GreenLeaf Bank Mortgage Options

  • These are products which are offered with several term options including 10-year, 15-year, 20-year and 30-year
  • The interest rate is set at the time of closing and remains constant over the entire loan term
  • Many loans are subject to a 20% down payment, although other loan options may be available
  • Loans with less than 20% down payment will typically require Private Mortgage Insurance
  • Borrowers must meet minimum credit requirements in order to be eligible for these products
  • This is a type of loan that does not fully amortize over its term, meaning the loan will not be paid in full after the 5 years of payments have been made
  • Thus, a balloon payment is required at the end of the term to repay the remaining principal balance of the loan
  • Balloon loans can be attractive to short-term borrowers because they typically carry lower interest rates than loans with longer terms
  • Borrowers must be aware that the balloon payment will pay off the existing balance which could require refinancing, at the risk of a higher interest rate

Construction Loans

  • These loans are available to provide funding to build a residential home
  • The terms are a one-year loan with interest only payments
  • Funds are distributed as work on the new home progresses