RESIDENTIAL LENDING
Residential Mortgage Loans at First State Bank
Your home is an important investment and care should be taken when you decide on financing. First State Bank mortgage loan originators can help you make the right choice. With competitive rates, flexible terms and innovative loan packages, they are prepared to make your dream of owning a home come true.
Fixed Rate Mortgage
This type of mortgage might be best for you if you don't want to risk a change in the economy that could result in a substantially higher monthly payment - it features a permanent rate and monthly payment amount.
Adjustable Rate Mortgage
An adjustable rate mortgage offers a fixed initial interest rate and monthly payments, but both can adjust on a scheduled basis to reflect changes in the market interest rate. You get a lower initial interest rate and payment in exchange for taking the risk that rates may rise in the future.
First-Time Buyers Program
This program was developed to assist new first-time homebuyers. The program offers fixed rate financing at or below current market rates with closing cost assistance if qualified.
New Construction Loan
New construction financing is designed for the construction of new residential homes. Terms are generally structured for interest only payments while your home is being built. Upon completion, the loan is modified into the mortgage product best suited to your long term needs.
Balloon Mortgage
With this mortgage you have a fixed interest rate and monthly payment, but after a pre-determined period of time, the balance of the loan becomes due; you can then choose to pay off the loan or re-finance.
Refinancing
Refinancing may reduce the number of years it will take to repay your loan or help lower your monthly payments. As you consider the interest rate on your existing mortgage, the interest rate on a new mortgage, the cost of refinancing, the equity in your home, and your family's financial needs, both now and later, let our experienced team guide you through refinancing opportunities. Our lenders can help you decide when refinancing might be right for you.
Mortgage Calculator
Use the Mortgage Payment Calculator to estimate how much your payments would be.
The following is a list of items you should have to process your mortgage loan application.
- W-2s for the previous 2 years.
- Pay-stubs showing one month of income.
- Most recent 3 months deposit and investment statements.
- Self-employed borrowers: two previous personal tax returns with supporting schedules.
- Copy of purchase agreement or sales contract.
Construction/Permanent Loan
- Signed construction contract with cost breakdown and builder plans.
Additional information may be requested:
- Business tax returns.
- Copy of divorce decree or separation agreement.
- Renters will need their landlord's name and address.
- Gift letter if down payment is a gift.
Other Mortgage Loans available through First State Bank.
- FHA and VA mortgages
- Fixed rate and Adjustable Rate Conforming and Jumbo mortgages
- Fixed rate financing for 1-4 family investment properties
- Vacant land financing
- Conforming balloon mortgages
- No-income and stated income mortgages
Whether you're wanting to purchase, build or refinance, and for details about these mortgage loans or any other mortgage service, stop in and talk with a First State Bank mortgage loan professional or call.
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