Which loan product is right for me?
Since inception, FHA upheld conservative lending practices. From avoiding the temptations to compete with subprime loans in the early 2000’s to maintaining guidelines that insure that borrowers’ payments are affordable. CBC National Bank FHA mortgages remain synonymous with safe and secure. Our wide variety of loan products allow versatility, without compromising borrowers’ long-term security.
We can help you select the right loan.
Many borrowers are mismatched with the wrong loan products for their situation. However, every loan has a legitimate and sound application. Lenders and borrowers must discuss needs thoroughly to assure that the borrowers are shown the best products for their situation.
There is no one size fits all mortgage.
Seek expert guidance when choosing a mortgage product. Be selective in soliciting advice from individuals that are not trained mortgage product experts. A bad mortgage product selection can be costly, regardless of intentions. Most mortgage horror stories are not due to unfair terms or illegal practices, but the misuse of particular products.
There is no “blanket answer” to which loan product is best. All mortgages products have advantages and disadvantages. Here are three (3) tips to keep in mind:
- Always have an exit strategy. Hardships can occur with any loan. Never enter a loan without a way out if things take a turn for the worse.
- Do not generalize and avoid making assumptions. In some instances, a 30 year fixed loan can be more damaging to a borrower’s financial picture than an ARM. There are also times when an ARM may be too risky for a particular situation and should not be considered an option. Weigh the pros and cons of different loan products.
- Seek professional guidance to assure that you select a loan that meets your future housing needs and financial objectives. There is no shame in asking questions. Smart borrowers consult the experts.
At CBC National Bank, our goal is to help each borrower identify the right product. Although many desire the certainty and security of fixed rate mortgages, we also offer a variety of other products that may better fit you. We are here for you!
CBC National Bank offers the following mortgage products:
- Fixed Rate Mortgages
- Adjustable Rate Mortgages (ARMs w/Various Fixed Periods)
- FHA Loans
- VA Loans
- USDA Mortgages