Loans


LOANS

Personal Loans

Our focus is on you. We are here to help with all your life choices – from your first vehicle loan to your first home mortgage and everything in between.

Whatever the project or purchase, we will help you find the loan that’s right for your situation. If it’s time for you to purchase a new car, remodel the house or borrow for a short-term need, see us first. We have numerous, flexible options to make your dreams become reality.

See us for assistance with:

  • New or Used Vehicle Purchases
  • Home Improvements
  • Personal Lines of Credit
  • Competitive Interest Rate
  • Local Decision Making 
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What Documents Will I Need?

Required Documents For A Personal Loan

When you are ready to apply for a personal loan, please provide the following documents:

  • W-2 forms for the previous two years and a recent paycheck stub(s) (covering a 30 day pay period) reflecting year to date earnings.
  • If divorced, please provide copies of recorded divorce decree/child support order.
  • If self-employed, borrowers must provide complete tax returns with all appropriate schedules for the previous two years along with year-to-date profit and loss.

Once Application Is Submitted, We Will Contact You To: 

  • Guide you through the loan process
  • Complete your loan application package
  • Help you select the best program and interest rate

Meet Our Lending Team

Let’s get started on your personal loan today!

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Mortgage

Home – where memories are waiting to be made. Whether you’re buying, building, updating or refinancing, having the perfect home is important. It’s the place where life happens and memories are made. Our goal is to support you through your journey with a wide range of resources and the expertise of our lending team. Let’s talk about your next steps in finding or creating the home of your dreams. 

Your home is probably the biggest investment you will make during your lifetime.  And how you finance your home will be one of the most important financial decisions you will make.  Our mortgage lenders will work directly with you to determine the right solution for your needs. We have a number of mortgage loan programs suited to fit the needs of every homebuyer. So, whether you are buying your dream house, building a new home or just looking to refinance the one you own, we’ll find a mortgage plan that is right for you

Buying a new home or want to refinance your current one? We have several options with our conventional mortgage products. This loan has a fixed rate, terms up to 30 years and requires as little as 10% down payment on a purchase.

An exclusive, well-earned benefit; the VA loan does not require monthly mortgage insurance, requires only a minimal down payment and has an interest rate fixed up to 30 years.

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With easier qualifications that include a lower minimum FICO score, you can buy a home with as little as 3.5% down. Need extra cash? Refinance your current home for up to 85% of the equity.

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Want to build a new house or add something new and fun to your current home? This product is for you. This loan is a short-term line of credit designed to keep interest costs down while the project is completed. Interest accrues only on the funds you advance.

Need to put in a pool, buy something new or send your child to college? Use the equity in your home to do these things and much more. This product is a revolving line with interest-only payments for the first 5 years.

These products have fixed rates for 3 or 5 years adjusting annually thereafter. These loans are good if you do not qualify for any of our fixed rate programs or are relocating with your job and know that you will only be at your home for a short period of time.

What Documents Will I Need? 

Required Documents For Mortgages

When you are ready to apply to get pre-approved for your mortgage financing, please have as many of the following items available as possible.

  • The last 2 months of bank statements showing the source of down payment.
  • W-2 forms for the previous two years and a recent paycheck stub(s) (covering a 30 day pay period) reflecting year to date earnings.
  • If divorced, please provide copies of recorded divorce decree/child support order.
  • If self-employed, borrowers must provide complete tax returns with all appropriate schedules for the previous two years along with year-to-date profit and loss.

Home Equity

Equity is generally defined as the difference between the value of an asset and the amount of debt outstanding against that asset. Home equity loans enable you to use your equity to borrow for home improvements, debt consolidation, education expenses, and other major purchases.

Required Documents For Home Equity

 You’ll need the following documents to apply for your home equity loan or line of credit.

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  • A copy of your most recent W-2 form(s) and most recent paycheck stub(s) or bank statements to verify income for retirement or Social Security. We need your last 2 years of income tax returns.
  • A copy of your most recent property tax assessment.
  • A copy of the declarations page of your homeowner’s insurance policy showing your coverage and premium.

If you have questions, we’re here to help! Our friendly loan officers will guide you through the process to make sure you secure the right rate and term for your individual financial situation.

Once Application Is Submitted, We Will Contact You To: 

  • Guide you through the loan process
  • Complete your loan application package
  • Help you select the best program and interest rate

Refinancing

If you’re refinancing an existing mortgage, please also bring your most recent mortgage loan statement, your most recent homeowner’s insurance policy, and real estate tax bill.

What Determines Your FICO Score?

Your FICO Score is the standard formula used to evaluate your credit history.

  • 35% Payment history
  • 30% Amount of money owed
  • 15% Length of credit history
  • 10% New Credit

What Is The Mortgage Loan Process?

Once you’re ready to buy a new home, there are a series of events that must take place before you can close on your loan and move into your new house.

