Tempo Bank can make that special
home yours. We have a variety of mortgage options and programs to
choose from for the single family, owner occupied purchaser
including the standard fixed, balloon and adjustable rate
mortgage. We can also issue an after completion loan commitment
letter for that new home under construction and we can even
refinance your current home. We deliver fast local processing,
personal contact, and service all at competitive rates. At
closing, we’ll. give you the assurance that you’ll be making
your payments to us, not someone you don’t know hundreds of
miles or states away.
So, if you are beginning to think
about buying a home, see a Tempo Bank mortgage specialist before
you begin. We can pre-qualify you, discuss all of your mortgage
loan options and show you our special programs. You will be better
informed and have more negotiating power.
The following 1st
mortgage loan options are available within the Tempo Bank Effective
Local Community.
This conventional mortgage loan is
available to qualified buyers for as little as 11% down and can be
amortized for up to 15 years. This mortgage features a fixed
interest rate and constant monthly principal and interest payment
over the life of the loan. If a down payment of less than 20% is
made and the buyer/s meet a higher qualification standard set by a
prominent national mortgage insurance company, private mortgage
insurance may be waived; and, if a down payment of 20% or more is
made, the necessity of private mortgage insurance is eliminated
and the real estate tax escrow may be waived. Contact a
Tempo Bank mortgage specialist for more information. Peek at our
Standard Mortgages rates.
This type of loan, referred to as
an ARM, typically offers a lower initial interest rate with
periodic adjustments made to the rate over the remaining life of
the mortgage. Amortization can range up to 30 years. In the first
years, the initial rate and payment may be lower than a fixed rate
mortgage but can fluctuate in subsequent years according to
prevailing market conditions. Rate adjustment periods offered are
one and three years.
The "Index" used to
adjust Tempo Bank's Adjustable Rate 1st Mortgages is the weekly
average yield on United States Treasury securities adjusted to a
constant maturity of one year, as made available by the Federal
Reserve Board.
Tempo's adjustable rate mortgages
also feature period and life-of-loan rate caps; are available to
qualified buyers for as little as 11% down; if the buyer/s meet a
higher qualification standard set by a prominent national mortgage
insurance company, private mortgage insurance may be waived; and,
if a down payment of 20% or more is made, the necessity of private
mortgage insurance is eliminated and the real estate tax escrow
may be waived. Contact a Tempo
Bank mortgage specialist for more information. Peek at our
Mortgages rates.
Unlike the Standard Fixed Rate
Mortgage or the Adjustable Rate Mortgage above, the Balloon
Mortgage offers some of the flexibility and features of both. They
can be issued for a longer initial rate period than an ARM and can
have a longer amortization period than the Standard Fixed Rate
mortgage. This means that a balloon mortgage could be amortized
for as long as 30 years, with the initial interest rate guaranteed
for either five, seven or ten years before reset. Advantages over
the Standard Fixed Rate mortgages are a lower payment because of
the lengthened amortization period (30yrs.), and the period to
first interest rate reset is greater than the one or three year
ARM’s.
Tempo's Balloon Mortgages are
available to qualified buyers for as little as 11% down; if the
buyer/s meet a higher qualification standard set by a prominent
national mortgage insurance company, private mortgage insurance
may be waived; and, if a down payment of 20% or more is made, the
necessity of private mortgage insurance is eliminated and the real
estate tax escrow may be waived. Contact a Tempo
Bank mortgage specialist for more information. Peek at our
Mortgages rates.
If your future includes building a
new home or you have a home presently under construction and you
have not arranged for permanent financing when completed, Tempo's
After-Completion Commitment might be just what you are looking
for. We will issue a commitment to you in writing that says you
have been approved for your loan and we will guarantee that the
interest rate for the loan will be honored for 30 days, free of
charge. Longer commitment periods of up to six months can also be
issued, however a small fee is required to guarantee the rate.
Standard application and
underwriting is accomplished in advance, an estimate of completed
value is made based upon your plans and specifications and then
you receive your approval and rate guarantee and have the peace of
mind early that you have completed this important step of the
process. The commitment may also help you obtain construction
financing, because it shows you have been pre-approved by us for a
permanent loan following completion of construction. Contact a Tempo
Bank mortgage specialist for more information. Peek at our
Mortgages rates.
Other links available from
this page:
