Conventional Mortgage Loans
Conventional home loans are typically available for terms of 10 to 30 years with fixed rates or several variable rate options.
- With a fixed rate mortgage, your monthly payment and interest rate remain constant for the life of your loan. This ensures that you'll always be certain of the amount of your monthly mortgage payment.
- With a variable rate mortgage, the interest rate fluctuates during the course of your loan as based on a published financial index. This type of loan allows you to benefit from any drop in interest rates.
FHA (Federal Housing Administration) insured mortgages available from approved lenders allow qualified buyers to purchase a home with a lower down payment than most conventional-type mortgages. Speak with one of the loan officers at Paragon Bank to see if you qualify.
VA home loans are guaranteed by the Department of Veterans Affairs. The VA program enables a qualifying veteran to buy a home at 100% financing.
Paragon's loan officers are expert at helping you determine if a refinance loan makes sense. We look at how long you plan to hold the new mortgage and how many years you've already paid on the current mortgage. We will be happy to help select the plan that best suits your immediate and long-term goals.
Home buyers who wish to avoid private mortgage insurance (PMI) without paying 20 percent down on the purchase price may be able to use a piggyback loan. This is the second component of a "combo" or "80-10-10" loan package that closes simultaneously with the first loan. Usually the first loan is for 80 percent of the value of the home, and the second (the piggyback) is for 10 percent. The buyer pays the remaining as a down payment.
All loans are subject to credit approval. Loan products are not FDIC insured.