The Right Mortgage For You
When looking to buy a home, it might be confusing to determine exactly how good of a
rate you’ve been quoted, or how the quote was even determined.
At Sentry Bank, our local team is here to help you fully understand the mortgage you’ve been offered, and make sure it fits your needs exactly! Contact our team and we will get back to you as soon as we can!
RATE VS. APR
‘Rate’ refers to the actual interest rate on your mortgage, whereas Annual Percentage Rate (APR) refers to the interest rate plus any fees or costs paid to the lender.
That’s why a mortgage APR is typically higher than the interest rate, and why it’s an important number when looking for your mortgage.
WHAT GOES INTO DETERMINING MY RATE?
At Sentry Bank, we take a number of factors into account when determining your mortgage rate, including:
- Mortgage term
- Mortgage amount
- Credit score
- Location of new home
- Down payment amount
- Type of mortgage
TYPES OF MORTGAGE RATES
Fixed Rate (FRM)
In this mortgage, the interest rate on the loan remains the same throughout the entire term of the loan.
Adjustable Rate (ARM)
In this mortgage, the interest rate adjusts periodically based on the conditions of the market. Your interest rate may increase or decrease.
If you’re a first-time homebuyer you may be eligible for certain programs. Our mortgage experts, Joe and Brad, can help you discover the best options for you. In the meantime, check out our exclusive Home Buyer’s Guide Blog series where you can download a helpful guide that will take you through the whole buying process from start to finish!
Are you ready to own your own home? Contact Joe and Brad and they will get in touch with you shortly!
Meet Our Mortgage Lending Team:
Joe has been in banking for about 15 years with most of his time spent as a lender. He has spent time in consumer, agricultural, and commercial lending, but his current expertise is home mortgage lending. He has been with Sentry Bank since 2013 and you can find him at our St Joseph location.
NMLSR ID# 780986
Brad Eckhoff has over 15 years of banking and credit experience. With a mortgage based background, Brad enjoys helping people find the right financing package for their specific situation. Brad appreciates helping and watching customers progress in their financial goals.
NMLSR ID# 1002576
Get In Touch
Fill out the form to contact Joe and Brad and they will get in touch with you shortly. In the meantime, check out our exclusive Home Buyer’s Guide Blog series where you can download a helpful guide that will take you through the whole buying process from start to finish.