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Real Estate / Mortgage Loans
Owning your own home means so much to you, plus it is such a great investment of your hard earned money! A dream come true, a safe haven, a place to raise a family, ownership pride, and a place to create life’s memories are some of the many reasons to invest in your home! Whatever your feelings, Springfield State Bank is here to help you with what could be the largest investment most of us will ever 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 also offer you flexible payment plans – weekly, bi-weekly or monthly and automatic payments from a Springfield Bank deposit account, or an account at another bank!
Fixed Rate Real Estate Loan
Springfield State Bank offers a variety of fixed rate mortgages, suitable for almost any budget. A fixed rate mortgage lets you take advantage of the same rate for years – even as interest rates change in the future.
Adjustable Rate Real Estate Loan
An Adjustable Rate Mortgage or (ARM) loan gives you a lower initial interest rate and monthly payment. Your interest rate is adjusted at a specific prearranged period or annually, based on a predetermined financial index. As your interest rate changes, so does your monthly payment. ARM’s may be “capped” meaning you are protected against significant fluctuations in your index.
If you’re planning on building your dream home, we can help with a short-term construction loan that will give you the money you need, when you need it.
A “Line of Credit” loan is a preauthorized loan limit that you can draw from as you need it to fund your construction. Funds can be deposited into your deposit account as you need them. Once the credit line is established, you will have immediate access up to your approved credit limit. When your construction is complete, Springfield State Bank can easily roll that short-term loan into a longer-term mortgage loan.. Advances can be deposited into your checking account with the ease of a phone call or via Internet Banking. Lines of credit are made available for a term of one year. Renewals are subject to annual financial reviews.
If you are looking to lower your current rate, get new funding, get more flexible terms than you have with your current mortgage, Springfield State Bank may be able to help. Regardless of where you have your mortgage loan now, if we can improve your plan, we’ll say so…if we can’t, we’ll tell you why.
You’ve worked hard for you home! Now let it work for you. Use your home as security for other lending needs and reap the tax benefit!