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Tower Community Bank offers a variety of loan programs in order to meet the needs of our customers at every stage of their lives. We enjoy educating first-time homebuyers so they are comfortable with the mortgage process, and it's always rewarding to help our friends buy that vacation home they've always wanted.
 
Thirty-Year Fixed Rate Mortgage
Fifteen-Year Fixed Rate Mortgage
FHA 30 and 15-Year Mortgages
Rural Development Mortgages
Jumbo Fixed Rate 30 and 15-Year Mortgages
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) Mortgages

Thirty-Year Fixed Rate Mortgage
Thirty-Year Fixed Rate Mortgage The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan Term: 30 years Maximum Amount: $424,100

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great. Term: 15 years Maximum Amount: $424,100

FHA 30 and 15-Year Mortgages
FHA 30 and 15 Year Mortgages FHA mortgages, often referred to a government loans, are available for those with little money to use as a down payment but good credit. FHA loans are great for first time homebuyers as well as those with no credit history. FHA loans are available for home purchase as well as refinance.

Rural Development Mortgages
Rural Development Mortgages Rural Development loans offer 100% financing for home purchases in rural areas. Income and home value limitations do apply. This loan is not available in urban or suburban areas. Check with your loan officer to quickly determine if your area is eligible for rural development products.

Jumbo Fixed Rate 30 and 15-Year Mortgages
Jumbo Fixed Rate 30 and 15-Year Mortgages Jumbo loans are available for those who wish to finance an amount greater than $424,100. These loans generally require a minimum 20% down payment and excellent credit scores.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) Mortgages
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) Mortgages These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.


Moving up, downsizing, buying in the country, vacation home, first time homebuyer....we have a product for you!

Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $750,000 with closing costs of $15,000. Your actual APR may be different depending upon these factors.