Mortgage Loan

We Make It Easier To Buy A New Home

Buying a new home should be a pleasant experience. We'd like to help make it that way by taking the worry out of applying for a mortgage.

 Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you'll need to decide which type of loan may be right for you.

• Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It's easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage.
  
  
• Adjustable Rate Loansusually start with lower rates than conventional loans. We'll let you know how much the rate can be adjusted over the life of the loan, so you'll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you'll want to consider an adjustable rate since monthly payments may be lower.

  Once you know approximately the cost of a home in your price range, use the guide below to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are not included on the chart, but may be added to your monthly payments.

The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest. We offer a variety of mortgage plans.

Is Refinancing Right For You? Generally, it's a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. And whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, ask about a Homeowner's Credit Line. It can help you save on fees when you apply; interest when you want to borrow money and on taxes at the end of the year.

For more details, speak to one of our mortgage loan experts at 202-628-5500.

National Mortgage Licensing Service (NMLS) information

Independence Federal Savings Bank is Institution #410043 in the NMLS and currently has the following licensed Loan Officers:

Gary C. Paul, NMLS ID #776966                    Robert B. Isard, NMLS ID #776964