Mortgage Loans

Fixed Rate | Adjustable Rate | FHA Loans | Monthly ARM

Buying a home is one of the biggest decisions you’ll make in your lifetime and we look forward to assisting you whenever we can. Shore Community Bank has a multitude of quality Mortgage Programs to make the right fit for your budget.

Fixed Rate Mortgages

Shore Community Bank offers a variety of Fixed Rate Mortgages for those customers looking for a stable, predictable monthly mortgage payment. The applicant can select loans with various terms. The shorter-term loans will quickly reduce principal and longer terms will create a more comfortable monthly housing payment. Complete the 'Shorty' Application Online

Adjustable Rate Mortgages

Shore Community Bank offers a variety of Adjustable Rate Mortgage (ARM) programs. An ARM has a variety of initial fixed periods. After the initial fixed rate period, the interest rate will change every year thereafter for the remainder of the term based on the 1-Year Treasury Index plus a margin. The Margin is fixed for the entire term of the mortgage. ARM’S have adjustment percentage caps that start after the initial fixed rate term and have fixed lifetime caps. The caps are different depending on the initial fixed rate term and are disclosed prior to closing. ARM programs are great for customers seeking lower initial rates and monthly payments. Complete the 'Shorty' Application Online

FHA Loans

Shore Community Bank offers Fixed Rates and Adjustable Rate FHA loans, which are insured by the Federal Housing Administration. Both products offer low down payment options for purchasing a home, as well as low cost equity options for the refinance of a current home. The credit and income criteria is more lenient then the conventional programs. The County your property is in will determine the maximum amount of a mortgage for which you can apply. Complete the 'Shorty' Application Online

Monthly ARM

Shore Community Bank offers Monthly Adjustable Rate Mortgage’s, which are tied to either the 12- Month Treasury Average Index (12-MTA), or the 11th District Cost of Funds Index (COFI). These programs give the customer the flexibility of four different payment options every month. An extremely low initial interest rate payment, a fully indexed payment, an interest only payment or a fully indexed payment based on a shorter term. You can prepay principal at any given time (up to 20% maximum for the 1st year) and your payment every month will be re-calculated based on the new principal balance. That means your payment will decrease. This program is great for self-employed or commission borrowers. Negative amortization and pre-payment penalties may apply. Complete the 'Shorty' Application Online