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
First and Second Mortgage Combination
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.

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

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 Note: Century Bank land loans are restricted to residential properties located in Albuquerque and Northern New Mexico.

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

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)