Helping American Dreams come true.

With Home Loans by Old Glory Bank, the American Dream is no longer a pipe dream.

We offer a variety of options to meet your specific needs: VA. Conventional. FHA. Refinances. With competitive rates and quick closing times.

 

Loan options to suit your needs.

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Veterans Affairs (VA) Home Loans

For active-duty Military, Veterans, and their spouses. For every sacrifice you made.

  • 0% down (with sufficient entitlement)
  • Lower closing costs, no PMI
  • Flexible qualifications

icon-homeloan_fixedConventional Fixed-Rate

Home Loans

The loan may be called conventional, but home ownership is extraordinary.

  • 3% down for first-time homebuyers
  • 15, 20, or 30-year terms
  • Purchase or refinance

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FHA Home Loans

Backed by the Federal Housing Administration, ideal for First-Time Buyers.

  • 3.5% down

  • Higher debt-to-income flexibility

  • Lenient credit requirements

Refinance and Second Mortgage Loans

Refinance

Refi, redo, redecorate. Refinancing your home pays off your current mortgage and replaces it with a new home loan, potentially with a new interest rate and new monthly payment.

  • Cash-out for home improvements or debt consolidation
  • Choose a new mortgage term to pay off your home loan faster, reduce your payment, or eliminate PMI
  • FHA/VA refi options with no credit qualification and no appraisal

Home Equity Lines of Credit (HELOC)

A HELOC is a revolving line of credit secured by the equity in your home, based on your home's value.  It may be used for anything you need - renovations, emergency expenses, or major purchases - whenever you need it.

  • No current home loan necessary
  • 3-year draw period
  • Repayment options vary from 10 years to 27 years
  • Fixed and interest-only payment options

Home Equity Loans

Sometimes referred to as a 2nd mortgage. Similar to a cash-out refinance, Home Equity Loans provide you with a lump sum of cash for whatever you need based on the equity in your home. Use the loan to pay off credit card debt, complete home renovations or repairs, or pay college tuition. 

  • Loan terms range from 5 to 30 years

  • Fixed payments

  • No change to your existing mortgage

Frequently Asked Questions

Conventional loans, the most common type of home loan, are issued by private lenders and are not government-backed.

A Federal Housing Administration (FHA) loan is insured by the federal government and issued by a bank or other approved lender. FHA loans often require a lower minimum down payment and applicant credit score than a conventional loan.

VA loans are available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.

In the future, as we grow, it is our goal to hold and service most home loans. However, for now, it is very likely that your loan will be sold and serviced by another institution, as is very common in the home loan industry.

A 20% down payment is the home loan industry standard, but it’s not always required. Qualified buyers may obtain a home loan with as little as 3% down, or in some cases no down payment at all.

Conventional loans with a 20% or greater down payment, monthly Private Mortgage Insurance (PMI) is not required. FHA loans have a one-time “Up-Front Mortgage Insurance Premium” (UFMIP) that can be financed into the loan amount OR paid by the seller with closing costs and a monthly premium. VA loans may have a one-time funding fee that can be financed into the loan amount or paid by the seller. Some veterans may be exempted from this VA fee.

An escrow account holds funds to pay property tax and insurance fees on your behalf by the loan servicer. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. An escrow account is required if your loan-to-value is over 80% on a conventional, FHA, or VA loan. Even if an escrow account is not required for your loan, you may opt to have one, as it can be a helpful tool to help you ensure your taxes and insurance are paid when they are due.

Old Glory Bank uses modern, secure electronic signature technology to document your authority on all paperwork. You’ll also have the ability to upload any other documents we might need during the process.

Your Old Glory Bank Home Loan Consultant will be in contact with you every step of the way with frequent updates and will be available to answer any questions you might have.

Yes, the minimum loan amount is $50,000.

Loan approval is subject to credit approval and program guidelines. Interest rate and program terms are subject to change without notice. Home Loans not available in New York State. Home Loans are offered by Old Glory Home Loans, a division of Old Glory Bank. NMLS 834337