Tempo Bank Mortgage Loans
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Tempoís Mortgage Loan Options

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Standard Fixed Rate Mini Mortgages

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Adjustable Rate Mortgages

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Balloon Mortgages

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After-Completion Commitment

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Mortgage Rates

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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, weíll. give you the assurance that youíll be making your payments to us, not someone you donít 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.

Standard Fixed Rate "Mini" Mortgages

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.

Adjustable Rate Mortgages

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.

Balloon Mortgages

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 ARMís.

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.

After-Completion Commitments

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:

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Tempo Bank's 1st Mortgage Rate Reporter

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Tempo Bank's Effective Local Community

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Outline of  Specialized Loan Programs

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