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Compare Mortgage Types
Best if you |
Want a low monthly payment. |
Plan to be in your home less than 10 years. |
Are buying a home for the first time. |
Have limited resources and are buying your first home. |
Need some extra money to cover home improvements or general expenses. |
Want loan approval and a lock-in rate on your permanent mortgage before you start construction? 5 |
Interest Rates |
Fixed |
One-time rate adjustment |
Fixed/Adjustable |
Fixed at .25 below our standard 30-year fixed rate mortgage |
Variable |
Fixed |
Terms |
10, 15, 20 or 30 years |
30 years - |
10, 15, 20 or 30 years or 10/30 Adjustable Mortgage |
30 years |
15 years - |
10, 15, 20 or 30 years |
Benefits |
Interest rate and monthly payment stay the same for the term of the loan No PMI2 Option By selecting a lower term, you can pay off your mortgage in a shorter amount of time. |
Lower initial rate - ½% below current 30-year fixed rate mortgage product. No PMI2 Option |
No loan origination fee. Appraisal fee refunded at closing. Accepts loan request up to 90% Loan To Value3 with no PMI2. Downpayment may come from a gift. |
No loan origination fee. Appraisal fee refunded at closing. Accepts loan request up to 97% Loan To Value, PMI2 required. Low minimum down payment of $1,000.00 or 1% (whichever is greater). |
Draw on your home’s equity to afford home repairs, consolidate debt or pay for education. |
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Free Services |
N/A |
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1 Or a maximum of 3.00% over the initial rate.
2 Private Mortgage Insurance (PMI)
3 A ratio used to calculate the loan amount requested as a percentage of the value of a home.
4 Must have $10,000 or greater balance on your Piedmont Prime Equity Line to receive PFPinnacle with no monthly maintenance fee.
5 This program applies to the permanent financing after the completion of the home. Piedmont Federal does not provide financing for the construction of the home.
