Mortgage Services

Before you apply for your mortgage loan, you'll need to decide which type of loan may be right for you.

Conventional Fixed Rate Mortgages offer the security of a fixed principal and interest payment, with terms of 15 to 30 years. Fixed rate mortgages are issued under guidelines of Fannie Mae. Private mortgage insurance is usually required for loans with less than a 20% down payment.

FHA Mortgage Loans are insured by the Department of Housing and Urban Development. FHA offers mortgage loans with a fixed or adjustable rate option. These loans are a good option when a minimum down payment is preferred. FHA requires up-front mortgage insurance, which can be financed in the loan and a monthly insurance premium.

First-Time Homebuyer - In addition to our regular loan programs, we also offer Missouri Housing Development Commission (MHDC) First Time Home Buyer & Down Payment Assistance Programs. Our loan officers will be happy to discuss our many programs to find the one that fits your lifestyle and financial needs.

Adjustable Rate Mortgages - ARMs are normally available at lower initial rates with potential for rate and payment adjustments at 1, 2, 3, 5, or 10 year intervals. Future market conditions can influence rate changes; however, built in rate caps and margins provide a measure of security and limited increases over the life of the loan. ARMs can be amortized up to 30 years. Private mortgage insurance is usually required for loans with less than a 20% down payment.

VA Mortgage Loans are guaranteed by the Veterans Administration for a fixed rate term of 15 to 30 years. VA Mortgage Loans allow 100% financing for qualified veterans. VA loans require a funding fee which can be paid in cash or financed in the loan amount.

Jumbo Loans are available on both fixed and adjustable rate options, defined as loans greater than $322,700.00.

Collateral Pledge Program - allows us to offer creative solutions in cases where the borrower may not have a downpayment, or credit quality is not quite conforming to the secondary market guidelines or a relative may want to assist with the purchase of a home without making a cash gift for a downpayment. Other collateral (e.g. liens on other real estate, autos, etc.) is used instead of downpayment cash.

Non-conforming Loans - are defined as those loans which fall outside the secondary market guidelines for what is typical in underwriting a loan, i.e., credit quality, type of home, job history, size of a lot, etc. Not every potential homebuyer qualifies for a standard, predefined, "cookie cutter" type of loan program. We're pleased to offer "outside the box" solutions to help families meet their housing needs.

The "Equity Line Advantage" - A home equity line of credit program allows you to tap up to 100% of the equity in your home to meet your credit needs for financing a car, or paying off credit cards. Since it is a "line", checks can be written against the open balance.

Bridge Loans - allow a homeowner to "bridge" the equity in one home to purchase a new home. This usually occurs when a homebuyer needs the cash proceeds from the sale of the current home to use as the downpayment for the new purchase. This solution is usually a short term loan. A bridge loan allows the new purchase to be accomplished without requiring the sale of the current home to close ahead of time.

Lock-In features offer you the choice to lock in for 30-60 days at no additional charge or for longer periods for an additional fee.

Mortgages - One size does not fit all . . .