Consumer / Auto Loans
Consumer and Auto Loans are both available. If you need a loan for new appliances, to consolidate bills, or to purchase a vehicle, we’ll be happy to talk with you. We can give you expert financial advice along with competitive rates and terms that fit your budget.
Real Estate Loans
Home ownership is one of the ways we build individuals and thus make a stronger, more stable community. When you talk to one of our loan officers, you’re talking to someone who has a thorough understanding of the local housing market. You’re also talking to someone who wants to help you own the home of your dreams, and will do everything possible to make it happen—maybe sooner than you think!
If you already own your home, maybe it’s time to get a lower interest rate on your mortgage, or to build that new kitchen, garage or family room with the help of a home improvement loan. We can provide you with the financing you need at a rate you like. Because home ownership is such an important part of our business, we work hard to make sure you are satisfied.
Real Estate FAQs
What is a Mortgage Loan?
A mortgage loan is money given to you by a financial institution to buy a house. It requires a contractual agreement that you’ll pay back the loan with interest in specified monthly payments over a stated period of time. You can choose your payment term-the longer the term, the lower the monthly payment, but you’ll pay more in total interest.
Where do I begin?
Any one of our courteous loan staff members will be happy to answer any of your questions, help you select the best financing for your needs, prepare estimates of your closing costs and down payment, calculate payment schedules, and help you determine what price of a home you can afford.
How much home can I afford?
Generally, lenders want your monthly payment, including taxes and insurance, to be 25-30% of your gross monthly income. Your loan officer can help you determine what price of a home to shop for by reviewing your income, debts and credit. You can also apply for a pre-approval where the lender approves the loan for 90 days before you find a new home. Pre-approval makes your offer more attractive to a seller.
How do I apply for a mortgage loan?
When you have a home, contact one of our loan officers who will assist you in filling out a loan application. The following pieces of information are needed for your loan application:
- Photo ID and proof of Social Security number
- Residence addresses for past two years
- Names and addresses of each employer for past two years
- W-2’s and last two pay stubs
- Names, addresses, account numbers, and balances for all checking and savings accounts and the last two bank statements
- Names, addresses, account numbers, balances and monthly payments on all current loans.
- If self-employed, the last two years’ tax returns and year-to-date Profit & Loss Statement prepared by an accountant
- Loan information and addresses on real estate owned
- Estimated Value of Furniture and Personal Property
What happens after I apply for a mortgage loan?
After you have applied for a loan, the information you have supplied will be verified and a credit report on you will be completed. An appraisal will be performed on the home you are purchasing to determine its market value. When all the information is collected, it will be reviewed for loan approval. It usually takes at least 30 days for approval.
What should I know about closing costs?
Closing costs are up-front fees you pay the lender when taking out a mortgage loan. These may include points. Points are a one-time charge you pay the lender to buy a lower interest rate than the current one. Each point equals 1% of the amount you are borrowing (i.e., if you borrow $90,000, one point costs you $900). Be sure to ask how many points you’ll be charged because you must pay them at closing.
If you are confused or need any more information regarding loan terminology, please look at the definitions below.
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.
An official valuation of market value of a house. Have the house you want to buy appraised so you don’t pay more than it is worth.
Transfer of ownership of a house when you sign loan papers and deed is recorded.
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 won’t affect it.
Hazard insurance and title insurance are required when getting a mortgage. Mortgage insurance also may be required.
Cost you must pay to lending institution for money you borrow.
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.
Monthly payment consisting of principal, interest, property taxes, and hazard insurance.
Part of the closing costs a lender may charge. One point equals 1% of the amount borrowed.
Provision permitting you to pay off mortgage early to reduce interest costs. Some lenders charge a penalty for prepayment.
Amount you borrow, excluding interest and points.