Types of Loans
Below is a basic description of SOME of our most popular loan products and features:
Fixed Rate Mortgages
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. Salisbury Bank can offer a variety of terms. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper.
Hybrid ARM (3/1 ARM, 5/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 —can offer the best of both worlds: lower interest rates and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining term. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Whether you are building your dream home or improving your current home we can help. Our construction loans are offered under our ARM programs listed above. You have the option of financing the land or existing home purchase as well as the improvements you intend to make. Our construction loans are easy and cost effective with one closing. There is no need to refinance once your project is completed, your construction loan rolls automatically into your end loan.
If you would like further details please contact one of our knowledgeable mortgage advisors.