Bank of Stanly
 

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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

Debbie Sheppard (Main Office) (704) 991-1106
Tamara Smith (Main Office) (704) 991-1163

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.

Main Office (Albemarle)  |  West Stanly Office (Locust)

 

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.

 


Bank of Stanly, Member: FDIC and (Equal Housing Lender)
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