Home mortgage loans- FAQ

We offer various programs to help you buy, build, or refinance your home. Whether it’s your first home or you’re looking to move, we have options tailored to your needs. The main types of mortgages include conventional loans, government-backed loans (such as FHA, VA, and USDA loans), fixed-rate loans, and adjustable-rate loans.

You can apply online at myasb.com. Our dedicated staff will help simplify the process to make it as smooth as possible. To prepare for getting a mortgage, be sure to know what you can realistically afford, how much you’ll have saved for a down payment.

Freddie Mac Home Possible® is designed to fit the needs of low-to-moderate-income buyers. It helps make homeownership more accessible for those who may not be sure if they can afford the cost. This program offers more options and credit flexibilities, such as a down payment requirement of as little as 3%, and allows co-borrowers who do not live in the home to be included for a borrower’s one-unit residence.

A bridge loan is a short-term loan used until a person or company secures permanent financing or pays an existing obligation. It allows the borrower to meet current obligations by providing immediate cash flow. Bridge loans are often used in real estate to help homeowners purchase a new home while they wait for their current home to sell.

You may lower your interest rate or shorten the number of monthly payments. Our experts will handle the process for you. Refinancing involves replacing your current home loan with a new one, ideally with a lower balance and interest rate.

The Dream to Build program is designed to streamline the construction loan process. It involves four simple phases to help you build your dream home. This program offers homebuyers choice options to build and own a home that can expand with your family over time.

The equity in your home can be used for various purposes, such as home improvements, making personal purchases, or consolidating debt. Home equity is the difference between the amount you owe on a mortgage and what the home is worth. You can leverage your home’s equity by using it to back a home equity loan or a home equity line of credit.