Mortgage

Mortgage

At Progress Bank, we understand that buying or refinancing a home may be one of the most important decisions you’ll ever make. When it comes to loan financing, we think forward. We’re passionate about helping you explore all of the home loan options available to find the one that’s right for you. We’ll walk you through the application process, make sure you understand all the terminology and give you the best experience possible. 

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We have a variety of loans to meet your needs

Conventional Fixed Rate

Best for:
Fixed monthly payments for the life of the loan and good for those who plan to stay long term in the home

Features:
  • Competitive rates
  • Flexible terms
  • No Mortgage Insurance Premiums (MIP) at closing
Portfolio Adjustable Rate

Best for:
Building long term bank relationship

Features:
  • Your loan is held in our investment portfolio instead of being sold on the secondary market
  • More flexible term
  • Initial rate fixed for 3 or 5 years
Adjustable Rate

Best for:
If you plan to move or refinance within a few years

Features:
  • Your initial rate is lower
  • Flexible repayment options
  • Take advantage of falling rates without refinancing
Jumbo

Best for:
Higher value properties and those who can manage large monthly mortgage payments

Features:
  • Special fixed and adjustable rate financing for high loan amounts
  • Flexible structures available
  • Convenience of one loan for the entire amount
FHA

Best for:
First time buyers or those who have less than perfect credit

Features:
  • Backed by the Federal Housing Administration
  • Fixed rate loan with more flexible qualification requirement
  • Low down payment required
  • Easy refinancing
VA

Best for:
Qualified veterans, reservists, active duty personnel or eligible family members

Features:
  • Up to 100% financing
  • No down payment
  • No income restrictions
  • Does not require monthly mortgage insurance
Rural Development

Best for:
Purchases in designated areas for suburban and rural home buyers

Features:
  • No down payment
  • Up to 100% financing
    * Some income restrictions apply
  • Backed by the U.S. Department of Agriculture
  • Low, competitive fixed rates

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