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For many people, a home is their greatest financial investment. It's a complex transaction they'll make only once, twice, or maybe three times in an entire lifetime.
Click here to separate the facts from the myths. FIRST TIME HOME BUYERS PROGRAMS Ask us about our Rhode Island Housing loans, which include low and no-down-payment options. YOUNG PROFESSIONALS PROGRAM A unique option for young men and women in graduate and residency programs. FIXED RATE MORTGAGE Terms of 10,15,20,25 or 30 years. The assurances of a locked-in interest rate and a fixed monthly payment provide you with the ultimate in peace of mind for the long term. ADJUSTABLE RATE MORTGAGE (ARM) With a lower initial rate, an ARM can make it easier to qualify for, and afford a home. All Coastway ARMs have rate caps to limit increases at each review point, as well as over the life of the loans. Some can be converted later to fixed mortgages. An option to consider if you expect future income increases, or plan to own a home for a relatively short time. BALLOON MORTGAGE Offered for short terms of 5 or 7 years, with payments based on a 30-year term. A final lump-sum payment is due at maturity. JUMBO MORTGAGE Special financing options for Members who wish to borrow amounts above conventional limits. RENOVATION LOAN A unique option that allows you to borrow enough to purchase the home of your dreams and make improvements. Other mortgage programs are available. Consult with a Coastway Mortgage Advisor for more details.
(See our Home Mortgage Disclosure Act Notice.) |
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