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Types of Loans

30-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and a monthly payment that never change's. This may be a good choice if you plan to stay in your home for seven years or longer. 

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of a 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. However, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments to pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgages (ARM)
An adjustable rate mortgage/ARM, is a mortgage loan with an interest rate that periodically adjusts based on an index which reflects the cost to the lender of borrowing on the credit markets.

FHA Mortgage
These loans insured by HUD are great for first time homebuyers since only a 3.5% down payment is required. 

VA Mortgage
Veterans with a Certificate of Eligibilty can qualify for up to 100% financing.

Section 184 Indian Home Loan Guarantee Program
This home mortgage product is specifically designed for American Indian families.   Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance with low down payment and flexible underwriting.

USDA Rural Development

Down Payment Assistance Programs
Republic Bank & Trust offers a variety of programs geared towards assisting homebuyers and participates in the Oklahoma Housing Finance Agency programs as well as the FHLBank Topeka's Homeownership Set-Aside Program.


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