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Types of Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year 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. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

FHA Loan* - Thirty- or Fifteen-Year Options
Customers may look at an FHA loan if they have some credit issues and if they would like to see a lower down payment. Fixed rates with 3.5%down payment are required. Used only for primary residences.FHA can be used for Purchases or Refinancing. We also offer FHA Streamline loans.

Veteran's Advantage Mortgage* - Thirty- or Fifteen-Year Options
As a special offering to the military community, United Bank offers options to help qualified veterans and active-duty members of the U.S. military, or their surviving spouses.

USDA 30 Year Mortgage
Available for primary residence and typically available for first-time homebuyers. This is an option with certain geographic and income restrictions. Fixed rate loan with 100% financing available.

Homefield Advantage Mortgage
United Bank's Home Field Advantage is long-term with fixed rates and amoritizations for traditional homes, homes with land, small farms and specialty property. It includes special terms such as up to 15 year fixed rates; amoritizations over 10, 15 or 30 years with balloon payments; and bi-weekly, monthly, semi-annual and annual payment options. See PDF for more information.

184/Native American Loan
Enrolled members of federally recognized tribes and Alaska natives may be eligible for the HUD 184 Loan Program for Native Americans. With no minimum credit score requirement (although credit is important, there is no stated minimum) and a low down payment, the flexible approval process and affordable fixed rates are appealing to those who are eligible. For more information contact a United Bank Mortgage Lending Officer in your area.

* May be eligible for Down Payment Assistance Program through our Set-Aside Products.

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