| Monday, December 09, 2013
Residential Real Estate
We have trained staff available to help you choose the product that is right for you. Whether you are building, purchasing or refinancing your home you can rest assure that you will receive a prompt decision. After all, we make our decisions right here at your “Friendly Home Town Bank”.
Pre-approval - Not sure how much you can borrow? Before looking for a new home or planning a home improvement project, stop by and visit with one of our loan officers. They can assist you with the credit application, guide you through the loan products and project the amount of money that you can borrow.
A sample of our different mortgage products include:
Fixed Rate – Loans up to 30 years with the comfort of knowing that the interest rate will not change over the life of the loan. Shorter-term loans usually have a lower rate of interest.
Adjustable Rate – This loan offers a lower initial interest rate subject to periodic changes.
1/1 ARM – rate adjust after the 1st year and every year after
3/1 ARM – rate adjust after the 3rd year and every year after
Balloon Mortgage – This mortgage can have a 3 year or up to 5 year maturity. The monthly payments are based on a longer term amortization (up to 30 years). Generally this loan can be renewed if payments are current.
Construction Loan – This is a loan to build or renovate a home. Payments may be interest only during the construction period. A title company reviews all lien waivers and disburses funds for bills to assure payment for a completed home. Your permanent loan rate can be locked in up to 60 days.
Second Mortgage – This loan is against a property that already has a first mortgage on it. The loan proceeds can be used for any purpose.
Home Equity Credit Line - Now is the perfect time to transfer your existing Home Equity Credit Line or to open a new Home Equity Credit Line with Bank of Hillsboro.
Features we offer on various loan products include:
Minimal Down Payment – A very effective feature for borrowers with a small amount of initial funds but good income and excellent credit.
Interest Only Loan – This feature offers a lower monthly payment and can be a good choice for borrowers wanting to buy the most house they qualify for or minimizing payments while waiting for their current home to be sold or maximizing the home mortgage income tax deduction.
Mortgage Loan Representatives -
Michael L. Christopher, Vice President NMLS# 518109
Robert S. Wanner, Loan Officer NMLS# 517441
Mary Ann Heuer, Loan Specialist NMLS# 518037
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