Phone: (704) 983-6181
Take the guesswork out of financing your next home. A Mortgage Loan from Bank of Stanly ensures a smooth and hassle-free application process with competitive rates, low fees.
Most loan decisions are made on a local basis. This means a faster response time and in many cases on-the-spot approval. In most cases the interest you pay on your Mortgage Loan is even tax deductible.*
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.
*A tax advisor should be consulted regarding tax deductibility.
**Minimum mortgage of $75,000 required for no fee Leadership Banking.
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.
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.
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.
Member FDIC, Equal Housing Lender
Copyright © 2010 Bank of Stanly - All rights reserved.