MORTGAGE LOANS

Definition: A mortgage loan permits the borrower to spread the cost of buying or building a home over a period of years. The debt is secured by a lien on the property.

How It Works: The customer completes a mortgage loan application. The loan officer orders a credit check, appraisal, and verifies the application. The loan package is reviewed and a decision is made. When the loan is approved, a title check and appropriate insurance are required before closing.

Features: Benefits: Quick approval Convenience Fixed rate Budgeting Variable rate Lower monthly payments Automatic payment from checking available Convenient Normally closed in 2-3 weeks from date of application Quick and easy 80% Loan To Value Low fees Affordable No origination fee on Federal Home Loan Bank Loans Interest may be tax deductible Tax saving A flexible Freddie Mac program available