Century Bank FSB

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Century Bank FSB offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:

Fixed Rate Mortgages
Adjustable Rate Mortgages
Interest Only Feature
Jumbo Loans
Low Documentation Loans
First and Second Mortgage Combination
Lender-Paid Mortgage Insurance
Single-Close Construction Financing
Home Equity Line of Credit (HELOC)
Investment Properties
Second Homes
Lot Loan
First Time Homebuyers

Fixed Rate Mortgages FEATURES Monthly principal and interest payments stay fixed for the entire life of the loan Protection from rising interest rates

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.

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.

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.

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

BEST FOR Homebuyers looking to increase their short-term cash flow. Homebuyers who intend to move or refinance within a few years.

Jumbo Loans FEATURES Mortgage amounts in excess of the conforming loan limit of $359,650 Also known as non-conforming loans Typically carry higher interest rates

BEST FOR Homebuyers who need financing to purchase a more expensive property Investment-minded buyers who can afford a large purchase, but want to leverage their assets more effectively

Low Documentation Loans FEATURES Provides streamlined, reduced-paperwork processing for those with strong credit ratings Enables both income and assets to be stated, with no requirement for pay stubs, bank statements, or tax returns Available for purchase, refinance, or new construction of owner-occupied, second home, and Investment properties with a wide range of fixed and adjustable-rate options

BEST FOR Customers with strong credit ratings Self-employed and commissioned customers with a proven ability to manage credit

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

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

Lender-Paid Mortgage Insurance FEATURES One low Monthly payment LPMI is tax deductible when built into the loan interest rate Avoid 2^nd mortgage closing costs Avoid future rate increases, tied to 2^nd mortgages LTV up to 100%

BEST FOR Homebuyers without enough cash for a 20% down payment

Single-Close Construction Financing FEATURES One application, one approval process and one set of closing costs Interest rate can be locked in for up to a year with a float down option

BEST FOR Homebuyers looking to construct a new home and would like to save time and money

Home Equity Line of Credit (HELOC) FEATURES You have from 5% to10% for a down payment and want to avoid paying mortgage insurance

BEST FOR Combines your down payment, a 1^st mortgage and a 2^nd mortgage (equity loan or line of credit) so you can achieve 20% down to avoid mortgage insurance

Investment Properties FEATURES Purchase Investment properties with as little as 10% down

BEST FOR Borrowers looking to build wealth through residential investment properties

Second Homes FEATURES Variety of products & construction loans available for purchase of second home

BEST FOR Borrowers who want to own a second home in Santa Fe & experience our wonderful lifestyle & culture

Lot Loan FEATURES Interest only payments up to 2 years Minimum closing costs Can Convert loan to Construction/Perm Loan

BEST FOR Borrowers who want to Purchase their building site today and intend on constructing a home in the near future

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

BEST FOR First Time Homebuyers Full Time educators, employees, Law Enforcement Agencies, Fire Department & Medical Response Agencies

Any and all loan programs that appear on Century Bank's Mortgage Lending website are based upon product and/or secondary market availability. Click here to access the Federal Reserve Board's Consumer Handbook on Adjustable-Rate Mortgages. (CHARM) Click here for the Board of Governors of the Federal Reserve System's Handbook on Interest-Only Mortgage Payments and Payment-Option ARMs. (IOMPPOA)