Not all mortgages are alike. The Emerald Bank Company offers a variety of programs with different rates and terms, so you can choose the mortgage plan that best suits your financial situation.

Conventional Fixed-Rate Programs

30-, 25-,20-,15- and 10-year terms available.
 
A Fixed Rate Mortgage is best for people who plan to stay in their homes for a long period of time, are worried about increasing interest rates, or those who prefer consistent payments with no adjustments to the interest and principal payments over the life of the loan. These loans provide for one rate for the entire term of the loan. The loan's principal and interest are amortized, or spread out evenly over the life of the loan. While a fixed rate will protect you against rising interest rates over the life of the loan, if rates fall, you must refinance to get the lower rate, a transaction that most likely will result in additional costs.

Adjustable Rate Mortgages (ARMs)

1/1, 3/1, 5/1, 7/1, 3/3 and 5/5 adjustable rate mortgages available.
 
Adjustable Rate mortgages are best for people who can use extra borrowing power and want to save money in the first few years of their new home, or are purchasing or refinancing at a time that they believe rates will be lower in the future. Adjustable rate mortgages (ARM) feature interest rates and payments that can adjust periodically throughout the life of the loan. Since the borrower and the lender are essentially sharing the risk of changing interest rates, the borrower is compensated with an initial rate that is generally lower than the prevailing 30 year fixed rate. Generally , your rate will be fixed for predetermined periods of 1-10 years during the initial term of the loan. Changes to the rate, up or down, can typically occur annually after this designated period or sooner should your specific loan terms dictate.

Jumbo Mortgage Loans (Currently loan amounts greater than $417,000)

For loan amounts above $417,000 – Emerald bank offers the same array of mortgage loan products that are offered for conforming loan amounts but rates for Jumbo loans are generally slightly higher.

Construction Financing

At Emerald Bank, we pride ourselves in offering competitively priced residential, investment and business construction loans. Our commitment to you is to make this process as efficient and as stress-free as possible.

We will be happy to schedule appointments at your convenience. This includes evenings and weekends. We also provide a formal financial pre-approval to remove the worry of being approved, before you commit.

When applying for a construction loan, in addition to personal financial information, you will need to provide the following items for your loan application:

• Building plans for the structure - floor plans, elevations, any other special features.
• Specifications - construction detail related to quality of materials being installed.
• Cost estimates - material, labor, (include an extra 5-10% for unexpected cost overruns or upgrades).
• Signed Contract - general contractor required. Emerald Bank welcomes your contractor choice!
• Lot Number - Legal description including any boundary survey (Title insurance is required).

Second Residence / Vacation Home

Thinking about buying a cozy cabin in the mountains, condo on the beach, or a second home closer to your family we can help. With substantially the same great terms as our Conforming Loan Products, find out how close you are to owning your 2nd residence.

Residential Lot Loans

Did you find the perfect piece of land to build your Dream home on, but not financially ready to break ground with a new construction project for a few years. Our financing solutions can provide you with a flexible way to secure that piece of land until you are ready to take the next step. Contact one of our loan officers to find out more!

1st Time Home Buyers Loan and Affordable Housing Programs

Emerald Bank has set $1,000,000 aside to assist first time home buyers with purchasing their first home or borrowers obtain financing on affordable housing. These programs allows for such things as down payment assistance in the forms of gifts, some flexibility over conforming loan debt-to-income standards, in some cases, reductions to closing costs and reductions in interest rates. Certain conditions and restrictions apply. To find out more, contact one of our experienced loans officer!

"Special" Loan Programs

• No income verification (NIV) and stated income
• 40-Year Amortization
• Interest Only

Mixed use and non-conforming loans

Emerald Bank understands that everyone's financing needs are diverse and it is sometimes difficult for banker's to think outside of the box. We created our portfolio loan products to accommodate your non-conforming or hard to fit lending needs. Some examples of this of financing include:

• Blanket loans (multiple property)
• Bridge loans (equity)
• Saftey Net loans
  Designed to assist a client in buying and/or building a new home without having their existing home sold first. Safety net program allows no principal repayment interest payments only. Low fixed rates – interest only payments for up to 18 months on renewable 6 month intervals (1st 6 months must be deposited up front). The program pre-approves a borrower for an investment loan if the property does not sell in an eighteen month period.
• 1-4 Family investment property loans
• Multi-Family loans (5 or more units)
• Simultaneous closing of 1st and 2nd mortgages (Piggybacks)
• Permanent construction loans
  Emerald Bank offers a wide array of construction permanent funding options whether you are building your dream home or a vacation property. With the convenience of one loan closing, long-term rate locks and interest only payments during the construction portion of your loan, its hard to beat Emerald's Construction Advantage. One of our knowledgeable loan officers will guide you through all your financing options, to find the one that is just right for you!
   
  Are you a builder looking to do a speculative build of a single family residence? We have you covered as well. We offer our the same great financing options to our builders as our pre-sold contract buyers, but with slightly different pricing and cost structure to adjust for the increased risk of non-presold new construction.
• Permanent Remodel/Rehab loans
  Do you love your neighbors, love the school systems, and love the community you live in, but can't stand your house? Do the prices of new and existing homes in your neighborhood give you sticker shock? Why not add-on that 4th bedroom, a Florida room for entertaining, remodel your kitchen, or tear the whole thing down to the studs and start over. You will be surprise on cost effective it can be from a financing standpoint to invest in your current home rather than leave your friends and neighbors for some new subdivision where know ever comes out of their house.
• Residential spec. construction
• Investment property rehab
• Non-warrantable condo loans

Start the Mortgage Process now or contact us for more information.