Mortgage Types

Fixed-Rate Loans

  • Piedmont Federal offers four terms for fixed rate mortgages: 30 years, 20 years, 15 years and 10 years.
  • Our 30-year fixed-rate mortgage is one of our most popular, because it will have the lowest monthly payment for the amount borrowed of any fixed-rate home loan we offer.
  • Our 20-year and 15-year fixed-rate mortgages allow you to pay off your loan in a shorter amount of time. Plus, by paying just a little more each month over a shorter period of time, you realize substantial savings in interest payments. They also have slightly lower rates than the 30-year loans.

10/30 Adjustable Loan

  • The 10/30 Adjustable loan product is offered to qualified applicants at ½% below our current 30-year-fixed rate mortgage product.
  • This loan is popular with buyers who plan to be in their homes less than 10 years because of the lower interest rate.
  • The interest rate is fixed for the first 120 payments (10 years).
  • After 10 years, the interest rate will be adjusted to our current 30-year fixed rate, not to exceed 3% above the introductory rate, but not less than the initial interest rate.
  • The maximum your interest rate can increase at the adjustment period (10 years) is 3%
  • This loan may be for a primary residence or second home and may be used for a single-family detached home, condominium or townhouse. (Manufactured homes and mobile homes are not eligible).
  • First time homebuyers are eligible for this loan product.

First-time Homebuyers Program

  • Piedmont Federal strives to make home-ownership as easy and affordable as possible for qualified, credit-approved first-time homebuyers
  • No loan origination fee. Appraisal fee will be refunded at loan closing.
  • This program accepts loan requests up to 90% loan to value with no PMI (private mortgage insurance).
  • The loan must be for a primary residence and may be used for a single-family detached home, condominium or townhouse (manufactured homes and mobile homes are not eligible).
  • The monthly payment may be drafted from a Piedmont Federal checking or savings account (which the borrower will get for free as a mortgage customer).
  • Available for homes in Forsyth, Guilford, Davidson, Davie, Stokes, Yadkin, Alleghany, Ashe, Avery, Alexander, Caldwell, Iredell, Surry, Watauga and Wilkes counties.
  • The maximum loan amount is $250,000 at 85% loan-to-value and $200,000 at 90% loan-to-value, and could have a 30 year, 20 year, or 15 year fixed interest rate or our 10/30 ARM rate.
  • A minimum down payment of 10% must come directly from the buyer, which may come from a gift.
  • Learn more

The Piedmont Prime Equity Line

  • The Piedmont Prime Equity Line provides you with extra money whenever you decide you need it. Need money for a new car? Want to make this year’s vacation the talk of the family? Need a little extra cash to help with college tuition or expenses? Or just want to consolidate debt? If so, then the Piedmont Prime Equity Line could be right for you.
  • The loan rate is the Prime Rate as published in the Wall Street Journal and will vary, but will be no less than 3% or greater than 16%.
  • Learn more

Nine-Month Commitment Program

  • Get peace of mind before you start construction, with loan approval and a rate locked in before you start.
  • A 1% commitment fee (which replaces the origination fee usually paid at closing) locks the rate in for 9 months.
  • The interest rate is set at .25% higher than the current rate for the term chosen.
  • The commitment is available for 30-, 20-, 15- or 10-year home loans.

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