PERSONAL BANKING – LOANS – HOME

TYPES OF LOANS


Here you will find a list of the home loans available from BSV. We encourage you to contact a BSV Loan Officer through any of our local branches to obtain more information about and assistance with choosing the most appropriate loan program.

All home loans include access to NetTeller, NetTeller Mobile, and QuickPay; features of our Anytime Banking suite of services.

Enhancements:

Fixed Rate

A fixed rate mortgage offers the stability and consistency of predicable monthly payments for the life of the loan. It may be a good choice for those who expect to live in a home for an extended period of time or those who want to lock in the interest rate. With a fixed rate mortgage, payments remain constant allowing you to plan and budget without factoring potential interest rate fluctuations.

  • Fixed rates available in 10, 15, 20, 25 and 30 year terms
  • Jumbo 15 and 30 year terms for loan amounts over $417,000

Adjustable Rate

Adjustable Rate Mortgages (ARMs) typically have lower monthly mortgage payments initially and are an alternative to the fixed rate mortgage. ARMs may be appropriate for people who anticipate moving in five to seven years or who anticipate an increase in their income during the life of the loan. The downside of the lower payment is the potential increase in the monthly payment over time if the interest rate rises.

  • ARM terms available in 1, 3, 5, and 7 year initial fixed rate periods with 30 year terms
  • Many ARMs have a “cap” on the amount the interest rate can rise to protect against dramatic increases in the monthly payment

Balloon

Balloon loans are short term mortgages that have some features of a fixed rate loan. The loan provides a level payment feature during the balloon term based on a long term amortization. The interest rate is fixed for the balloon term allowing for consistent level payments. BSV’s Balloon loan reaches maturity in 62 or 120 months and the terms are renegotiated and renewed for the remaining amortization. Balloon loans may be appropriate for small dollar loan amounts or for those who are not able to obtain the conventional long term fixed rate due to credit underwriting restraints.

  • Balloon Terms available in 62 or 120 months

Veterans Administration

Available to veterans of the armed services, active-duty personnel, reservist, and their spouse, VA mortgages require no down payment. To find out if you qualify for a VA loan, contact VA at http://www.homeloans.va.gov/.

  • VA terms available in 15 or 30 year

Construction

Construction loans are available for those who need temporary financing to build their home. This loan is similar to a line of credit as a maximum loan amount is established and advances are made as the home is being built. BSV offers two types of construction loans. As the owner, you may want to act as your owner builder and manage the construction project until completion. If this is not for you, you may hire a contractor and BSV will work with them until the project is complete.

  • Construction loan term is 12 months
  • Minimum payment interest only on outstanding loan balance

Lot or Land

Land loans are a great alternative for financing the purchase of a piece of land. For those borrowers who aren’t ready to begin construction but may be ready in the near future this may be a viable choice.

  • Loans terms vary depending on financial goal

Home Equity Line of Credit

Since homeowners build equity in their homes as mortgage balances decrease, a BSV Home Equity Line of Credit (HELOC) can use that equity. This loan offers easy access and provides future borrowing power. For borrowers who need flexibility a HELOC allows access to funds when you want for the amount you need.

  • Loan Term 48 months with an option to renew
  • Interest rates vary and are tied to the Wall Street Journal Prime Rate

Home Equity Loan

If there is a need for a second mortgage with a more consistent monthly payment, a Home Equity Loan or second mortgage may be right for you. The equity can be used for whatever need you may have and may be a good option for small dollar loan amounts.

  • Loan Term Balloons in 4 years based on 15 year amortization

Mobile Home or Doublewide

If temporary living arrangements or more cost effective home pricing is for you, BSV has financing options available for mobile homes or doublewides. Whether you want to put on your own land or place the home on a leased lot, this type of loan may be your preference.

  • Terms vary depending on financial goal

All home loans are subject to credit approval, verification, collateral evaluation and eligibility. