Quaint Oak Mortgage - Mortgage Products

Refinance

A mortgage refinance allows you to replace your current mortgage with a new one. Refinancing your existing mortgage has the potential to provide you with many benefits. Through a refinance, you may be able to shorten the term of your mortgage, obtain a lower interest rate, lower your monthly payments, convert to a different type of mortgage, or access your home’s equity for emergency funds. While there are fees and requirements tied to refinancing, current rates have fallen to historic lows, making it a great time to discuss refinancing with your Mortgage Banker.

VA Mortgage

A Veterans Administration loan is designed to offer long-term financing to eligible American veterans. With no monthly mortgage insurance, low, fixed interest rates, and a loan to value up to 100%; it is the perfect way to say “thank you” for your military service. A VA Mortgage can be used to purchase or refinance your home, with no down payment and up to 6% seller paid closing costs. Other advantages to this loan product are the no prepayment penalties and the VA funding fee (if applicable) can be financed into the loan. The surviving spouses qualify for this program as well.

Quaint Oak Mortgage and Quaint Oak Bank are now offering exclusive benefits for our Service Members and Veterans. Click here to learn more.

Fixed Rate Mortgage

This product’s interest rate stays the same throughout the life of the loan. Each month’s payment is equal to the interest on the principal and a small portion of the principal. The advantage of this product is that the principal and interest payments remain the same each month for the life of the loan.

Adjustable Rate Mortgage

The interest rate on an adjustable rate mortgage can vary. The lender can let the rate adjust monthly, quarterly, or annually depending on the type of loan. The advantage of this mortgage product is that the rate and monthly payments are usually lower than a fixed rate mortgage. The disadvantage is that the rate can go up if the index rate increases (Treasury Bill, WSJ Prime Rate, etc.), thus suddenly increasing your monthly payment.

Government-Backed Loans

A government-backed loan is a loan subsidized by the government. This makes it easier for the lenders to offer potential borrowers lower interest rates and high loan to values. Its primary aim is to make home ownership affordable to lower income households and first-time buyers.

Residential USDA Financing

Living within rural areas is not just for farmers; a great home in a great neighborhood is waiting for you today. If you live in a qualifying area, a USDA mortgage loan might be right for you. Our Mortgage Bankers can help you determine your eligibility. This financing is for owner occupied homes, with no prepayment penalties. The mortgage rates are competitive and USDA loans are available in all rural areas of the country. You can borrow up to 100% loan to value plus the agency guarantee fee, and receive up to an additional $10,000 in repairs.

FHA 203 (k) Rehab Financing

The 203k program is a HUD sponsored purchase-renovation program in which one, all-inclusive loan, serves to both acquire a real estate property and restore or upgrade the property. This program will finance repairs/renovations into the loan amount with all work done after settlement. Financing can be up to 110% of appraised value after renovations with a very low down payment required. Use the FHA 203k to purchase, repair, and renovate the property or refinance the existing indebtedness. Eligible improvements include, structural alterations, additions, decking, heating, air-conditioning, roofing, energy conservation improvements, and major landscaping work.

The best home buying options for you.