Fixed Rate Mortgage
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change.  We offer a 40, 30, 20, 15 and 10 year fixed rate mortgage.   This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Adjustable Rate Mortgages  ARM (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1, 7/1 or 10/1 —can offer the best of both worlds: lower initial interest rates and a fixed payment for the initial period you select. For example, a "5/1 loan" has a fixed monthly P&I payment and interest rate for the first five years and then turns into a traditional adjustable-rate loan, adjusting annually,  for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

30-15 Jumbo Balloon Mortgage
The best of both worlds!  Monthly P&I payments based on a 30 year amortization and the initial interest rate is locked in for 15 years, after which time the loan matures and the unpaid principal balance is due.

Chesapeake Bank offers a variety of other loan products, including FHA and CDA loans, Construction Perms and Lot Loans.  Please call for details on our other loan programs.