Mortgage Information
Getting a Loan
Loan Basics
Real estate loan products come in many shapes and sizes and should be tailored to meet your specific needs. The terms available, i.e., rate, amortization period, term, down payment requirements, etc, are often determined by the state of the national economy, your credit score, and the type of real estate being financed.
You may be attempting to finance the purchase of raw land, a construction project, a primary or second home, commercial property, etc. The type of property you are trying to finance affects the terms lenders are willing to offer. Typically commercial properties and raw land require a greater down payment percentage (25%-50%) then residences (as little as 0%). Amortization periods (the time frame used to calculate the monthly payment) and the loan term (length of time before loan must be completely paid) are also shorter for commercial properties and raw land.
Your mortgage broker or banker is a valuable resource and should be consulted to help you find the mortgage product that best suits the needs of each purchase you make.
Mortage Brokers
- Mtg. Fin. Services - Bill Bourne 866-533-8180
- Primary Residential Mortgage - Mark Stanton 802-253-2055 x 101
Local Banks With Mortgage Departments
- TD BankNorth - Heather Bradley 802-253-7368
- Chittenden Bank - Pam Dundon 802-253-5008
- Northfield Savings - 802-672-2274
- Union Bank - 802-253-6600
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