The Hometown Heroes Program

As a gesture of gratitude to local public safety professionals working on the frontlines of the COVID-19 pandemic, Premier Mortgage Resources, LLC, has launched a new home loan savings program, called “Hometown Heroes.” Under this program, any first responder or health care professional approved for a home loan through PMR will receive a closing cost credit. Qualifying borrowers are eligible for a credit of up to $1,295 towards the cost of closing their home loan from a waived documentation fee. If borrowers choose to work with a real estate agent who is participating in the program, they will receive an additional credit amount, determined by the agent.

“As a lender, we are in a unique position that allows us to directly ease the financial burden that so many are experiencing right now and, most importantly, we want to express our deep gratitude,” said PMR Managing Partner Cory Swain. “It’s such a privilege to be able to show our thanks to local heroes who are doing so much for the communities we lend in. We are truly in awe of the work they are doing.”

*Offer available in our Meridian Branch only, and is subject to credit approval. This offer may be changed or withdrawn at any time, without notice. Offer not valid on mortgages attained via the Idaho Housing and Finance Association.

Other Loan Programs

Adjustable Rate Mortgages (ARM)

Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan’s term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)

Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages. A hybrid loan starts out with an interest…

Interest Only Mortgages

A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time. Interest Only loans are offered on fixed rate or adjustable rate mortgages as wells as on option ARMs.

Components of Adjustable Rate Mortgages

To understand an ARM, you must have a working knowledge of its components. Those components are: Index: A financial indicator that rises and falls, based primarily on economic fluctuations.

Bank Statement Loan

Bank Statement program may help eligible self-employed borrowers purchase or refinance a home. This program uses the borrower’s business bank statements to help calculate their income without requiring tax returns.

Balloon Mortgages

A balloon mortgage has an interest rate that is fixed for an initial amount of time. At the end of the term, the remaining principal balance is due. At this time, the borrower has a choice to either refinance or pay off the remaining balance.