Residential Mortgage Loans

Whether you are buying a home or refinancing your current mortgage, Colombo Bank has the right loan for you. We offer fixed rate and adjustable rate loans.

Fixed Rate Loans

If you feel more comfortable knowing that your monthly mortgage payment of principal and interest will be the same for as long as you have your loan, then this is a good type of loan for you. With a fixed rate loan, the rate is set at the time the loan is originated so that you will know the exact amount of your payment for the life of the loan.

Adjustable Rate Mortgage Loans (ARM)

The Adjustable Rate Mortgage loan (ARM) is right for you if you are looking for lower initial payments while qualifying for the most home you can buy. With an ARM, the interest rate on your loan is fixed for an initial period of 1, 3, or 5. After that time, the interest rate may vary annually according to market conditions. This would effect your monthly payments. Because ARM rates are fixed for a relatively short period of time, the initial interest rates are often lower than those of longer fixed rate loans.