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Real Estate / Mortgage Loans

Owning your own home is a great investment of your hard earned money!  A home is a dream come true, a safe haven, a place to raise a family and create life’s memories.  Springfield State Bank is here to help you with one of the largest and most important investments you can make.

We have a variety of mortgage loans to meet your needs.  Our trained staff will answer your questions fully and guide you through the mortgage loan process–whether you are buying, refinancing, improving, or building.  We can offer you flexible payment plans – weekly, bi-weekly or monthly.  Payments can transferred automatically from a Springfield Bank deposit account or an account at another bank!

Fixed Rate Real Estate Loan

Springfield State Bank offers a variety of terms (up to 30 years) of fixed rate mortgages to suit almost any budget.  A fixed rate mortgage lets you take advantage of locking in the rate and payment for the term of the loan – even as interest rates change in the future.

Adjustable Rate Real Estate Loan

An Adjustable Rate Mortgage or (ARM) loan often gives you a lower initial interest rate and monthly payment.  Your interest rate is adjusted at a specific prearranged period and is based on a predetermined financial index.  As your interest rate changes so does your monthly payment.  ARMs may be “capped” meaning you are protected against significant fluctuations in your index.

Construction Loans

If you’re planning on building your dream home, we offer construction loans to provide the funds to complete your customized house.  A “Construction Line of Credit” has a preauthorized loan limit that you can draw from as you need it to fund your construction project.  Funds can be deposited into your deposit account as you complete each phase of construction.  Once the credit line is established, you will have quick access to your approved credit line by providing the required documentation.  When your construction is complete, Springfield State Bank can easily roll that construction loan into a permanent mortgage loan.

Refinancing

If you are looking for a lower interest rate or more flexible terms or maybe increasing your loan amount, Springfield State Bank may be able to help with a mortgage refinance loan.  We will consider your application to refinance your home – regardless of where you currently have your mortgage loan!  Check with our experienced loan officers to see if you may qualify for a loan to improve your terms and meet your current mortgage needs.  We can guide you on the steps to reach your home ownership goals!

Other Options

You’ve worked hard for your home!  Now let it work for you.  Use your home as security for other lending needs and reap the tax benefit (check with your tax advisor)!