Getting Rid of Private Mortgage Insurance
When purchasing a standard mortgage from a private lender, you may be required to purchase private mortgage insurance (PMI). However, PMI can be costly, usually charging you ...
Construction & Renovation Mortgages
Build or remodel your dream home
Whether you’re building a brand-new home—including modular construction—or restoring that fixer-upper, you’ll find a wide array of mortgage and loan options at Salem Five.
- We combine construction loans (usually 3-12 months) and mortgages as a single loan with one closing, saving money and time—the mortgage kicks in when construction is complete
- The federal 203K Renovation Loan program covers home improvement, repairs and fix up. Complete your renovations after closing by using a portion of the loan proceeds for improvement costs
- We offer a specialized loan program for the construction of modular homes
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Other Articles of Interest
House, Townhome, or Condo?
The real estate market offers many different housing options. Depending on your life stage, financial resources, and where you are on your financial journey, one ...
Building Equity in Your Home
If you own a home, the mortgage payments you make each month could help you build a substantial asset - home equity. The home equity you build represents how much ...
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Los Documentos y formularios que prevemos para abrir y mantener su cuenta, Con Salem Five, son proporcionados en inglés.