Skip to content

Every mortgage is different. Let our team of experienced lenders help you find the right program, while simplifying the process along the way.

Here are some additional details about the loan programs we offer.

Conventional Loan – Fixed Rate Mortgage

A conventional, fixed rate mortgage is the most popular type of mortgage loan and can be approved with as little as 5% down.

  • Security of a consistent monthly payment
  • Fixed interest rate for the life of the loan
  • Competitive market rates
  • Terms that match your financial needs up to 30 years
  • Private Mortgage Insurance available for equity positions under 20%
  • No prepayment penalties
  • Ideal if you plan to occupy the residence for more than 3-5 years

Conventional Loan – Adjustable Rate Mortgage (ARM)

An adjustable rate mortgage, or an “ARM” as they are commonly called, is a loan that offers a lower initial interest rate than most fixed rate loans. The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.

  • Payments and rate are locked for a set period of time at the beginning of the loan
  • Competitive market rates
  • Payment caps will be in place to limit how much your payment can increase after the initial period
  • No prepayment penalties
  • Private Mortgage Insurance available to equity positions under 20%

For many people in a variety of situations, an ARM is the right mortgage choice, particularly if your income is likely to increase in the future or if you only plan on being in the home for 3-5 years. However, it can be an affordable long term financing option as well.

Construction Loans

Get the perfect home with a construction loan from Old Mission Bank. A construction loan can help cover a majority of the cost to build a new home.

  • A construction loan is typically a short term loan used to pay for the cost of building a home. When the home is completed, the loan is converted to a conventional mortgage loan.
  • Draws are taken, usually monthly, to pay for materials and the contractor. Each draw is protected with title insurance.
  • The borrowers only pay interest monthly on the outstanding loan balance.
  • Flexible loan terms are offered to accommodate the length of the construction period, typically 6 to 9 months.
  • The loan amount is based on the lesser of project cost or appraised value. Private mortgage insurance is available for borrowers with down payments less than 20%.
  • Competitive market rates and fees
  • No prepayment penalties

VA Loans

If a borrower is a veteran of the U.S. Military, or in active military service, they may qualify for a federally guaranteed loan for purchasing a primary residence. Eligible military personnel may receive up to 100% financing.

  • May be eligible for 0% down payment / 100% financing
  • Fixed/level payment of principal and interest for the life of the loan
  • Flexible terms up to 30 years
  • No monthly mortgage insurance
  • Competitive rates
  • Personalized service
  • Local decisions made here in Michigan
  • The ability to get Seller paid closing costs/points (up to 4%) PLUS up to 4% Seller concessions to aid in covering pre-paid items
  • VA loans may be used to purchase or refinance a primary home
  • Condos must be on an approved VA list

FHA Loans

If a borrower has limited funds for a down payment, credit blemishes in the past, or a need to qualify for more house than conventional will allow, an FHA loan may be right. Borrower may be eligible for a lower interest rate and a smaller down payment than with a conventional mortgage loan.

  • Ideal for buyers with limited funds
  • 5% down payment requirement; funds can be gifted from family
  • The ability to get seller-paid closing costs up to 6% to aid in covering your closing costs and pre-aid items
  • Fixed or adjustable interest rate
  • Flexible terms up to 30 years
  • Requires FHA mortgage insurance
  • Potential financing for borrower with a recent bankruptcy: after 2 years if house re-affirmed and 3 years if house foreclosed
  • Competitive rates
  • No income limitations with this loan
  • Personalized service
  • Local decisions made here in Michigan
  • FHA loans may be used to purchase or refinance a primary home
  • Condos must be on an approved FHA list
  • Home inspection and condition requirements outlined by FHA
  • Does not have to be a first time homebuyer

All rates and programs are subject to change without notice.