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Types of Loans

Conventional Fixed Rate Mortgage

The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper.

FHA  Fixed Rate Mortgage

A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA).  FHA loans are designed for borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 96.50% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers. 
VA  Fixed Rate Mortgage    
A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and issue a loan guaranty to the lender.
VA loans offer up to 100% financing on the value of a home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender

Hybrid ARM - Fixed to Adjustable
These increasingly popular ARMS and can offer the best of both worlds: lower interest rates and a fixed payment for a longer period of time than most adjustable rate loans. Hybrid ARM's can have a  fixed monthly payment of principal and interest for the first three, five, seven or ten years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Annual ARM
This loan has a rate that is recalculated once a year.



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North Shore Trust and Savings - NMLS #438265
3060 Sand Lake Road, Lindenhurst, IL  60046
Direct:  (847) 599-7440
Office:  (847) 245-3700
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