Mortgages
At First National Bank of Decatur County, we understand that buying a home is one of the most important purchases that you will make and along with that comes a lot of questions. Let our experienced staff of mortgage lenders sit down with you and answer those questions that you have.
There are many types of mortgages designed to meet your financial and timeline needs: fixed rate, adjustable rate, FHA, USDA, et al. Each type is designed to help a particular borrower; come in today and talk to us about which loan will work for your situation and let us be "Your Kind of Bank".
Adjustable Rate Mortgages are designed to provide a lower initial interest rate to borrowers that is subject to change in relation to a preset benchmark. This could result in lower monthly payments if national interest rates stay steady or decline during the life of the loan; payments could also fluctuate higher during the lifetime of this loan as well. Some key questions to consider:
- Is my income enough—or likely to rise enough—to cover higher mortgage payments if interest rates go up?
- Will I be taking on other sizable debts, such as a loan for a car or school tuition, in the near future?
- How long do I plan to own this home? (If you plan to sell soon, rising interest rates may not pose the problem they do if you plan to own the house for a long time.)
- Do I plan to make any additional payments or pay the loan off early?
Fixed-Rate Mortgages have a preset interest rate that will stay the same for the life of the loan. Customers can set a payment within their spending preference by choosing the length of the amortization (with shorter loan lives producing higher payments per period).
Balloon mortgages are short term (5 to 7 years) fixed-rate mortgage loans that allow the customer to fixed payments during the amortization period and balance of the loan at maturity. This type of loan is ideal for persons that anticipate living in their home for 5 years or fewer. Let our team of lenders explain the benefits of this type of loan and match our products to your needs!
Are you a single parent, recent college graduate, or unable to afford a down payment? You may want to consider a FHA loan. FHA mortgages are especially well-suited to meet the needs of borrowers who need to finance more than 80 percent of their home’s purchase price or appraised value. Our team can help explain how you can get pre-approved for this type of loan and work with you to find the home of your dreams.
"The United States Department of Agriculture (USDA) created the USDA Rural Development Guaranteed Housing Loan as a means to improve the livelihood of rural Americans.
Through this program, those who reside in what the USDA refers to as a “rural area” can reap the benefits of zero money down, 100% financing and access to highly competitive mortgage rates." ©
Check with our mortgage department to see if you qualify for an USDA loan.
Thinking about refinancing your mortgage and unsure about the process?
Are you hoping to lower your current monthly mortgage payment or trying to consolidate current debt payments, but you aren't sure if it would be worth the time or cost of refinancing?
This is a very common situation and we understand that it can be frustrating; that is where we come in! When you refinance a loan, you are paying off your existing mortgage in order to take out a new loan with more favorable payment schedules or rates of interest. You can also turn the existing equity of your home into cash.
It is important that you understand the terminology of your existing loan and have an idea of what you are trying to accomplish with the refinancing process. Are you trying to lower monthly payments? Change from an adjustable-rate to a fixed-rate mortgage?
As you proceed through your refinancing process, please don't hesitate to ask us questions at any time. We can help to make sense of the whole process and explain the differences in lending options to help you with your particular situation.