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| Fixed Rate Mortgages |
| Adjustable Rate Mortgages |
| Interest Only Feature |
| First and Second Mortgage Combination |
| Home Equity Line of Credit (HELOC) |
| Investment Properties |
| Second Homes |
| Lot Loan |
| First Time Homebuyers |
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Fixed Rate Mortgages
FEATURES
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BEST FOR
- Borrowers who prefer a fixed payment.
- Homebuyers with limited or fixed incomes.
- People who plan to stay in their homes a long time.
- People who are buying a home at a time when interest rates are comparatively low.
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Adjustable Rate Mortgages
FEATURES
- Interest rate that is fixed for an initial period, then adjust periodically based on market conditions.
- Lower initial rate than with a fixed-rate mortgage.
- A Variety of fixed-period options ranging from one to ten years.
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BEST FOR
- Buyers who need a larger loan amount than they can qualify for with a fixed-rate mortgage.
- People looking to save money in the short term.
- Homebuyers who plan to move or refinance within a few years.
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Interest Only Feature
FEATURES
- Low monthly payments consisting only of interest for up to 10yrs.
- Available with 3/1, 5/1, 7/1 and 10/1 Adjustable-rate loans + Fixed Rates
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BEST FOR
- Homebuyers looking to increase their short-term cash flow.
- Homebuyers who intend to move or refinance within a few years.
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First and Second Mortgage Combination
FEATURES
- Combines a first mortgage with a home equity loan or closed end loan
- A 2nd mortgage can supplement down payment funds to bring the loan-to-value ratio down to 80% bypassing the cost of mortgage insurance
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BEST FOR
- Homebuyers without enough cash for a large down payment
- Homebuyers who don’t want to liquidate higher-yielding investments for a down payment
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Home Equity Line of Credit (HELOC)
FEATURES
- You have from 5% to10% for a down payment and want to avoid paying mortgage insurance
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BEST FOR
- Combines your down payment, a 1st mortgage and a 2nd mortgage (equity loan or line of credit) so you can achieve 20% down to avoid mortgage insurance
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Investment Properties
FEATURES
- Purchase Investment properties with as little as 10% down
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BEST FOR
- Borrowers looking to build wealth through residential investment properties
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Second Homes
FEATURES
- Variety of products & construction loans available for purchase of second home
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BEST FOR
- Borrowers who want to own a second home in Santa Fe & experience our wonderful lifestyle & culture
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Lot Loan
FEATURES
- Interest only payments up to 2 years
- Minimum closing costs
- Can Convert loan to Construction/Perm Loan
Note: Century Bank land loans are restricted to residential properties located in Albuquerque and Northern New Mexico.
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BEST FOR
- Borrowers who want to Purchase their building site today and intend on constructing a home in the near future
- Borrowers located in New Mexico or moving to New Mexico
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First Time Homebuyers
FEATURES
- Purchase a home with as little as $500.00 of your own money, the rest can come from gift funds or other sources
- Higher debt allowance & Loan to Value Ratio
- Lower Credit score requirement (Minimum credit score of 600)
- Flexible credit guidelines allows for non-traditional credit history
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BEST FOR
- First Time Homebuyers
- Full Time educators, employees, Law Enforcement Agencies, Fire Department & Medical Response Agencies
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