Our Loan Programs
Which loan is right for me?
Years you plan to stay in the house Recommended program
1-3 3/6 ARM
3-5 5/6 ARM
5-7 7/6 ARM
7-10 7/6 ARM, 30 year fixed or 15 year fixed
10+ 30 year fixed or 15 year fixed
 
Loan Programs       Advantages       Disadvantages
Fixed Rate Mortgages
30 year fixed
15 year fixed
  • Monthly payments are fixed over the life of the loan Interest rate does not change
  • Protected if rates go up
  • Can refinance if rates go down
  • Higher interest rate
  • Higher mortgage payments
  • Rate does not drop if interest rates improve
Adjustable Rate Mortgages
7/6 ARM
5/6 ARM
3/6 ARM
  • Lower initial monthly payment
  • Lower payment over a shorter period of time
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • More risk
  • Payments may increase over time
  • Potential for high payments if rates go up
First Time Buyer Programs
 
  • Lower down payment
  • Easier to qualify
  • Lower rates may be available
  • May be subject to income and property value limitations
  • Some programs which have government subsidies may have a recapture tax if you sell the house too early.
No point, No fee Programs
 
  • No closing costs
  • Less money required to close
  • Higher rates
  • Higher payments

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

  • No PMI payments even with 5% or 10% down.
  • Debt consolidation programs
  • Home Improvement loans
  • Qualify even if you may have been turned down before!
Provident Bank Mortgage
3756 Central Avenue
Riverside, CA 92506
800-250-1713
 
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