Product Definitions - Country Homes

Below is a definition of country home products available.  You can reduce your rate even more by signing up for the Rate Saver Program. This reduced rate is available by agreeing not to make early principal payments during the first 2 years of your loan contract.

15/30 convertible

This product offers 15 years of fixed-rate security.  The loan converts to a 1-year pricing after that.  Rate changes are controlled by a 9% life cap.  If you are more security-conscious, before or at the end of the first 10 year period, you can convert to another product.

5/30 convertible

Offers a 5-year fixed period over any term from 5 to 30 years.  After that, rate changes annually.  Rate changes are controlled by caps of 2% annually and a 6% life cap.  This means that for a 4.5% rate, the second-year after you roll of the 5 year fixed period, the rate could be no more than 6.5% (regardless of how volatile interest rates become).  Plus at 4.5% with a 6% cap, this means that the very highest the rate could go would be 10.5%.  As the name suggests, these loans are convertible to other products.

30 year fixed

Enjoy full security with a 30-year fixed rate, offered with a matching 30 year term. Your interest cost can never go up. Fixed rate loans offer conversion features that give you a chance to change the loan and capture rate savings.

25 year fixed

Enjoy full security with a 25-year fixed rate - your interest cost can never go up. Fixed rate loans offer conversion features that give you a chance to change the loan and capture rate savings.

20 year fixed

This is a 20-year fixed rate with matching 20 year terms, meaning you never have a balloon payment.  Plus, a 20-year loan can save thousands of dollars over longer 30-year fixed rates.

15 year fixed

Enjoy full security with a 15-year fixed rate with matching 15 year terms, meaning you never have a balloon payment. Like the 20 year mortgage, a 15-year loan can save thousands of dollars over longer 30 year fixed rates.

10 year fixed

This is a 10-year fixed rate, offered with a matching 10 year term and offers tremendous interest expense savings over the longer-term fixed rate products.