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Types of Loans

 30 Year Fixed Rate Mortgage

The traditional 30 year fixed rate mortgage has a constant interest rate and monthly principal and interest payments that never change.

 15 Year Fixed Rate Mortgage

This loan is fully amortized over a 15 year period and features constant monthly principal and interest payments. It offers all the advantages of the 30 year loan, plus a lower interest rate. 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.

 5/1 Hybrid ARM

A hybrid adjustable rate mortgage (ARM) can offer lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. A "5/1" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable rate mortgage, adjusting annually and based on then-current rates for the remaining 25 years.

 HomePath and HomePath Renovation Mortgages

A real estate owned (REO) or foreclosed property can provide homeownership opportunities while helping to support communities impacted by foreclosures. First Citizens is an approved lender for Fannie Mae’s HomePath and HomePath Renovation mortgage programs.

 HomeStyle Renovation Mortgage

A HomeStyle Renovation mortgage provides a convenient way for borrowers to make repairs or improvements totaling up to 70 percent of the as-completed value of the property with a first mortgage. The funds can be used for any repairs or renovations that are permanently affixed and add value to the property. First Citizens is an approved lender for Fannie Mae's HomeStyle Renovation mortgage program.

 Construction Mortgage

First Citizens offers one-time closing construction transactions that may be used to combine the interim construction financing and the permanent financing at one time.

 

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