We Make It Easier To Buy
A New Home

Richard Boone has joined the Security Bank Staff in the Mortgage Loan Department.

Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you'll need to decide which type of loan may be right for you.

• Conventional 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 conventional mortgage loan is generally higher than an adjustable rate mortgage.

• Adjustable Rate Loans usually start with lower rates than conventional loans. 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'll want to consider an adjustable rate since monthly payments may be lower.

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

Is Refinancing Right For You? Generally, it's a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. And whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, ask about a Homeowner's Credit Line. It can help you save on fees when you apply; interest when you want to borrow money; and, on taxes at the end of the year. For more details call Richard Boone, our mortgage loan expert at 731-414-3161.