A conventional mortgage is a mortgage that is not backed by any government agency. Conventional mortgage types may include:
Fixed and Variable Rates are Available:
Fixed Rate Mortgage
The interest rate on a fixed rate mortgage remains the same for the life of the loan. This means the monthly payment will stay about the same as well. If you plan to stay in your home for a long time, this is a good choice. The fixed rate makes it easy for you to plan and budget.
Adjustable Rate Mortgage (ARM)
The initial interest rate and payments may be lower for an ARM than for a fixed rate mortgage. However, after a certain period, the interest rate and loan payments change each year, possibly going up over the life of the loan. We offer three-year, five-year and seven-year ARMS. This means your initial rate remains the same for that term, then varies each year after. An ARM can be a good option if you plan to move in the near future, say three to five years.
Warsaw Federal makes it easy to finance, repair, or improve your home, or to use the equity in your home for other purposes. Take a look at the types of mortgages we offer, then apply for a your home mortgage.
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Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. This is not a credit decision or a commitment to lend. To guarantee a rate, you must submit an application to Warsaw Federal Savings and Loan and receive confirmation from a mortgage loan officer that your rate is locked. Application can be made by calling 513-258-0899, by applying online, or by meeting with a mortgage loan officer.