The two most common types of real estate loans are fixed-rate and adjustable-rate mortgages (ARMs). With a fixed-rate mortgage, your interest rate stays the same for the entire term of the loan, providing stability and predictability in your monthly payments. On the other hand, an ARM typically offers a lower initial interest rate that can adjust up or down periodically based on market conditions, which could result in lower payments initially but carries the risk of higher payments later on.
The IFS and other lenders also offer several types of affordable mortgage options for first-time and new homebuyers that feature lower interests for lower home purchase amounts and lower downpayment options.
As rates start to come down -- a trend that’s predicted to continue -- this might be a good time to get ready to buy. Even if the rates continue to decrease, buying now and refinancing your mortgage later to a lower rate allows you to buy while there’s less competition. Plus, home inventory typically increases in the spring and summer, so getting your mortgage and finances sorted now will give you a precious head start.
Borrowers looking for a mortgage should look no further than Institution for Savings. Since 1820, IFS has served their communities through relationship-driven service and reliable financial support and typically has among the lowest mortgage rates of any lender. Whether you’re ready to buy now or beginning to dream of the possibilities, Institution for Savings can help. IFS offers several different residential home loans at competitive rates to fit a variety of financial budgets while offering a level of personal service you just won’t find anywhere else. Apply now and get pre-qualified so you can shop for your dream home with confidence.
Learn more about IFS mortgages by visiting any of their 15 full-service locations or online at institutionforsavings.com
Watch how IFS helped nurture Nutre's business.
Types of Loans
Description
Commercial Real Estate Loan
For purchasing and refinancing existing commercial real estate including residential multi-family and mixed-use property, office buildings, flex space and retail complexes; construction and development of industrial and residential property. Long-term fixed and adjustable rate options are available.
For equipment and vehicle purchases, leasehold improvements and business-expansion financing. Repayment terms are typically tied to the depreciable life of the assets being financed.
Commercial Term Loans
Commercial Real Estate Loan
For equipment and vehicle purchases, leasehold improvements and business-expansion financing. Repayment terms are typically tied to the depreciable life of the assets being financed.
Commercial Term Loans
Explore the different types of commercial loans to satisfy your business needs
Available to provide cash flow for short-term working capital needs at a variable interest rate.
Lines of Credit
For equipment and vehicle purchases, leasehold improvements and business-expansion financing. Repayment terms are typically tied to the depreciable life of the assets being financed.
Lines of Credit
Partnering with the U.S. Small Business Administration (SBA), we provide credit enhancements for small businesses through a variety of programs, including the 7(a) guarantee program and SBA Express Loans. Also available are direct SBA loans through the 504 lending program; these loans are made in conjunction with conventional bank financing to acquire real estate and certain business equipment.
SBA (Small Business Administration) Loans
Partnering with the U.S. Small Business Administration (SBA), we provide credit enhancements for small businesses through a variety of programs, including the 7(a) guarantee program and SBA Express Loans. Also available are direct SBA loans through the 504 lending program; these loans are made in conjunction with conventional bank financing to acquire real estate and certain business equipment.
SBA (Small Business Administration) Loans
Contact an IFS Lender
These are just some of the important mortgage questions the mortgage experts at Institution for Savings help their customers answer. By offering competitive mortgage rates paired with important information and personal service, IFS helps borrowers buy their first dream homes. And understanding all things mortgage is an important first step.
Institution for Savings Mortgage Explainer: Everything You Need to Know Before You Buy
Institution for savings
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Thinking of buying your first home or condo? As rates start to come down and inventory increases, this might be a good time to consider it. For many aspiring first-time homebuyers, the mortgage process remains shrouded in mystery. How much can I afford? Are there different types of mortgages? How much is a downpayment?
CONTACT US
Member FDIC | Member DIF | Equal Housing Lender
CONTACT US
Member FDIC | Member DIF | Equal Housing Lender
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“We are one of the oldest and most stable mutual banks in the country, and our commitment to our depositors has never wavered.”
Michael J. Jones
President and Chief Executive Officer
Whether you want a backyard for your furry friend, looking to move in or out of the city, starting a family or just financially ready, buying a home is one of the most important purchases you will ever make. Owning a home is a great way to settle down, grow your personal assets, and prepare for the future. For most first-time buyers, securing a residential mortgage is a key ingredient in the process.
Why Buy a Home?
Let's start with the basics. A mortgage is a loan you secure from a bank to purchase real estate or land to build a home. It requires some form of down payment with repayment terms typically ranging from 10, 20, or 30 years. And while a mortgage is certainly a loan, it can also serve as an asset builder. This is because home values typically appreciate over the life of the loan: by the time the loan is paid off the property is often worth more than you paid for it. For example, if you bought a home for $300k today that in 30 years is worth $600k, that’s a 100% return on investment.
What Is a Mortgage?
Types of Mortgages
One of the main factors in determining whether a mortgage is affordable is the interest rate. Home loan interest rates can have a major impact on long-term costs, so most buyers seek the lowest rates possible.
Some lenders, like the Institution for Savings, are portfolio lenders and do not sell on the secondary market allowing them to offer more competitive interest rates. Everyone that qualifies receives the same quoted rate. (Borrowers with lower credit scores may be required to pay additional fees.) In most instances, the higher your credit score, the lower interest rate you can qualify for. As well, the longer the term, the lower your monthly mortgage payments will be because they are spread out over a longer term. Check out these mortgage calculators to help you determine how much you can afford.
Interest: A Key Factor in Choosing a Mortgage and Lender
Another way IFS helps borrowers is through prequalification. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check. You can also learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.
Prequalification
Before you start shopping for a home, it's essential to get your finances in order. This includes maintaining a good credit score and saving for a down payment. Your credit score plays a significant role in determining the interest rate you'll qualify for, so it's essential to review your credit report for any errors and take steps to improve your score if necessary. Additionally, saving for a down payment can help you secure a better loan and reduce your monthly payments.
Get Your Finances in Shape
Why Choose Institution for Savings for Your Mortgage
For equipment and vehicle purchases, leasehold improvements and business-expansion financing. Repayment terms are typically tied to the depreciable life of the assets being financed.
Commercial Term Loans
Available to provide cash flow for short-term working capital needs at a variable interest rate.
Lines of Credit
Partnering with the U.S. Small Business Administration (SBA), we provide credit enhancements for small businesses through a variety of programs, including the 7(a) guarantee program and SBA Express Loans. Also available are direct SBA loans through the 504 lending program; these loans are made in conjunction with conventional bank financing to acquire real estate and certain business equipment.
SBA (Small Business Administration) Loans
Thinking of buying your first home or condo? As rates start to come down and inventory increases, this might be a good time to consider it. For many aspiring first-time homebuyers, the mortgage process remains shrouded in mystery. How much can I afford? Are there different types of mortgages? How much is a downpayment?
