Bank of Jackson Types of Mortgage Loans

At The Bank of Jackson, we offer several different types of mortgages to fit your financial situation...

Conventional Fixed Rate Loans: These loans have a fixed rate and monthly payment for the entire life of the loan. It's easy to budget for this type of loan because your payment will always be the same. The rate on a fixed rate mortgage loan is generally higher than an adjustable rate mortgage.

Adjustable Rate Loans: The adjustable rate mortgage will be lower than a conforming fixed rate loan. We'll let you know how much the rate can be adjusted over the life of the loan, so you'll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you may want to consider an adjustable rate loan since monthly payments may be lower. Both the fixed rate loan described above and the adjustable rate loan are conventional loans.

Federal Housing Administration (FHA): FHA Loans offer lower interest rates, require a relatively small down payment, and are insured through the Federal Housing Administration.

Veterans Administration (VA): The VA loan does not require a down payment on a purchase transaction and has no monthly mortgage insurance.

Rural Development Agencies: This loan does not require a down payment. It also allows closing costs to be financed up to but not exceeding the appraised value of the home for those who qualify. This loan also has no monthly mortgage insurance premium.

Tennessee Housing Development Agency: This loan works well for first-time homebuyers, single heads of households and people on fixed incomes. It will always have the lowest fixed rate available.