The first step to buy a new home is to get pre-qualified so you know how much you can afford. Your mortgage lender will review your income, credit and assets to determine how much you can pay for a house. Once you know how much you can borrow, you’ll work with a realtor to find a home that meets your needs and is within your price range. Be sure to stay in touch with your lender and update them on your search progress.

Once you’ve found your new home, it’s time to submit an application along with your home sales contract. Your lender will explain the mortgage programs available, discuss any down payment requirements, and work with you to complete the application and collect the required documentation.

To help you better understand the terms of the loan you are applying for, you will receive a loan estimate detailing the estimated interest rate, monthly payment and closing costs for the loan within three days of the completed application. Information about any special features related to the loan will also be included.

After we receive your completed loan application, your mortgage lender will order the credit report, property appraisal, home inspection and title search. The lender will also verify your employment and bank deposits.

The mortgage lender will complete a thorough audit of your finances and documentation to determine if the loan presents an acceptable level of risk and meets all the required guidelines for the loan program. If the loan is not approved, it could fall under one of the following decisions:

  • Approved with Conditions – Loan approval is possible once stated conditions are met. These conditions could include: proof of mortgage insurance, additional pay stubs, tax documents or other documentation needs.
  • Suspended – The underwriter is not able to evaluate or verify important information due to documentation missing from your file. If you are able to provide the missing information, your mortgage lender will let you know if your application can be reactivated.
  • Denied – If your loan is denied, your mortgage lender should be able to tell you the reasons for the rejection and help you determine your next steps. Possible reasons for a loan denial include: too much debt, a credit score that is too low, a down payment that is too small, property issues or an inadequate employment history.

Once your loan is approved, the closing meeting will take place. You will receive the Closing Disclosure in your closing packet. The closing disclosure is similar to the Loan Estimate, but it confirms all costs associated with your mortgage loan. At the closing meeting, you will sign several documents to complete the mortgage loan transaction and begin the journey of new homeownership!


What Mortgage Fees Might I Incur?

There are several costs associated with a new home mortgage loan. Understanding these fees and budgeting for them can help smooth the home buying process.

Closing costs include a variety of fees associated with closing a mortgage loan. When purchasing a new home, most of the closing costs are paid for by the buyer. The average closing cost fee is about 2%-5% of the loan amount. It’s more cost-effective to pay these fees out-of-pocket at the loan closing, but you may be able to roll them into your mortgage loan if you don’t have the funds to pay them up front.

When purchasing or refinancing a home, an appraiser is needed to confirm the fair market value of the home to make sure you are not borrowing more than the house is worth.

A credit report shows your credit history and credit score, which plays a big role in the determination of the loan amount and interest rate on your mortgage loan.

Costs associated with having the underwriter review, research and approve the mortgage application.

This fee covers the cost to research the deed on the home to ensure no one else has a claim to the property.

Covers the cost charged by your city or county recording office to legally record the new deed and mortgage.

This fee is paid to a third party to determine if the property is located in a flood zone. If the property is found to be located within a flood zone, you will need to buy flood insurance, which is paid separately.

A tax service fee is collected to pay an outside service to monitor the property taxes to ensure all tax bills are paid on time.


LOANS

Business Loans

You’ve worked hard to build your business. That’s why we’ve designed our business services with you in mind. Whatever your business; we have the banking, borrowing and investing options to help you succeed.

We have business loans to help your company grow. Whether you’re looking to add inventory, expand your operation or build; we have the loan for you.

Whether you’re starting your own business or expanding existing operations, we will work with you to find the best financing solutions.

See us for assistance with:

  • Operating Lines of Credit
  • Equipment Loans
  • Real Estate Purchases and Refinances
  • Competitive Interest Rates
  • Flexible Terms

From one generation to the next, the needs of your farm grow and change. We can help manage the unique challenges you face, whether you need a loan for operation expenses or to purchase land and equipment. We will help you maximize your efforts for generations to come. Our loan officers are specifically trained to keep up with the latest developments in Agriculture and work hard to understand each customer’s unique situation.

See us for assistance with:

  • Operating Lines of Credit
  • Equipment Loans
  • Farmland Purchases and Refinances
  • Farm Residences
  • Local Decision Making
  • Competitive Interest Rates
  • Flexible Terms
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    Meet Our Lending Team

    Let’s get started on your business loan today!

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    What documents will I need? 

    When you are ready to get approved for financing your farm operation, equipment purchases or land acquisition, we would need the following items to get our underwriting and analysis completed.

    • A current balance sheet
    • A current personal financial statement
    • Detailed equipment list with current market values

    Once Application Is Submitted, We Will Contact You To: 

    • Guide you through the loan process
    • Complete your loan application package
    • Help you select the best program and interest rate

    Set Up Automatic Payments 

    Save time by setting up Automatic Payments. You can set up one time or reoccurring payments in your digital banking app or you can visit one of our banking centers to set up an automatic payment authorization.

    Arcola, Tuscola, Arthur

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