As we approach the end of National Homeownership Month, we recognize that it’s a critical time for us to educate potential homebuyers on their financing options. We know the past year has been challenging for many, with the COVID-19 pandemic increasing uncertainty and decreasing housing inventory. While we can’t alter the overall market trends, we can ensure you have the knowledge and the tools you need to take the necessary steps toward home ownership.
Housing Loans 101
Which housing loan would work best for you and your family? Here is a brief overview of some of the primary options we can provide:
- Fixed-rate Mortgage the rate is determined at the start of the mortgage term and does not change for the duration of the mortgage. This option provides stability and is optimal for those who are ready to make a steady payment for an extended period of time. Click here to view current rates and terms.
- Adjustable-rate Mortgage: usually has a lower starting rate than a fixed-rate mortgages but is subject to potential change. These are a good alternative for customers who initially need smaller monthly payments or those who haven’t yet moved up to their long-term dream home. We can provide various terms. Click here to view current rates and terms.
- Construction Mortgage: we can get you started with a construction mortgage, which covers costs as you build your own house, and can then be converted to a permanent, traditional financing option. Cornerstone Bank offers fixed-rate mortgages for all types of home construction. Click here to view current rates and terms.
Already a Homehowner?
If you’re already a homeowner and looking to upgrade, you can use the equity in your current home to put toward a new one. The more equity you have, the more you will profit from the sale, allowing you to lower your mortgage on a comparable house or purchase a more expensive one.
Cornerstone Bank Can Help
No matter what steps you’re looking to take, we can do our part to make sure you’re making a good financial decision. If you’re interested in learning more about the benefits of homeownership for National Homeownership Month, contact us today to check out our rates and get connected to a a href="https://cornerstonebank.com/loan-officers/">mortgage lender who can answer any of your questions.