We can help you determine how much you can afford to spend on a home each month and then select a home loan that meets your needs. At Seaway, we make home buying easier by making available FREE pre-approvals and pre-qualifications.

Fill out a pre-application now!

To contact a loan officer about any of the following consumer loans, please click here.

Fixed Rate Mortgage Loans

A popular choice for homeowners, a fixed-rate mortgage offers the stability and consistency of predictable monthly payments for the life of the loan. It may be a good choice for people who expect to live in a home for an extended period of time, or who want to lock in current low interest rates. Payments on a fixed-rate mortgage remain constant and allows precise financial planning because you know exactly how much your monthly payments will be. These mortgages are typically available for terms of 15 or 30 years.

Adjustable Rate Mortgage Loans

With Adjustable Rate Mortgage Loans (ARMs), the interest rate changes during the life of the loan, usually in conjunction with various financial index rates, such as the Prime Rate or 1-Year Treasury Note. Seaway offers ARMs with terms of up to 30 years. ARMs are usually offered at lower initial rates than fixed-rate mortgage loans.

Community Lending Programs

Seaway participates in a variety of programs that promote and support homeownership. Most plans are sponsored by local or state government and may offer lower interest rates, closing cost assistance or special qualifying criteria to low- and moderate-income buyers and first-time homeowners.

Refinances

If you have a high-interest mortgage, you can refinance—that is, your original loan will be paid off in its entirety and your new loan will be at a lower interest rate, saving you hundreds of dollars a year. It's important to understand that refinancing may involve closing costs, pre-payment penalties, and other expenses.

Home Equity Loans and Lines of Credit

These types of credit are a smart way to borrow money. The credit is secured by the equity in your home and can be used for any purpose—remodel your home, buy a car, pay for college. There are no application fees, no closing costs, and the interest rate is usually lower than most other forms of credit. Plus, your interest payments may be tax-deductible. Consult a tax advisor regarding deductibilty. The minimum amount is $10,000.

Home Improvement Loans

With a Seaway Home Improvement Loan, you can finance any amount from $2,500 to $25,000 and finally tackle those long-awaited projects—fix the roof, build an extra addition or furnish that family room. These loans are calculated on a simple interest repayment plan of 5, 10 and 15 years. There is no pre-payment penalty.

Auto Loans

Many customers choose to finance their new or used automobiles with an auto loan from Seaway. With only 5% down, you can choose from a variety of repayment terms—up to 60 months on new cars or up to 48 months on used cars. Our loan rates are competitive, and you will receive a fast turnaround on your application.

Need to research the book value of your car? Compare before you buy. Click here for NADA Blue Book.

Secured Personal Loans

Installment loans secured by a Seaway savings account or certificate of deposit are the easiest and least expensive way to borrow. By securing your loan with savings or CD as collateral, you can borrow at the lowest cost while establishing a solid credit record at the same time. Repayment schedules range from 12 to 60 months.

Overdraft Protection

This account is a pre-approved line of credit that is linked to your checking account and can be easily accessed by writing a check or using a Visa debit card. Protect yourself against inadvertent overdrafts and provide "ready cash" for purchases or unexpected expenses. You always have the option to repay your credit line all at once or to make monthly payments. The minimum monthly payment is $25 or 5% of your outstanding balance, whichever is greater.

Fixed Annual Percentage Rate 15%
Variable Rate Index & Spread None
Grace Period for Repayment of Balances None
Balance Computation Method Average Daily Balance
    (including current transaction)
Annual Fee None
Minimum Finance Charge $.50

FAQs

What documentation is required with a loan application?

A Seaway loan officer will review a loan application checklist with you that may include the following:

  • Most recent pay stub
  • Past 2 years W2 forms
  • Past 2 years complete tax returns
  • Current bank statement
  • Current credit union statement/investment accounts
  • Current lender(s) payoff information
  • Bids/proposals
  • Copy of earnest money check
  • Evidence of Property Insurance

How long does it take?

The approval process does not have to be long or frustrating. Our team of officers will work with you to move your application forward and give you an answer as quickly as possible.

 

 

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