Mortgage Loans

A Fixed-Rate Mortgage maintains the same interest rate and principal-and-interest payment throughout the life of the loan. An Adjustable-Rate Mortgage begins with a fixed rate for an initial period and then adjusts periodically based on market conditions, which may cause monthly payments to increase or decrease over time.

A Fixed-Rate Mortgage may be a good option if you want predictable monthly payments and plan to stay in your home for many years. Because the interest rate remains the same throughout the loan term, fixed-rate mortgages can make budgeting easier and provide long-term payment stability.

A Balloon Mortgage offers regular monthly payments for a set term, typically five to seven years, but does not fully pay off the loan balance during that time. At the end of the term, the remaining balance becomes due in one final balloon payment. Some borrowers choose this option when they expect to sell, refinance, or pay off the loan before the balloon payment is due.

A Construction Loan is designed to finance the cost of building a new home. Funds are used throughout the construction process to pay for approved building expenses. Once construction is complete, the loan is often converted to or replaced with long-term mortgage financing.

Yes. Mortgage financing may be available for a variety of property types, including primary residences, vacation homes, cabins, and hunting properties. Our lending team can discuss your goals and help determine which loan options may be available for your specific situation.

Working with a local lender means partnering with people who understand the communities and real estate markets they serve. At First National Bank of St. Ignace, you'll work directly with local lenders who can guide you through the process, answer questions, and make lending decisions right here in our office.