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Mortgage Loans
We take the guesswork out of financing your home. Selecting the right mortgage is just as important as selecting the right home. Our decision making is local with fast response times and competitive rates. We also service our own mortgage loans so we are always here for you.
In recent months drastic decreases in interest rates have caused mortgage rates to significantly drop. Whether you plan to buy a new home or are looking to refinance at lower rates and consolidate all your loans at the same time, this is a great opportunity for you to save considerable dollars. |
- What will my monthly payment be like?
- Can I consolidate my existing loans?
- How simple is the process?
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We offer a variety of mortgage loans to suit your needs and would be happy to answer any questions you might have. This is an exciting time and we can help make the application process go smoothly. Call today or apply for a Mortgage Loan online and evaluate the time sensitive options available!
Contact your Account Executive for more details or call us at (704) 983-6181 |
Benefits:
- Local Decisions
- Fast Response Times
- Competitive Rates
- Low Fees
- We Service Our Mortgage Loans
- Automatic qualification for Leadership
Banking
- You can authorize Automatic
Loan Payments from your checking or savings account.
Once established, the payment will be deducted regularly
from your account. This is a handy and worry-free way to
be sure payments are always made on time.
In today's economy, it pays to take advantage of the opportunity to deduct interest, paid on your Mortgage Loan or Home Equity Line of Credit, from your income taxes. In most cases, the interest paid is fully deductible. (A Tax Advisor should be consulted regarding tax deductibility) |
How Do I Qualify For A Mortgage Loan?
In order to qualify for a mortgage loan with Bank of Stanly,
four factors are taken into consideration:
Creditworthiness
A history of good credit and a
positive credit rating are essential to obtaining
a mortgage loan. |
Repayment Ability
The sum of your loan principal,
interest, taxes and insurance should generally not
exceed 28% of your gross monthly income. In recent
years these ratios have become much more liberal,
taking into account a variety of factors to determine
your repayment ability. |
Marketability of Property
Bank of Stanly will order an independent
appraisal of the property you wish to finance. The
appraisal is reviewed to ensure the property meets
loan guidelines. In most cases, the value of the
property should meet or exceed the property's sales
price. |
Sufficient Funds For Closing
The amount varies depending upon
the loan program you choose. |
What Kind Of Loans Can I Apply For?
Conventional Fixed-Rate Mortgages
We offer fixed-rate financing to fit your budget
and financial goals. In most cases, the interest
rate is established at the time of application.
A fixed rate takes the guesswork out of your monthly
mortgage payments. For your added flexibility,
we offer terms from 10-30 years.
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Construction Loans
Our one-time close construction-to-permanent
loan offers flexibility to finance new construction
while guaranteeing permanent financing when construction
is complete. The permanent interest rate is established
at the time of application. After loan approval,
funds are advanced in stages as construction proceeds.
Interest Only Payments are due monthly on the outstanding
balance. Once construction is complete the loan converts
to a conventional fixed-rate mortgage. |
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(Equal Housing Lender)
