I’m An Experienced Homebuyer

If you’re looking for a safe and reputable loan product to help you buy or build your next home, or refinance, we can help. Because ENB is a community bank, we can offer special loan programs that meet the unique needs in the local real estate market. Here are just a few of our loan products to get you started in the right direction.

That’s not all… once you decide what option interests you or if you need help making a decision, a friendly Mortgage Expert can guide you through each step!

  • Products
  • FAQs

Wealth Builder

Looking for a mortgage that builds equity in your home quickly? The ENB Wealth Builder Home Loan is a 15-year mortgage that builds equity in your home twice as fast as a traditional 30-year mortgage.

  • Up to 103% financing
  • No monthly mortgage insurance
  • Save thousands in interest charges
  • Pay off your mortgage in half the time
  • No income or purchase price restrictions*
  • Below market interest rates locked in for 5 or 7 years
  • Not limited to first-time homebuyers
  • Greater underwriting flexibility and options than current government loan programs
  • Permits up to 6% seller contribution toward closing costs

*Wealth Builder Home Loan requires a credit score of 700 or higher and a debt to income ratio not to exceed 43%. Maximum loan amount of $417,000

Fixed-Rate Mortgage Loans

Typically referred to as a “traditional mortgage,” this is the most common mortgage used for purchasing a home. The interest rate and payment stay the same for the life of your loan. It is a great option for borrowers who desire predictability.

  •  15, 20 and 30-year term options available
  •  Down payment options as low as 5%
  •  Local underwriting on all mortgage loans
  •  Also available for land purchases

Adjustable-Rate Mortgage (ARM)

Adjustable-Rate Mortgage loans have interest rates that change during the life of the loan. ENB offers ARMs with an initial interest rate that is fixed for a period of 3, 5 or 7 years. Borrowers benefit as this rate is typically lower than a fixed-rate mortgage. After the fixed-rate period expires, the interest rate adjusts annually. For example our 5/1 ARM will have a fixed rate for the first 5 years. It will then adjust annually for the remaining 25 years of the mortgage.

  • 3/1, 5/1, and 7/1 options available
  • Down payment options as low as 5%
  • Local underwriting on select mortgage loans

Home Construction & Renovation Loans

ENB has a variety of programs to help you build or renovate the home of your dreams: Construction-To-Permanent Mortgage, Construction Renovation Loan, Construction-Only Loan, Lot Loan, Fast Move Loan. We’ll help you choose the best program – or combination of programs – and options based on your specific situation. Learn more.

FHA – Federal Housing Administration Guaranteed Home Loans

The Federal Housing Administration (FHA) allows buyers to get a mortgage with a down payment as low as 3.5 percent. The underwriting and credit score requirements to qualify for an FHA loan generally are less stringent than for conventional loans. The seller is also permitted to contribute to the buyers closing costs and ENB can offer a lender credit towards closing costs. FHA also permits refinance options including cash-out.

VA – Veterans Administration Guaranteed Home Loans

The Veterans Administration (VA) offers three home loan guarantee programs for Active Duty Service members, Veterans, National Guard members, Reserve members, and certain surviving spouses. The three loan types are: Purchase Loans, Streamline Refinance Loans (IRRRL), and Cash–Out Refinance Loans. Eligible borrowers may obtain up to 100% financing. In order to qualify for a VA backed loan you must obtain a Certificate of Eligibility (COE) from VA that verifies you or your spouse’s military service. The easiest way for you to obtain a COE is through http://www.ebenefits.va.gov/ or a Mortgage Expert at ENB can help you obtain this and explain your options. The program also allows for seller assistance for closing costs, so it is possible for a Veteran to purchase a primary residence for as little as $500 under this program.

Need some questions answered before moving forward with buying or building a home, or refinancing? We can relieve your stress by providing you the facts you need, in order to keep the excitement going.

Q: Does ENB Mortgage charge an application fee?
A: At ENB Mortgage, we do not charge an application fee. We do, however, collect the fee for the appraisal at time of application. This fee will depend on the type of loan you are applying for.

Q: I want to refinance my current mortgage but am concerned about being able to pay the closing costs. What are my options?
A: As long as you have enough equity in your property, we can include closing costs in the loan. We also offer options where ENB Mortgage will pay a portion of the closing costs.

Q: Do you have any pre-payment penalties?
A: No. We do not have any penalty if you pay your mortgage off early.

Q: What are mortgage points?
A: A point is equal to 1% of your mortgage amount (ie. $1,000 for every $100,000). You’re essentially paying some interest up front in exchange for a lower interest rate over the life of your loan. The general rule is that the longer you plan to own the home, the more you could benefit from paying points because you would realize more interest savings over the life of the loan.

Q: Will ENB service my mortgage or sell it to someone else?
A: ENB keeps some conventional mortgages and sells others. The majority of sold mortgage loans continue to be serviced by us, so you will typically make your payments directly to ENB. We also offer a convenient automatic payment option where payments can be debited directly from your checking or savings account. We do not service mortgages we offer in partnership with government entities such as FHA, VA or USDA.

Q: Can I apply at any ENB branch office?
A: Yes, a Mortgage Expert is happy to meet with you at any of our branch offices. You can also apply online.

Q: What types of mortgages does ENB offer?
A: We offer a wide variety of products, including conventional, adjustable rate, construction, Rural Housing, FHA and VA loans. We also offer a number of non-conforming mortgages which are loan programs that focus on the unique needs in the local real estate market which may fall outside of nationwide agency guidelines.

Q: How does a construction loan work?
A: With a construction loan, the home value is based on the completed project which forms the basis for the loan amount taking in account the loan to value ratio. During the construction term, which will vary from 4 months to 12 months depending on the program, the loan is set up with interest only payments based on the amount of money actually advanced. Once the home is complete, the loan payments will change to fully amortizing based on the loan program terms.

Q:  How are my payments calculated on a construction loan during construction?
A:  With a construction loan, the payment during the construction term is interest only based on the loan’s outstanding principal balance. Each month, the payment will be recalculated. Over the term of the construction, your payments gradually increase as funds are issued to the builder and your balance on the loan increases.

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