Purchasing a new home is an exciting undertaking, but sometimes the experience can seem overwhelming. That's why having the residential lending team at INTRUST Bank to guide you through the financing can be so helpful. Our expertise, coupled with our resources, can simplify the process for you, from pre-qualification to loan closing. With us by your side, you can relax and concentrate on moving in to the home of your dreams. Fixed Rate Loans You'll always know what to expect with a predictable, non-variable mortgage payment. Your monthly principal and interest payments never change because your interest rate does not fluctuate for the duration of the loan. While fixed rate loans generally have higher interest rates than adjustable rate loans, they do offer predictability that many homeowners, especially those on a fixed or modestly increasing income, find appealing. Fixed rate loans may be the right loan for you if you plan to be in your home for a while. Adjustable Rate Loans(1) Adjustable Rate Mortgages (ARMs) are loans that generally provide an initial rate that is lower than the standard fixed rate loan. After an initial fixed rate period (3, 5 or 7 years), the interest rate can adjust annually based on the movement of a specific index plus a margin typically not to exceed 2 percent every year and 6 percent over the life of the loan. Your monthly payment changes as the rate changes annually. The initial payment of an ARM is usually low, permitting the purchase of a home that otherwise may be unaffordable with a fixed rate mortgage, although there is a risk of higher payments later. An ARM may be right for you if you need the lowest possible initial payments or if you don’t plan to keep your home for more than a few years. Loan Program May be right for you if: Key Features Conventional Fixed Rate Loan You want the stability of fixed monthly principal/interest payments for the duration of the loan Borrow up to $417,000 Minimum 5% down Jumbo Loan You want the same stability as a conventional loan, but need to borrow a larger amount Borrow between $417,001 and $3 million Combo Loan 80-10-10 80-15-5 Your down payment is less than 20% of the purchase price Avoid private mortgage insurance (PMI) by combining a first mortgage and second mortgage to use as equivalent of 20% down Low Down Payment Loan Your down payment is 3%-5% of the purchase price Down payments can be accepted from a variety of sources (contributions from family, the seller and more) Excellent credit is required to be eligible for low down payment loans Zero Down Payment Loan You're a first-time homebuyer or a borrower with limited or no down payment Your investment is as little as $500 Contributions accepted from a variety of sources (family, the seller and more) Borrow up to 100% of the purchase price ($650,000 maximum), allowing you to roll in all or most closing costs with the loan Excellent credit is required to be eligible for low down payment loans Interest Only Loan(2) You need maximum cash flow and lower monthly payments in the short term Reduced monthly payments (although higher payments near the end of the term) Qualify for a larger loan amount FHA/VA Government Loan(1) You're a first-time homebuyer, a borrower with low-to-moderate income, or an eligible veteran of the armed forces Relaxed qualifying requirements Low or no down payment required Swing/Bridge Loan(1) You need to close on the home you are buying before your existing home is sold Access the equity in your existing home as a down payment on the home you are buying Balloon Loan(1) You anticipate relocating or you plan to live in your home a short period of time Short-term loan with payments amortized over a long term Unpaid principal balance of the loan becomes due and payable at the end of the balloon term Interest rate is generally lower than the conventional fixed rate loan Construction Loan(1) You need construction financing or construction and long-term financing for the home you're building Pay your builder as needed for the duration of the construction term Interest accrues only on the outstanding balance and can be paid monthly or at maturity Save time & money when you arrange construction financing and long-term financing at one time and ensure a smooth transition between the two (1) This loan program is not available for online application. To apply for this loan program, please contact us. (2) Future monthly payment obligations will increase after the interest only payment period ends. Your payment could increase even more if you have an adjustable rate mortgage and interest rates increase.