Still wondering which type of home loan is right for you? Browse our FAQ to learn more about which type of home loan best suits your lifestyle.
What type of property can I finance?
Central Bank can finance all types of properties. Typically, fixed-rate mortgages apply to primary residences for single families. Specialty mortgages may have unique requirements, such as military service. Or they may have income or geography requirements.
How do I know which type of home loan is right for me?
If you like predictability and the ability to budget long-term, a fixed-rate mortgage might be the right option for you. If you want a lower initial rate and believe you might move in just a few years, an adjustable-rate mortgage could be a better option.
If you think you may be eligible for a specialty loan, your local Central Bank is always happy to discuss other loan options with you to ensure your pre-approval for a home loan is as smooth as possible. Use our home mortgage calculator tool below to do various loan calculations, and see what fits best with your budget and future plans.
Will I need a down payment? How much?
The answer is almost always yes, though specialty loans do exist. In some cases, your military service or other unique qualifiers may put you in position to go the zero- or low-down payment route. How much you’ll need depends on the type of loan you choose. You can look at various scenarios using our online home mortgage calculator below.
What is escrow?
Escrow refers to funds included in your monthly mortgage payment to cover your taxes and homeowner’s insurance. Central Bank keeps these funds in an account to make payments on your behalf.