Residential Mortgages

Fixed-rate Mortgages

With a fixed-rate mortgage you'll have the security of knowing exactly what your monthly payments will be for the entire term of the loan. Available for both conventional and Jumbo loans.

Balloon Mortgage

The Bank offers a balloon mortgage product where you can make monthly payments for the specified period of time; the balance of the loan is then paid in full at the end of the loan term.

Adjustable Rate Mortgages (ARMs), available for various terms.

You'll receive a lower starting interest rate than with a conventional "fixed" rate loan. This introductory rate is used to calculate the mortgage payment for a specified period of time - then the rate is adjusted periodically, based on a pre-selected index. The most commonly used index is the yield on the one-year Treasury Bill. The new interest rate is determined by adding this index to a set margin. Subsequent interest rate and mortgage payment adjustments occur periodically, according to the terms of your particular loan.

Interest-only loans (Disclosures)

Studies have shown that homes are sold, on average, within 5 to 7 years. If you do plan to sell within that period, why pay principal when the first 10 years of a mortgage payment go primarily towards interest?

With this mortgage, you'll only pay the interest (not the principal) for a set period of time. At the end of the interest-only period, monthly payments readjust to include the principal and the loan is re-amortized for the remaining years. That can cause your monthly payment to rise substantially - but at that point most people either refinance, start paying off the principal, or sell their property.

An Interest-Only Mortgage may be a good fit if:

• You expect to earn a lot more in a few years and want to maximize your buying power now;
• You will invest the savings from not paying principal on your mortgage and put it into higher interest-returning investments;

CitySmart Less than Perfect Credit Mortgage

Loan programs vary depending on the borrower's credit. Home mortgage loans for customers with less than perfect credit are available for refinance, purchase, or refinancing with cash out.

Home Equity Lines of Credit*

Use the equity in your home for any purpose: to remodel, pay college tuition, consolidate debts or even to take a dream vacation. Our Home Equity Lines of Credit feature no closing costs for lines up to $100,000 (over that amount, the Bank will absorb the first $750 of closing costs).

Traditional Home Equity Lines of Credit carry a 10-year term. Your monthly payments are 1.5% of your outstanding loan balance.

Interest-Only Home Equity Lines of Credit are available for 2- or 10-year terms, and you only need to pay the interest each month.

*Applicable for credit lines starting from $10,000. Maximum credit line for condominiums is 75% loan-to-value (LTV). The Annual Percentage Rate (APR) is indexed to the Prime Rate. Prime rate is based on Citibank prime as published in the Wall Street Journal. The interest rate is variable and subject to change, but will not exceed 24% APR at any time. As of 12-22-08, the rate is 3.25% or 3.30% APR. Credit is subject to approval. Offer is available on new lines of credit only. Property and/or flood hazard insurance may be required. Interest is tax deductible in most cases, but please consult your tax advisor.

PLEASE NOTE: If you are getting calls regarding outside mortgage product offers, and are unsure of what to ask, call (305) 577-7430.

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