Do You Know The Best Mortgage For You?

When it comes to shopping for a home, you’ll do your research until you get it just right. Maybe you’ll search online, attend open houses, speak with realtors, drive through neighborhoods, talk to builders, and ask your friends and family for advice.

But what about shopping for the mortgage? (Where do you go? Who do you ask?) After all, you’ll most likely be financing your home for a good many years, maybe for as long as you live in your home. Your mortgage is with you for the long haul; it needs to be just right too.

There’s no one-size-fits-all mortgage solution. So when you’re thinking of buying a home, it’s equally important to be purposeful about choosing the right mortgage—one that fits your unique needs, budget, and goals.

Centreville Bank, which has been guiding many homeowners since 1828, offers a wide range of loans, from first-time homebuyers to construction and renovation loans. Here’s a look at our mortgage programs so when it’s time for you to buy your first—or next—home, you’ll have a good idea of which mortgage you’ll need.
  • Fixed-rate mortgage. This is our most popular mortgage. It’s designed for homeowners who want stability and assurance in their mortgage payments. These loans have a set payment throughout the life of the loan, regardless of the length of term. The shorter the term, the higher your monthly payment, but you’ll pay your loan off faster. The longer the term, the lower the payment.
  • Adjustable-rate mortgage. Many of our customers take advantage of this mortgage as interest rates fluctuate. This is a great solution for buyers who either plan to pay off their mortgage quickly or don’t plan to stay long-term. If you make auto draft payments from a Centreville checking account (plus or premium), you may qualify for a reduction in the interest you pay on the loan. These loans often start at a lower percentage than a fixed-rate mortgage and can offer increased savings.
  • FHA mortgage. There are more flexible lending parameters around this mortgage, so if you think you wouldn’t be able to qualify for a mortgage, this solution might be for you. Insured by the Federal Housing Administration, this mortgage is designed to help first-time homebuyers who may have lower credit scores or less money for a down payment.  
  • Construction-to-permanent loan. Building your dream home? Start with this loan. To keep costs down, this one loan takes you from the construction phase to permanent financing with only one closing. Often, this type of loan may feature interest-only payments during the construction phase. 
  • Renovation loan. You’ve always seen the potential in your home. Now you can realize that potential, thanks to this competitive financing solution that helps you add value to your home and increase your quality of life. Now that’s progress.
  • First-time homebuyers. If you’ve never bought a home, be sure to ask about this loan program that offers assistance and low-cost home loans specifically for first- time buyers. Buying a home is easier than you think, and we’ll be at your side the entire process to ensure your success.
  • PASO™ Loan Program. If your salary is low to moderate, consider this financing solution that’s designed to help you become a homeowner. Being a homeowner enriches our community and provides a better quality of life for you and your family. Together, let’s get you home.
  • Jumbo loan. If you’ve set your sights on a property that is too expense for a conventional conforming loan, this loan may be of help. The maximum amount for a conforming loan in 2023 is $726,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.

Home Equity
When you’re a homeowner, you have a source of funding at your disposal in the form of your home’s equity. Home equity is the amount of home you actually own. We can help you figure out how much equity you’ve built up and how best to withdraw it—either in the form of a loan or line of credit.
  • Home equity loan. Withdraw the equity in your home as one lump sum payment. This loan is often used for substantial home improvement projects or to help you pay for other large expenses such as student debt or a new vehicle. Enjoy the security and stability of fixed monthly payments, competitive rates, low closing costs, and fast turnaround times.
  • Home equity line of credit. Prepare for the unexpected or just live day-to-day with a little breathing room in your budget with help from a home equity line of credit (HELOC). This smart borrowing solution gives you the flexibility of a credit card without the elevated interest rate. Only pay interest on the funds you use.

To find out the best mortgage for you, reach out to one of Centreville Bank’s loan officers. We’re experts at matching the people of Rhode Island and Connecticut with a mortgage that fits their individual needs.

Contact A Loan Officer