Loan Terms

Stewards Foundation makes every effort to offer loans with competitive terms. Please keep the following in mind when comparing our terms with another lender’s:

  • We do not require personal financial information or loan guarantees
  • We do not charge application or origination fees
  • We do not charge prepayment penalties
  • We do not charge late fees

We offer three basic types of loans:

  • Fixed Rate Mortgage loan: the interest is fixed for the life of the loan
  • Adjustable Rate Mortgage, also known as an ARM loan: the interest rate is fixed for an initial period of the loan then adjusts at specified intervals over the life of the loan; the initial interest rate is generally the lowest of all our loans; the rate adjustment is indexed to a predetermined financial benchmark; ARM loans are generally amortized for a longer period than Fixed Rate Mortgage loans
  • Balloon Note loans: the interest rate is generally lower than a Fixed Rate Mortgage loan, but may be higher than an ARM loan; these loans include a Balloon Note at a specified time meaning that the loan must be repaid in full or refinanced at that predetermined time; Balloon Note loans are generally amortized for a longer period than Fixed Rate Mortgage loans, but may be shorter than ARM loans

While Stewards Foundation does not strictly follow commercial lender’s practices, we are informed about market conditions. Our loan interest rates and amortization schedules are adjusted periodically to account for changes in these conditions. This practice reflects our commitment as fiduciaries to sound financial principals.

Every effort is made to hold quoted loan terms for as long as possible, but we cannot guarantee quotes for longer than 90 days.

We recognize that terms and lending practices vary across the country. In our commitment to being a competitive lender, Stewards Foundation will take other lenders offers into consideration when determining loan terms. Provide us with a written offer from a financial institution for a comparison.