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Types of Loans

Fixed Rate Mortgage: 8 to 30 Year Term

The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

One Step Construction

Skagit Bank offers a 15 or 30 year fixed One Step Custom Construction Loan. Lock in your long term interest rate when you apply, not after construction is finished! 

Lot Loan

Skagit Bank offers two options to finance your future building site!  Payments are amortized over 30 years with your choice of a 3 or 5 year due date.  If Skagit Bank finances your construction within 2 years, we will credit a portion of your Lot Loan fee towards your construction loan fee.

Bridge Loan 

Don't miss out on the home of your dreams because your present home has not sold.  At Skagit Bank we offer a 12 month interest only Bridge Loan that helps you get into your dream home while you sell your current residence. Ask your Loan Officer for details on this program!

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