Why New Era Bank?

• Experience - our loan officers have an average of 25 years experience in finding the best loan for each person's unique situation.
• Great Rates - we have lower overhead than other banks, which means we keep our costs down and can offer you a better rate than others.
• Low Closing Costs - many financial institutions give you a great rate, but gouge you on closing costs, not at New Era Bank.
• Quick Closings - we can close some loans in as little as 24 hours. It's good to be locally owned and operated!
• No Fancy Talk - our loan officers are experts in their field, but they will speak your language, answer all your questions, and put your mind at ease.
• Now may be an excellent time to refinance your mortgage. Refinancing could lower your monthly payment, reduce the term of your loan, or help you consolidate your debts. Please contact one of our loan officers for more information.

Types of Mortgages:

• Adjustable Rate Mortgages
• Bi-weekly Fixed Rate Mortgages
• Fixed Rate Mortgages
• USDA 100% Financing

New Era Bank Offers:

Adjustable Rate Mortgages (ARM)

Adjustable Rate Mortgages (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index (New Era Bank uses the United States Treasury Bill index). Payments may change over time based on changes to the index.

Features:

• Often has a lower initial rate that may help borrowers qualify for a larger mortgage and therefore a larger house.
• Benefits those:
  - Who are planning to move or refinance in the first 5 years.
  - Whose income has a high probability of increasing.
  - Who need a low initial rate to qualify for their mortgage.
• Usually there will be an initial period where the rate is fixed and then adjusts. For example New Era Bank offers:

• 1 Year ARM
• 3 Year ARM
• 5 Year ARM

Fixed Rate Mortgages(FRM)

Fixed Rate Mortgages (FRM) is a mortgage loan where the interest rate and monthly payment do not change for the duration of the loan. These loans are usually more expensive than ARMs, but are preferred by many borrowers due to their predictability.

Features:

• Provides borrowers peace of mind as they know exactly how much they will owe from month to month and year to year.
• If interest rates rise, FRMs will often save borrowers money compared to an ARM.
• Often a good fit for those planning to stay in their house long term.

• 15 Year Fixed
• 20 Year Fixed
• 30 Year Fixed

Bi-weekly Fixed Rate Mortgages

Traditionally, mortgages are paid on a monthly basis. This type of mortgage requires payments to be made every two weeks. If you have a FRM that costs $1,000 per month, under a bi-weekly FRM, you would pay $500 every two weeks. Over the course of a year, that adds up to 26 total payments, which is equivalent to 13 monthly payments instead of 12. The extra payment enables you to pay off your loan faster and save money in the process.

Example: $150,000 mortgage; 8% fixed interest rate; 30-year term

In this example, the borrower saved $64,374 and paid the loan off 8.4 years sooner.

New Era Bank offers:

• Bi-weekly 15 Year Fixed
• Bi-weekly 30 Year Fixed

USDA 100% Financing

Through the United States Department of Agriculture, New Era Bank can provide 100% financing on fixed rate home loans. This is a great mortgage for first time homebuyers because it enables borrowers to purchase a home with no money down.

Other Home Loans:

Construction Loans

Construction Loans give those wanting to build their own home the flexibility they need to handle it successfully. Borrowers have the freedom to disburse the money at their discretion and will not pay interest until the money is disbursed. These loans are available in fixed and variable rates.

Bridge Loans

Bridge Loans provide borrowers with the cash they need to buy a new home before they sell their old home. Most of these loans are secured by the property being purchased, but it is possible to secure with the property being sold. The term can run from 91 days to 10 years.