You will work one-on-one with your personal Patriot Mortgage
lending representative to help you move smoothly through
the loan approval process. You get the best rates available
with Patriot Bank's competitive interest rates. For more
information on our home mortgage options contact one of
our expert lenders at 713-400-7100 or visit
your nearest Patriot
Bank branch.
Our goal is to make the home finance process as simple
and worry-free as possible. We pride ourselves in offering
the highest level of client service, and appreciate the
opportunity to work with you on finding the freedom to
own your dream home. Check out our tools and resources
section to use our quick mortgage
calculator and approximate
the monthly cost of your home loan. Below
is a table of our home mortgage options and advantages
for each to help you understand what loan type is right
for your situation.
| Loan Program |
Advantages |
Disadvantages |
Fixed Rate Mortgages
All Terms Available
(call for details)
|
Monthly payments are fixed over
the life of the loan
Interest rate does not change
Protected if rates go up
Can refinance if rates go down |
Higher interest rate
Higher mortgage payments
Rate does not drop if interest
rates improve |
Adjustable Rate
Mortgages (ARM) |
Lower initial monthly payment
Rates and payments may go
down if rates improve
May qualify for higher loan amounts
|
More risk
Payments will change over time
Potential for higher payments when
rates increase |
| Balloon Mortgages |
Lower initial monthly payment
Lower payment for a predetermined
period of time
Many balloon mortgages offer the
option to convert to a new loan
after the initial term |
Risk of rates being higher at the end
of the initial fixed period
Risk of foreclosure if you cannot
make balloon payment, refinance,
or exercise the conversion option
Balloon payment requires you to sell or refinance after the term |
| First Time Buyer Programs |
Lower down payment
Easier to qualify
Lower rates may be available |
May be subject to income and
property value limitations
Some government subsidized
programs may generate a
recapture tax if you sell the
house too soon
Education courses may be required
to qualify for these loans |
| Stated Income Programs |
Don't need to verify income
Faster approval |
Higher rates
Higher down payment |
| Interest Only Programs |
You have several payment options
Lower monthly payments
Cash management tool
Option to pay the full normal payment
|
Higher rates
Principal loan balance will not
decrease during the interest
only payment period
Payment will be higher for the
remaining term |
