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Types of Loans

For the majority of hard working Americans, the purchase of a home is their greatest financial investment.  Buying a house is a very personal, intimate and often complex process that the average person will only commit to 1-3 times in a lifetime. Admirals Bank offers multiple options for both fixed rate and adjustable rate mortgages, these include

  • Conventional
  • FHA
  • USDA
  • VA
  • Jumbo

Fixed Rate Mortgages
A traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then an adjustable-rate loan may be a better option for you. We offer 10, 15, 20 and 30 year terms.

Adjustable Rate Mortgages (ARM)
ARM loans have a fixed monthly payment to start (usually for a term of 3, 5 or 7 years) and then turn into a traditional adjustable-rate loan where your interest rate fluctuates based on then-current rates for the remaining life of your loan. ARMs may be a good choice for people who expect to move (or refinance) before or shortly after the adjustment period begins.

By choosing Admirals Bank you are giving yourself the quality service and education you deserve when purchasing a new home.

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Admirals Bank NMLS #527702
15 Park Row West, Providence, RI  02903
Toll Free:  (800) 562-6663
mortgages@admiralsbank.com
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