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| Purchase |
| Refinance |
| Home Equity Lines and Loans |
| Interest Only Loans |
| Bridge Loans |
| 100% Purchases |
| VA Loans for Veterans |
| Construction or Lot Loans |
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Purchase
Term: 40 years
Maximum Amount: $417,000
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| | With a fixed rate mortgage, you know exactly what your interest rate and monthly payment will be for the life of the loan. So if you prefer a steady, predictable payment schedule, this type of loan may be right for you.
With an Adjustable Rate Mortgage (ARM), your interest rate changes at specific intervals, so the amount of your monthly payment could increase or decrease. Often, ARM loans provide a lower initial rate compared to a fixed rate loan. |
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Refinance
Term: 40 years
Maximum Amount: $417,000
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| | With a fixed rate mortgage, you know exactly what your interest rate and monthly payment will be for the life of the loan. so if you prefer a steady, predictable payment schedule, this type of loan may be right for you.
With an Adjustable Rate Mortgage (ARM), your interest rate changes at specific intervals, so the amount of your monthly payment could increase or decrease. Often, ARM loans provide a lower initial rate compared to a fixed rate loan. |
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Home Equity Lines and Loans
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| | When it's time to pay school tuition, take care of overdue home improvements, pay off high interest debt or plan a vacation, Evans Home Loans offers homeowners great options in home equity loans and home equity lines of credit.
A line of credit may be right for you if you want access to your money over time for ongoing home improvements or tuition payments. You pay interest only on the money you use, you withdraw as you need.
A loan may be right for you if you prefer the stability of a fixed rate loan with fixed payments over a fixed term. With a loan, you also get the entire amount in a lump sum up front, which is good for a large single investment or expenses.
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Interest Only Loans
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| | With an interest only loan, you pay only monthly interest payments for a fixed term. The lower monthly payment gives you flexibility to invest your money elsewhere. Due to the lower monthly payment, you may qualify for a larger loan amount. You are able to pay on the principle at any time without penalty. After the interest-only period, the unpaid principle is fully amortized over the remaining term of the loan, in most cases. |
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Bridge Loans
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| | Designed to bridge the gap between selling an existing home and buying a new home |
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100% Purchases
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| | No down payment loans are increasingly more popular. They allow buyers to purchase a house with no money out of pocket at closing. Funds can be received from a relative or from an agency assistance program for your closing costs. |
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VA Loans for Veterans
Term: 30 years
Maximum Amount: $417,000
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| | VA loans are government-insured loans offered to qualifying veterans of the armed services, those currently in active duty or in Reserves, and widows of veterans. Often, veterans can get a mortgage without down payment. |
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Construction or Lot Loans
Term: 30 years
Maximum Amount: $417,000
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| | A construction loan is a mortgage that funds the construction of a new home. The loan is closed for the total loan amount, and the funds are withdrawn over time based on how much of the home is completed.
Construction loans are available on primary residences, second homes, and investment properties.
Lot loans are available on vacant lots for residential building. |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $359,650 with closing costs of $7,193. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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