Exchange Bank Mortgage Loans — Home Purchase & Refinance
Exchange Bank offers a full range of mortgage products for buyers at every stage — first-time homeowners, move-up buyers, veterans, and those looking to refinance. Decisions are made locally, which means faster turnaround and a loan officer who actually knows your market.
Exchange Bank offers six mortgage loan types: 30-year fixed, 15-year fixed, 5/1 ARM, FHA, VA, and Jumbo. Rate ranges vary by product and market conditions; contact a loan officer for a current rate quote. Minimum down payments range from 0% (VA) to 10–20% (Jumbo). Exchange Bank is an Equal Housing Lender, NMLS #480228. For independent homebuying resources, visit consumerfinance.gov/owning-a-home. Call (800) 397-3962 to speak with a mortgage specialist.
Loan Products
Exchange Bank Mortgage Loan Types — Rates & Requirements
Rate ranges shown are representative. Your actual rate depends on credit score, down payment, loan amount, property type, and current market conditions. Contact Exchange Bank for a personalized rate quote.
| Loan Type | Rate Range (Indicative) | Points | Min. Down Payment | Best For |
|---|---|---|---|---|
| 30-Year Fixed | Contact for current rate | 0 – 2 points | 5% (conventional) | Long-term stability, lower monthly payments |
| 15-Year Fixed | Contact for current rate | 0 – 2 points | 5% (conventional) | Faster payoff, lower total interest |
| 5/1 ARM | Contact for current rate | 0 – 1 point | 5% | Short-term ownership, initial rate savings |
| FHA Loan | Contact for current rate | 0 – 1 point | 3.5% (580+ credit score) | Lower credit score buyers, first-time buyers |
| VA Loan | Contact for current rate | 0 points | 0% (eligible veterans/service members) | Veterans, active duty, surviving spouses |
| Jumbo Loan | Contact for current rate | 0 – 2 points | 10 – 20% | Loan amounts above conforming limits |
Rates are subject to change daily based on market conditions. APR will differ from the rate shown and includes fees. Exchange Bank is an Equal Housing Lender. NMLS #480228. Subject to credit approval and property eligibility.
Fixed Rate Options
30-Year and 15-Year Fixed Mortgages from Exchange Bank
Fixed-rate mortgages lock in the same interest rate and monthly payment for the entire loan term. No surprise adjustments, no market exposure — what you agree to at closing is what you pay until the loan is paid off.
The 30-year fixed mortgage is the most common product for homebuyers because it spreads payments across 360 months, keeping the monthly obligation manageable on larger loan amounts. The trade-off is paying more total interest over the life of the loan compared to shorter terms.
The 15-year fixed carries a lower interest rate than the 30-year and eliminates debt twice as fast — but the monthly payment is noticeably higher on the same loan amount. Buyers who can comfortably afford the higher payment typically come out significantly ahead on total interest paid. Run both scenarios with an Exchange Bank mortgage officer before deciding.
Both products are available for purchase and refinance. For customers with an existing higher-rate mortgage, a 15-year refinance can dramatically shorten the payoff timeline while also capturing a better rate. For guidance on the refinance decision, the Consumer Financial Protection Bureau's homebuying tools at consumerfinance.gov/owning-a-home provide objective resources.
Specialty Products
FHA, VA, ARM, and Jumbo Mortgages Explained
Not every buyer fits the conventional mold. Exchange Bank's specialty mortgage products address specific situations — lower credit scores, military service, short-term ownership, or high-value property purchases.
FHA loans are government-backed and allow lower down payments (3.5% with a 580+ credit score) and more flexible credit requirements than conventional products. The cost is FHA mortgage insurance premium (MIP), which adds to monthly payments and may last the full loan term depending on down payment size. FHA is an effective path for buyers who are building credit or saving down payment while renting.
VA loans are available to eligible veterans, active-duty service members, and surviving spouses. They require no down payment, carry no PMI, and come with competitive rates. Exchange Bank processes VA loans directly and has experience with the VA appraisal and approval process. Call (800) 397-3962 to verify your VA eligibility and get a current rate.
A 5/1 ARM (adjustable-rate mortgage) carries a fixed rate for the first five years, then adjusts annually based on a market index. The initial rate is typically lower than a 30-year fixed. ARMs make sense for buyers who plan to sell or refinance within the fixed period. If you plan to own the property long-term, a fixed rate is the safer choice.
Jumbo loans cover loan amounts above the conforming loan limits set annually by the Federal Housing Finance Agency. Exchange Bank finances primary residences, second homes, and investment properties with jumbo products. Down payments start at 10% for well-qualified borrowers with strong credit and reserves.
FAQ
Exchange Bank Mortgages — Questions Answered
Common questions about pre-approval, down payment, PMI, refinance break-even, and closing costs.
How do I get pre-approved for an Exchange Bank mortgage?
Call Exchange Bank at (800) 397-3962 or visit a branch to start the pre-approval process. You will need proof of income (pay stubs, W-2s, or two years of tax returns for self-employed applicants), bank statements showing down payment funds, employment history, and consent for a credit check. Pre-approval is not a final loan commitment but gives you a purchase price range and signals to sellers that you are a serious, financeable buyer.
How much down payment do I need for an Exchange Bank mortgage?
Down payment requirements vary by loan type. Conventional loans require as little as 5% for qualified borrowers. FHA loans allow 3.5% down with a credit score of 580 or higher. VA loans for eligible veterans require no down payment. Jumbo loans generally require 10–20% down depending on loan size and credit profile. A 20% down payment on a conventional loan eliminates the requirement for private mortgage insurance (PMI).
What is private mortgage insurance (PMI) and when does it apply?
Private mortgage insurance (PMI) is required on conventional loans when the down payment is less than 20% of the home's purchase price. PMI protects the lender — not the borrower — in the event of default. It typically costs 0.5%–1.5% of the loan amount annually and is added to monthly payments. PMI can be canceled once your loan balance reaches 80% of the original appraised value, either through regular payments or documented home appreciation.
How do I calculate the break-even point on a mortgage refinance?
The refinance break-even point is how many months it takes for monthly savings to recoup the closing costs. Divide total closing costs by the monthly payment reduction. If closing costs are $4,800 and you save $160 per month by refinancing, you break even in 30 months. If you plan to stay in the home beyond that point, refinancing makes financial sense. Call (800) 397-3962 to run these numbers with an Exchange Bank mortgage specialist.
What closing costs should I expect on an Exchange Bank mortgage?
Closing costs on an Exchange Bank mortgage typically range from 2% to 5% of the loan amount. Common items include loan origination fees, appraisal, title insurance, attorney fees, recording fees, and prepaid interest and escrow amounts. Within 3 business days of application you will receive a standardized Loan Estimate that itemizes all costs. For independent guidance on mortgage closing costs, the CFPB offers objective tools at consumerfinance.gov/owning-a-home.
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