|
 
|
Home Loan Services
|
Whether you are wanting to buy, build
or refinance a home, Mount Vernon Bank and Trust Company is ready
to help you. Our experienced officers are glad to discuss your situation
and assist you in choosing the mortgage loan that best meets your
needs. These programs, described below, are available for financing
single family, owner occupied homes:
- Conventional Renewable Loans
are processed and serviced by Mount Vernon Bank and Trust Company.
These loans offer the advantage of lower interest rates and closing
costs than long term fixed rate loans. Interest rates are fixed
until maturity and may be renewed at competitive market rates
by arrangement with your loan officer.
- Long Term Fixed Rate Loans
offer interest rates and monthly payment amounts that are fixed
for extended time periods. These loans offer flexible down payment
terms. In addition, you may choose to pay a loan discount fee
in order to secure a lower interest rate.
- Construction Loans
combine construction and permanent financing in one package in
order to keep closing costs to a minimum. We advance funds to
meet construction expenses as they are incurred. When the home
is completed, the amount borrowed during construction is converted
to a Conventional Renewable Mortgage Loan or a Long Term Fixed
Rate Loan (both described above). Your down payment may be in
the form of equity in a building lot and /or cash put toward construction
costs.
- Refinance Loans
allow homeowners to gain more favorable rates or terms and/or
borrow additional funds for home improvements or other major purchases.
Consult us to determine the type of loan and maximum amounts you
may borrow.
|
| What
will closing costs be? |
|
You'll
find that Mount Vernon Bank and Trust Company's closing costs on
real estate mortgages are among the lowest in the area.
Typical
closing costs on our Conventional Renewable Loans include fees for
an appraisal, abstract continuation, title examination, and document
recording. Additional costs often associated with Long Term Fixed
Rate Loans include a commitment fee, credit report, survey, pest
inspection, title guaranty and document preparation.
Total
closing costs on Conventional Renewable Loans range from $700 to
$900, and on Long Term Fixed Rate Loans from $1,000 to $1400. If
you are refinancing, these costs often are financed with the loan
amount, thereby reducing your out of pocket expenses. Feel free
to contact one of our loan officers for specific and helpful information
on closing costs.
|
| What
happens after I apply for a mortgage loan? |
|
1)
Loan Processing: We promptly review your application, down payment
sources, and credit history. The home is appraised by an independent,
licensed appraiser.
2)
Loan Commitment: You will be promptly notified when your loan is
approved.
3)
Loan Closing: The home's abstract will be brought up to date and
examined by an attorney to insure you receive clear title. We will
prepare all necessary documents and contact you and your Realtor
to arrange a closing time.
|
| Personal
Loans |
| Mount Vernon Bank & Trust Company
offers loans for cars and other vehicles, boats, vacations, appliances,
and other expenses. Home improvement loans are available for restoration,
repair and additions to your home. Please see us to arrange a loan
which will be tailored to your needs and budget.
Unlike many banks, all loan decisions
are made by the Officers and Staff you see at the bank on a daily
basis. Our lenders are dedicated to seeing that you receive the
very best service during the loan process.
|
| Student
Loans |
| Through Mount Vernon Bank, students
may apply for special student loans. Information and applications
are readily available in the bank lobby or in conference with a loan
officer.
|
|
