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Types of Loans

Fixed Rate Mortgage
A 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. 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.

Adjustable Rate Mortgage (ARM)
With most ARMs, the interest rate and monthly payment are fixed for an initial time period such as three years, five years, or seven years. After the initial fixed period, the interest rate can change every year. For example, one of our most popular adjustable rate mortgages is a five-year ARM. The interest rate will not change for the first five years (the initial adjustment period) but can change every year after the first five years.


FHA loans allow for a higher loan to value than conventional loans. Additionally, FHA loans offer more flexibility for those with limited funds for downpayment. Like other loan programs, the maximum financing is dependent on the purpose of the loan. With FHA, there is an upfront mortgage insurance premium which can be financed into the loan to reduce the amount of funds needed for closing, or one can pay for the upfront premium in full at closing. There is also a monthly mortgage insurance premium included in the mortgage payment.


Rural Development (RD)

RD loans allow financing up to 100% of the appraised value for the purchase or refinance of an owner occupied dwelling. This program is unique in that there are income and property restrictions that must be met in order to be eligible for RD financing. More specifically, the borrower(s) income must be equal to or less than 115% of the Area Median Income (AMI) and the subject property must be located in a designated rural area as determined by the Rural Housing Service (RHS). With RD loans, there is an upfront Guarantee Fee that may be financed into the loan or paid in full at closing. There is also a monthly mortgage insurance premium included in the mortgage payment.


Ryann Thornton, VP, Sales Manager NMLS #783983
Bear State Bank
2905 S Walton Blvd, Suite 13, Bentonville, AR  72712
Office:  (479) 936-2706
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