Piedmont Federal
Piedmont Federal
200 Wilkesboro Avenue
North Wilkesboro, North Carolina 28659
Jane Chambers, Branch Manager
336.667.9211
Why Piedmont Federal?
Piedmont Federal specializes in home loans. They’ve been our passion, our pride and our main focus since 1903. We work hard not just to get you into a home, but to help you personally find the right mortgage product. Which is why we’re proud to say we’ve been voted “Best Mortgage Lender†three years in a row by the Winston-Salem Journal.
Fixed-Rate Loans
â– Piedmont Federal offers three terms for fixed-rate mortgages: 30 years, 20 years and 15 years. All are available for up to 95% of your home's appraised value.
â– 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.
â– 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.
â– Find out which is right for you.
2009 Piedmont Federal
Five-Year Adjustable-Rate Home Loan
■This loan offers you unprecedented flexibility and affordability in a mortgage. For the first five years, you’ll enjoy a fixed rate. After that, the loan adjusts annually, but never more than 2% up or down. Over the lifetime of the loan, the rate can never change more than 5%. This loan is especially suited for someone who is not planning to be in their home for more than 5 years.
No Shock Adjustable-Rate Mortgage
â– We call this our No Shock mortgage because the initial rate is guaranteed for one year and each year after the rate can be adjusted up or down a maximum of 1% annually. These caps are more favorable than those offered by most other lenders.
â– It has a lifetime interest-rate cap of 4% on increases or decreases.
â– This loan is offered with either a 15-year or 30-year term and may be issued at up to 95% of the appraised value or sales price of the home, whichever is less.
Step Rate Loans
â– Perfect for those planning to live in their home for only a few years. It allows you a low monthly payment for five years, with an adjustment after that period.
â– The Piedmont Federal StepRate mortgage is offered at 1/2% below the 30-year mortgage rate.
â– This rate is fixed for five years. At that time, the rate increases 1 1/2% for the remainder of the term.
â– Calculator
First-time Homebuyers Program
â– Piedmont Federal strives to make home-ownership as easy and affordable as possible for qualified, credit-approved first-time homebuyers
â– No loan origination fee, appraisal fee, credit report fee, or flood certification fee.
â– No PMI insurance on loans with loan-to-value of 90% or less (PMI required on loan-to-value over 90%; maximum loan-to-value is 95% with a minimum down payment of 5%).
â– The loan must be for a primary residence and may be used for a single-family detached home, condominium or townhome (manufactured homes and mobile homes are not eligible).
â– The monthly payment must be drafted from a Piedmont Federal checking account (which the borrower will get for free as a mortgage customer)
â– Available for homes in Forsyth, Davidson, Davie, Stokes, Yadkin, Alleghany, Ashe, Avery, Surry, Watauga and Wilkes counties.
â– The maximum loan amount is $200,000 and will have a 30-year fixed interest rate.
â– The down payment may come from gift.
â– Learn more
Piedmont Affordable Loan (PAL)
â– For first-time homebuyers with a total family income of $44,800 or less, looking to purchase a home in Forsyth, Davie, Davidson, Stokes and Yadkin counties, the PAL can help assist you in getting into that first home by reducing the down-payment amount and eliminating the origination fee, appraisal fee, credit report fee, and flood certification fee.
â– 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.
â– The loan rate is variable and is the prime rate as published in The Wall Street Journal.
â– Learn more
Nine-Month Commitment Program
â– Get peace of mind before you start construction, with loan approval and a rate locked in before you start.
â– A 1% commitment fee (which replaces the origination fee usually paid at closing) locks the rate in for 9 months.
â– The interest rate is set at .25% higher than the current rate for the term chosen.
â– The commitment is available for 30-, 20- or 15-year home loans.
