Fixed Rate Loans
A fixed rate loan gives you the security of knowing that your Interest rates are fixed throughout the life of the loan. We offer several options in the secondary market. Terms can vary. VA Loans and Rural Housing Loans are also available.
ARM Loans
An Adjustable Rate Mortgage offers you the flexibility of a lower interest rate while starting out with an initial fixed rate but adjusting to the current market conditions after a predetermined lock period.
*The Annual Percentage Rates (APR) in the advertisement are based on the interest rate and other loan-specific finance charges you may be required to pay. All home lending products are subject to credit and property approval. All Rates, program terms and conditions are subject to change without prior notice. Not available outside the state of Indiana. Other restrictions and limitations may apply. Bedford Federal Savings Bank, NMLS#402489. **Typical Payment Example: A 20% down payment on a 5/5 Adjustable Rate Mortgage of $250,000 with an interest rate of 5.00% and Annual Percentage Rate 6.166% will have 60 monthly principal and interest payments of $1,342.05. Payments shown do not include taxes and insurance. Actual payments may be higher. This is assuming an Indiana purchase transaction, 30-day lock, 80% Loan-to-value (LTV), 680 FICO credit score, detached single-family, owner-occupied; rates subject to change.
Home Equity Loans
A Home Equity Loan is very similar to other loans. The lender gives you a lump sum, expecting repayment plus interest and other fees. Home Equity Loans are secured by your home and are good for use on a specified project for a set amount. Many people find that Home Equity Loans are convenient for debt consolidation, paying for education expenses and paying for other personal expenses, as the interest rate is often lower and may be tax deductible (please consult your tax advisor).
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is another type of home equity. However, a HELOC is considered a "Variable Rate" revolving credit account. It is flexible. It works like a line of credit - you can borrow money, and as you pay it down, you can borrow more. A HELOC comes with a limit that usually corresponds somewhat to the equity you have in your home. Money from a home equity line of credit is fairly accessible. You don’t have to apply for a new loan to get more money if you need more than you thought you did. However, you do have to stay within your limit. Like a Home Equity Loan, the HELOC may have tax-deductible interest payments.
