Home Loan Options

Posted on April 4, 2014 Updated on June 4, 2015

With talks of rising mortgage rates by the end of the year, some people are now regretting not refinancing their home or buying a new home.  The truth is that now is still a great time to consider refinancing your home or making a new purchase.

Here are a few good options to consider when looking for the right mortgage.  If you would like to discuss any of these options with our lenders, please call us at 865-824-5700 or visit any of our locations in Knoxville, LaFollette or Lenoir City.

Conventional Loan Options

With conventional loans, American Trust Bank can work to get up to 95% on purchases and 85% on cash out mortgages.

There are instances where purchases or refinances do not fall under a traditional mortgage loan.  If that is the case in your situation, American Trust Bank can assist you with other types of conventional loan options.  Here are three typical types you may be considering.

• Construction to Permanent Loans: Whether you are building a new home or renovating the one you have, a construction to permanent loan is an option to consider.  This type of loan allows the construction and mortgage financing to be covered in one single loan.
• Investment Property Loan: If you are thinking of purchasing an investment property or if you already have one and would like to refinance, American Trust may be able to help.  Depending on the type of investment (i.e. single home, multi-family home, condo, or etc) we can work with you to see what best option we can offer.
• Jumbo Loans: When a mortgage loan exceeds the conforming loan limit, it is considered a jumbo loan.  Jumbo loans are different than traditional mortgage loans, and American Trust can guide you through the process from start until finish.

These are just three examples of traditional mortgage loans, and one of these may be a perfect fit for you.  But before you make a strong commitment, there are other options you may want to review; such as different types of government support loans.

Government Supported Loans

American Trust Bank is a qualified lender for the following types of government guaranteed loans.

• FHA Loans: Since 1934, FHA loans have helped people become homeowners and refinance their homes.  The Federal Housing Administration (FHA) insures the loan so that the bank can offer a very competitive deal.
• USDA Loans: This mortgage loan is supported by the United States Department of Agriculture (USDA) and there are many qualifying factors for a USDA home loan.  Dorothy can help navigate you through the process to see if you qualify for a loan under the USDA.
• VA Loans: Backed by the U.S. Department of Veterans Affairs (VA), a VA Loan can help Service-members, Veterans and eligible surviving spouses with financing their own home.  The VA guarantees a portion of the loan.