Business Loans

Contact Us About a Business Loan

 

Agriculture

When it comes to agriculture loans, we are uniquely situated to assist our clients. You see, all of our officers, directors and owners grew up on farms. Many of them still live on or have close connections to farms. This experience streamlines and simplifies the whole loan process for farmers.

We offer the full range of agriculture loans, including loans for operating, equipment purchase, capital improvements and real estate. Come in and talk with us today about your farming business and the financing you need to make it successful.

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Commercial Loans

Owning and operating your own business takes a lot of courage, skill and just plain, old-fashioned hard work. We know that, and we make sure that when you do business with us, you get the same level of dedication from us. Whether you need a loan to start, expand or refinance your business, we can help you, so that it doesnít cut into your valuable time. Contact us today and let us put our commitment and experience to work for you.

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FAQs: Loan Language

Adjustable Rate Mortgage (ARM):

Interest rate is tied to price of Treasury Bills and adjusts at specific periods. Rates are usually 2% lower than fixed rate mortgages during first year. Most ARMS cannot go up more than 2% per adjustment period or 6% for life of loan.

Annual Percentage Rate (APR):

Actual rate you pay during the life of the loan, including interest, points, and certain closing costs.

Appraisal:

An official valuation of market value of a house. Have the house you want to buy appraised so you donít pay more than it is worth.

Closing:

Transfer of ownership of a house when you sign loan papers and deed is recorded.

Credit Report:

Report on how timely you pay your bills, debt you are carrying, and your current monthly payments. Credit history is important when a lender considers your loan application.

Fixed Rate Mortgage:

Interest rate is locked in for life of loan, so future changes in interest rates wonít affect it.

Insurance:

Hazard insurance and title insurance are required when getting a mortgage. Mortgage insurance also may be required.

Interest:

Cost you must pay to lending institution for money you borrow.

Lock-in:

To get a set interest rate when applying for a mortgage and not when you close. Usually available for up to 90 days before closing.

PITI:

Monthly payment consisting of principal, interest, property taxes, and hazard insurance.

Points:

Part of the closing costs a lender may charge. One point equals 1% of the amount borrowed.

Prepayment Clause:

Provision permitting you to pay off mortgage early to reduce interest costs. Some lenders charge penalty for prepayment.

Principal:

Amount you borrow, excluding interest and points.