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Almost all home loans fall into two categories: fixed-rate or adjustable-rate. The rate refers to the interest rate on the loan. When shopping for a mortgage, you should first determine which of these two types best suits your needs.
A fixed-rate mortgage provides you with the security of consistent monthly payments over the life of your loan, making budgeting simple. With an adjustable-rate mortgage, your initial interest rate is typically lower than a conventional fixed-rate loan. Though initial rates are often lower, the interest rate can change periodically, and the monthly payment will go up or down accordingly. Adjustable rate mortgage products have interest rates that may increase after consummation.
Adjustable-rate mortgages offer a flexible option for purchasing or refinancing. With an adjustable-rate mortgage, the initial interest rate is generally lower than a fixed-rate, but, as the name suggests, adjustable- rate mortgage products have interest rates that may increase after consummation. After the introductory period, if the rate goes up, your monthly payment goes up. If the rate goes down, your payment goes down as well.
When to choose it:
Tip: Some lenders may require you to pay special fees or penalties for paying off your adjustable-rate mortgage early. We believe paying off your mortgage early should be rewarded, not penalized, so we don't charge you fees for paying off your home sooner than your term.
People looking to purchase their first home can take advantage of a number of government-insured financing programs including FHA loans, VA loans and Rural Development loans. These programs are specifically designed to make it easier for first-time homebuyers and low-to-moderate income individuals or families to qualify for a mortgage loan. These loans typically have a lower down payment and income requirements, along with competitive interest rates. We can help you determine if you qualify.
If you’re building a new home, don’t worry – you don’t need to build your finances from the ground up. A one-time closing construction loan can make your dream home a reality. Combined with long-term financing like your mortgage, a construction loan provides funds to pay contractors and suppliers during the building process. Payments are interest-only during the entire construction period, and when building is complete, your construction financing is simply rolled into your mortgage. You save time and money because you don’t have to secure and close on two separate loans.
These are fixed- or adjustable-rate loans that exceed the maximum size of a conforming loan. According to guidelines by Fannie Mae and Freddie Mac, standard conforming loans are typically limited to $417,000. If you need a loan larger than that maximum, a jumbo loan could be ideal for you. Some programs even accommodate loan amounts of up to $3,000,000.
For our high net worth clients we offer a variety of flexible home loans with no private mortgage insurance, no insurance or tax escrows, low closing costs and our assurance that we service all of our Private Client Loans. Private Banking mortgage services are offered exclusively to our clients who meet the Private Banking relationship criteria. Please see a banker for details and eligibility requirements. Other restrictions may apply.
There are many benefits to refinancing your current mortgage, especially with today’s historically low interest rates. Mortgage refinancing is a great way to reduce your interest rate, lower monthly payments, consolidate debt or even pay off your mortgage sooner. Just like first-time mortgages, we offer a number of refinancing options to fit your financial needs. Buying a home or considering a refinance is an exciting time, and you should feel completely confident in your mortgage decision
For more information, check out our Hancock Whitney Bank Mortgage FAQs.