Exchange Bank & Trust is here to assist you with all of your mortgage lending needs. We offer:
- Competitive Rates
- Low Closing Costs
- In-House Service
- Fast Turn Around Time
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We have a variety of lending options to choose from. We will assist you in making a good product decision and ensure that your transaction runs as smoothly as possible. Whether you are interested in purchasing, construction, remodeling, refinancing or just investigating home ownership, we are here to help.
- Adjustable Rate Mortgages
- Fixed Rate Mortgages
- Investment Property Loans
- Home Equity Loans (HELOC)
- Construction Loans
Adjustable Rate - An Adjustable rate mortgage has an interest rate that adjusts periodically to reflect market conditions on a pre-determined basis. The initial rate is usually lower than a fixed rate and adjusts based on the product you choose. It could be a 1 year ARM or a 3 or 5 year ARM. The number is indicative of the number of years before the first rate adjustment. There are also lifetime limits or caps so the rate cannot increase past a certain pre-determined maximum rate over the term of the loan.
Fixed - A fixed rate loan means the interest rate remains the same for the term of the loan. This offers predictable monthly payments of principal and interest and protection from higher interest rates. Suited for people who plan to stay in their homes for a while and/or have a low tolerance for risk.
Conventional - Conventional loans are not insured or guaranteed by a government agency.
Government - The two most well known Government loan programs are FHA and VA. The Federal Housing Authority (FHA) provides mortgage insurance on loans made by FHA approved lenders while Veteran’s Administration (VA) guarantees mortgages for qualified veterans and active duty military personnel.
Investors have different goals. Some want to purchase a vacation home in an area they want to visit or live in the future, using it now for vacations and renting it the remainder of the year. Others will buy a home they can rent, looking for rental income and long term appreciation. Still others want to purchase a property they can rehabilitate and sell it.
Whichever type of purchase you are considering, make sure you understand the numbers, including the cost of financing, down payment requirements, repairs, fees, etc.
Factors such as loan-to-value ratios, your credit score, down payment requirements and having adequate reserves to cover expenses are critical factors in obtaining financing for your needs.
A home equity line of credit is a secured line of revolving credit in which your home serves as collateral. Many consumers only think of using their home when needed to make home improvements. A Home Equity Line of Credit (HELOC) can be conveniently used for any purpose!
With a home equity line, you will be approved for a specific amount of credit. The approval amount is proportional to the home’s appraised value and the existing balance owed. The HELOC product is available for you to use for Ten (10) years, up to $25,000. You pay no closing costs. At the end of this period you may request that your credit line be renewed. Program offerings may change.
Unlike other consumer loans or credit cards, the interest you pay on your Home Equity Line of Credit may be tax-advantaged (consult your tax advisor regarding the deductibility of interest).
Contact an Exchange Bank Loan Officer for more information or to request a HELOC Program Disclosure to review the complete terms and conditions.
Construction Loans are normally a method of financing the construction phase of building a home based on an agreed upon time period with the ability to convert to a permanent loan when the building phase is completed.
Construction lending is a complex type of loan process. As a lender, EBT will need to understand what exactly you want to accomplish, why you want to do it, and how you intend to accomplish it (e.g. what is your plan) before we can proceed with the loan process.
Factors such as occupancy plans (owner occupied or investment plan to resell the property), location, land ownership, builder contracts, projected time schedule and availability of comparable properties are all factors that must be addressed.
Building projects typically require detailed constructions plans and builder validation.
Prior to payment to the builder, contractors must provide detailed draw requests and progress reports. The bank will periodically provide inspections to verify progress.
Construction loans may not be available in all areas.
This Calculator can be used for mortgage loans. Please note – The calculated amount is an approximate value and may differ from the bank’s final calculation.