Consumer Mortgage Loans
As your community bank, Harford Bank is committed to help its customers to pursue their dreams of home ownership. We understand the needs of homeowners and are willing to develop a loan plan that will help you achieve your financial goals.
Loan Product
(Purchase) |
Rate |
Annual
Percentage Rate* |
Points |
Monthly Payment** |
| 30 Year Fixed |
6.75% |
6.879% |
1.000% |
$1,816.08 |
| 20 Year Fixed |
6.625% |
6.80% |
1.000% |
$2,108.27 |
| 15 Year Fixed |
5.75% |
5.955% |
1.000% |
$2,325.15 |
Disclosures/Assumptions
*The Annual Percentage Rates (APR) and monthly payments disclosed above are based on a purchase price of $350,000 with a 20% down payment or 80% loan-to-value ratio. The loan amount used in this scenario is $280,000 and with an applicant credit score of 760 or above and with the property being located in Harford County, MD. The property is an existing single-family home and will be used as a primary residence. The interest rate lock period is 30 days.
The rate scenarios above are for a loan with 1.000% discount points which is a cost of $2,800.00 paid at closing. Note: a mortgage point is an amount paid to the lender to lower the interest rate on a loan. One point equals one percent of the loan amount. Points are an upfront fee that is included in the loan closing costs. The applicable loan terms and customary fees for a typical loan were used to calculate these Annual Percentage Rates and payments.
These figures are for estimation purposes only and may not reflect the exact terms of your loan. This is not a commitment to lend. Your actual APR may differ. There may be adjustments to your rate relating to loan amount, loan-to-value ratio, credit score, cash out or other factors. Private Mortgage Insurance (PMI) is required for loans with a loan-to-value ratio greater than 80%.
**The payments shown above reflect principal and interest only and do not include amounts for PMI, taxes, insurance premiums, or other applicable escrows. Total actual payment obligation will be higher. An escrow account may be required. Homeowners insurance is required. Flood insurance may be required. Rates may change at any time. Loans are subject to credit and property approval. Other terms and conditions may apply. Consult your tax advisor regarding the deductibility of interest and charges.
The bank has other loan products available such as FHA and VA loans. Please call for details.
Rates effective as of December 24, 2024.
First-Time Home Buyer Mortgage
The bank has a mortgage solution that will help you purchase a home with as little as 3% down payment. There are many different First Time Home Buyer programs that are designed to achieve your goals. The ability to use Conventional, VA, and FHA loan products will enhance your opportunities to become a homeowner. There are programs that allow lower fixed rates and terms for low to moderate income borrowers. Please contact us for rates and terms.
Fixed Rate Mortgage
The traditional fixed rate mortgage option can help you purchase a home with as little as 3% down, refinance for a lower fixed rate or get cash out for other lending needs such as bill consolidation. This product gives you the ability to choose what loan term works for you. A longer loan term allows for a low monthly payment whereas a shorter term saves on finance charges. The choice is yours. Please contact us for rates and terms.
Construction Mortgage
We have a creative and convenient mortgage solution that will help you build your dream home. Our construction mortgages are a portfolio mortgage product that has two phases. The construction phase is used to build the home through construction draws from your loan and you are only required to pay monthly interest-only payments on your loan balance. The permanent phase goes into effect when your home is complete, and your loan will automatically convert to a traditional fixed rate mortgage that has principal and interest payments. There is only one loan settlement and the interest rate will remain the same throughout both phases. Please see the rates and terms of the portfolio mortgage product below.
VA Mortgage
This mortgage solution allows our active military and veterans to achieve financial sustainability through homeownership. These products allow for competitive rates and terms that are lower than a traditional mortgage. This program will allow 100% financing for home purchases and high loan to values for refinances. Please contact us for rates and terms.
Lot Loan Mortgage
This solution allows you to purchase and secure your lot before construction. It gives you time to plan so you can plan and build your dream home at your own pace. The bank will lend up to 75% of the value of an improved lot. The loan term will be for two years with a requirement of monthly interest payments. The loan will mature in two years and would be required to be paid in full. The bank does offer construction/permanent loans that can help refinance the lot loan and facilitate the financing to build the home. Please contact us for rates and terms.
Portfolio Mortgage Product
A portfolio mortgage is a fixed rate loan that will be owned and serviced by Harford Bank. This product allows for flexibility because it is not governed by secondary mortgage market guidelines. We take a commonsense approach to lending while giving you the customer service that you deserve through a community bank.
Visit any branch, call 410-942-4000 or email for details
Fred Branscome [email protected] NMLS#2016086 Cell Phone: 443-981-1243
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