Loan Terms

We offer three types of loans:

  1. Fixed Rate Mortgage loan: the interest is fixed for the life of the loan
  2. Adjustable-Rate Mortgage (ARM): the interest rate is fixed for an initial period of the loan, then adjusts at specified intervals over the life of the loan with the rate adjustment indexed to a predetermined financial benchmark; ARM loans are generally amortized1 for a longer period than Fixed Rate Mortgage loans
  3. Balloon Note loans: the interest rate may be higher than a Fixed Rate Mortgage 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 amortized1 for a longer period than Fixed Rate Mortgage loans

While Stewards Foundation does not adhere to commercial lender’s practices, we stay informed about market conditions.  Our loan interest rates adjusted periodically to account for changes in these conditions.

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.

Note:
1. Amortization is paying a debt based on a fixed schedule in regular installments over a period of time.

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