Product Definitions

Country Home Rates

Below is a definition of country home products available.  You can reduce your rate even more by signing up for the Rate Saver Program which will reduce the rate by a quarter to a half-a percent. This reduced rate is available by agreeing not to make early principal payments during the first 3 or 5 years of your loan contract.

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.

15/30 adjustable

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 adjustable

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 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.