Loans

Buying a new home or want to refinance your current one? We have several options with our conventional mortgage products. This loan has a fixed rate, terms up to 30 years and requires as little as 10% down payment on a purchase.

Want to build a new house or add something new and fun to your current home? This product is for you. This loan is a short-term line of credit designed to keep interest costs down while the project is completed. Interest accrues only on the funds you advance.

Need to put in a pool, buy something new or send your child to college? Use the equity in your home to do these things and much more. This product is a revolving line with interest-only payments for the first 5 years.

These products have fixed rates for 3 or 5 years adjusting annually thereafter. These loans are good if you do not qualify for any of our fixed rate programs or are relocating with your job and know that you will only be at your home for a short period of time.

The first step to buy a new home is to get pre-qualified so you know how much you can afford. Your mortgage lender will review your income, credit and assets to determine how much you can pay for a house. Once you know how much you can borrow, you’ll work with a realtor to find a home that meets your needs and is within your price range. Be sure to stay in touch with your lender and update them on your search progress.

Once you’ve found your new home, it’s time to submit an application along with your home sales contract. Your lender will explain the mortgage programs available, discuss any down payment requirements, and work with you to complete the application and collect the required documentation.

To help you better understand the terms of the loan you are applying for, you will receive a loan estimate detailing the estimated interest rate, monthly payment and closing costs for the loan within three days of the completed application. Information about any special features related to the loan will also be included.

After we receive your completed loan application, your mortgage lender will order the credit report, property appraisal, home inspection and title search. The lender will also verify your employment and bank deposits.

The mortgage lender will complete a thorough audit of your finances and documentation to determine if the loan presents an acceptable level of risk and meets all the required guidelines for the loan program. If the loan is not approved, it could fall under one of the following decisions:

• Approved with Conditions – Loan approval is possible once stated conditions are met. These conditions could include: proof of mortgage insurance, additional pay stubs, tax documents or other documentation needs.
• Suspended – The underwriter is not able to evaluate or verify important information due to documentation missing from your file. If you are able to provide the missing information, your mortgage lender will let you know if your application can be reactivated.
• Denied – If your loan is denied, your mortgage lender should be able to tell you the reasons for the rejection and help you determine your next steps. Possible reasons for a loan denial include: too much debt, a credit score that is too low, a down payment that is too small, property issues or an inadequate employment history.

Once your loan is approved, the closing meeting will take place. You will receive the Closing Disclosure in your closing packet. The closing disclosure is similar to the Loan Estimate, but it confirms all costs associated with your mortgage loan. At the closing meeting, you will sign several documents to complete the mortgage loan transaction and begin the journey of new homeownership!

Closing costs include a variety of fees associated with closing a mortgage loan. When purchasing a new home, most of the closing costs are paid for by the buyer. The average closing cost fee is about 2%-5% of the loan amount. It’s more cost-effective to pay these fees out-of-pocket at the loan closing, but you may be able to roll them into your mortgage loan if you don’t have the funds to pay them up front.

When purchasing or refinancing a home, an appraiser is needed to confirm the fair market value of the home to make sure you are not borrowing more than the house is worth.

A credit report shows your credit history and credit score, which plays a big role in the determination of the loan amount and interest rate on your mortgage loan.

Costs associated with having the underwriter review, research and approve the mortgage application.

This fee covers the cost to research the deed on the home to ensure no one else has a claim to the property.

Covers the cost charged by your city or county recording office to legally record the new deed and mortgage.

This fee is paid to a third party to determine if the property is located in a flood zone. If the property is found to be located within a flood zone, you will need to buy flood insurance, which is paid separately.

A tax service fee is collected to pay an outside service to monitor the property taxes to ensure all tax bills are paid on time.

Whether you’re starting your own business or expanding existing operations, we will work with you to find the best financing solutions.

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From one generation to the next, the needs of your farm grow and change. We can help manage the unique challenges you face, whether you need a loan for operation expenses or to purchase land and equipment. We will help you maximize your efforts for generations to come. Our loan officers are specifically trained to keep up with the latest developments in Agriculture and work hard to understand each customer’s unique situation.

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