For many home buyers, this is an affordable choice. Regardless of the term, your principal and interest payment is the same each month, so this mortgage lets you plan ahead. And should your situation change, there is no prepayment penalty for additional principal payments or payoff of the balance. This loan can be used to purchase, construct, or refinance a single-family, owner-occupied residence.
With a balloon mortgage, your rate and the monthly payment amount are financed at a fixed rate. However, a balloon payment for the balance of the loan will come due at maturity, at which time you have the option of paying off your home or resetting the mortgage at current rates. FNB balloon mortgages offer local decisions and servicing, with an FNB loan officer serving as the originator, underwriter, and servicer of your mortgage loan.
With FNB’s Home Equity options, you can let the equity you’ve built in your home work for you. We offer a choice of a Home Equity Line of Credit (HELOC) or a Home Equity Loan to help you when other expenses arise. Whether you’re paying for a major expense or simply want to have quick access to emergency funds, FNB has a Home Equity option that works for you.