government-backed mortgage loans designed to make homeownership more accessible for low to moderate-income individuals and those with less-than-perfect credit. They offer benefits such as low down payments, competitive interest rates, and flexible qualification criteria, including lower credit score requirements. FHA loans are popular among first-time homebuyers and serve as a viable option for individuals who may not qualify for conventional mortgages.
VA (Veterans Affairs) loans are mortgage loans specifically designed to assist eligible U.S. veterans, active-duty service members, and certain members of the National Guard and Reserves in achieving homeownership. These loans are backed by the U.S. Department of Veterans Affairs, offering numerous advantages, including no down payment requirement, competitive interest rates, and relaxed credit score standards, making them an attractive option for those who have served in the military. VA loans also often feature lower closing costs, making homeownership more accessible to veterans and their families.
A purchase mortgage loan helps you finance the purchase of a new home, allowing you to spread the cost over time with manageable monthly payments. Whether you’re a first-time buyer or upgrading to a larger home, these loans offer flexible options to suit your financial situation. With fixed and adjustable-rate programs available, you can choose a loan that aligns with your long-term goals. Contact us today to explore your options and take the next step toward homeownership.
Home Refinance Loans, also known as refinancing, involve replacing an existing mortgage with a new one, typically with different terms or interest rates. Borrowers often pursue refinancing to lower their monthly mortgage payments, reduce their interest rates, or access their home's equity for other financial needs. Refinance options include rate-and-term refinances, which aim to secure better loan terms, and cash-out refinances, allowing homeowners to borrow against their home's equity. The process usually involves a credit check, home appraisal, and evaluation of the borrower's financial situation to determine eligibility and the potential benefits of refinancing.
In some cases a refinance loan might result in higher finance charges over the life of the loan.