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 savings
A flexible Freddie Mac program available