Mortgage Loans
Benefits | How
Do I Qualify | What Can I Apply For | Learn
About: Protection | HELOC
At Bank of Stanly, we take the guesswork
out of financing your next home. Selecting the right mortgage
is just as important as selecting the right home. This is
an exciting time for you and we can help make the loan application
process go more smoothly. That's why we are here!
We know you have better things to do with your
time than to wait on a loan approval. Mortgage Lending, one of
many financial services offered at Bank of Stanly, features local
decisions with fast response times, competitive rates and low
fees. We welcome the opportunity to discuss how we can assist
you.
 |
 |
Let
us share the benefits
of a Mortgage Loan with you!
Download and Print an Application |
|
| |
|
|
If you are unable to view the Mortgage
Application  please
download and
install Adobe
Acrobat Reader, the plugin for your computer which
enables you to view and print this type of Portable Digital File.
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)
About Us:
We are committed to delivering quality products
and services and adhering to a high standard of customer
care. We offer a variety of mortgage loans
to suit your needs and would
be happy to answer any questions you might have.
When you do business with Bank of Stanly
your money provides capital for local businesses, creates
local jobs and improves the quality of life for families.
We want what’s best for our communities, friends and
neighbors … together we are Making a Difference.
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.
|
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. |
|
(Equal Housing Lender)
