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Staff Spotlight

Susan Fleming Vice President St. Charles County Branch Manager

Enterprise University

Home Equity Loans

Last Updated Jun 2010

For more information about any of our produts, please contact one of our mortgage professionals in your area:

Sunset Hills:  Rick Murphy, Ph: 314.543.3912, rmurphy@enterprisebank.com

St. Peters:  Tom McDonough, Ph: 636.442.3917, tmcdonough@enterprisebank.com

Clayton:  Bill Bruce, Ph: 314.512.7220, wbruce@enterprisebank.com

Overland Park, KS:  Doreen Hansen, Ph: 913.234.6438,dhansen@enterprisebank.com

Fixed Rate Mortgages

A fixed rate conventional loan is a traditional home mortgage not insured or guaranteed by a government agency. The interest rate is constant for the life of the loan; monthly payments remain the same throughout the term of the loan and are not affected by interest rate increases or decreases. Typical terms for fixed rate conventional mortgages are 10, 15, 20, or 30 years. The maximum loan amount is $417,000.

Adjustable Rate Mortgages (ARM)

An Adjustable Rate Mortgage (ARM) features a variable rate feature, which is periodically adjusted after a set term, typically one to seven years. The paying off period is usually thirty years. Conventional Adjustable Rate Mortgages are not insured or guaranteed by a government agency. The maximum loan amount is $417,000.

Jumbo Mortgages

Jumbo Mortgages are loans designed to accommodate amounts in excess of $417,000. This threshold amount is reviewed annually. These loans can be either fixed or adjustable and typically carry a slightly higher interest rate

Government Loans

Enterprise Bank & Trust offers two types of government sponsored mortgage loans: FHA (Federal Housing Administration) Loans, and VA (Veterans Administration) Loans.

FHA Loans are for those individuals with minimum down payments or lower credit scores. These loans are insured by the Federal Housing Administration and are for owner occupants only. FHA offers fixed and ARM products. Loan limits vary based on location.

VA Loans are available to qualified veterans, reservists and surviving spuses on owner occupied properties. This no-down payment loan is guaranteed by the Veterans Administration on fixed rate loans up to $240,000.

Bridge Loans

Bridge loans are utilized to “bridge” the gap between the closings of the owner’s existing and new homes. These loans are generally short in duration.

Lot Loans

Lot Loans are used to purchase unimproved ground on which you intend to build a home.

Construction Loans

As the name implies, a construction loan is used to pay for the construction of a home. The loan is designed to provide periodic disbursements to the builder as they progress with the construction of the home.

Home Equity Loans

Home Equity loans allow you to borrow against the existing equity in your home. Equity is the difference between the value of your home and the amount of any existing indebtedness against your home.