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Types of Loans

Fixed Rate Mortgage
Fixed rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. It has the same interest rate, and the same monthly payment, for the entire term. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Adjustable Rate Mortgages (ARM)
Adjustable rate mortgage loans (ARMs) have an interest rate that will change or "adjust" from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a "hybrid" product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate.

Construction Loans
A construction loan is used to finance construction. It is a line of credit like a credit card that is paid off by a mortgage loan upon completion of the new home. The money you need to pay for construction costs, even the land in some cases, is disbursed to you as the building progresses. You pay only interest, no principal, on the total amount lent to you for any given month during construction.

FHA Loans
The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Once approved, this program usually allows you to make a down payment as low as 3.5% of the purchase price.

VA Loans
The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program is that borrowers may receive 100% financing for the purchase of a home. That means no down payment whatsoever if you are approved for this loan type.

USDA Loans
The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to "rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing."

Doctors Only Loan Program*
Our Doctors Mortgage Loan Program is great for new residents and established physicians, offering competitive options and a team of experts that provide an unmatched level of service. Benefits of this program include up to 100% financing, loan amounts up to $2,000,000, no private mortgage insurance, and no prepayment penalties.
*Available to medical doctors who have a minimum of a M.D., D.O., D.M.D., or D.D.S. degree and an employment contract. All loans subject to application and credit approval, satisfactory appraisal and title insurance. Terms and conditions subject to change; other terms, conditions, and restrictions may apply. (Revised 10/16)



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Waterford Bank, N.A. NMLS - 520256
3900 N. McCord Rd, Toledo, OH  43617
Toll Free:  (866) 707-2871
Office:  (419) 720-3900
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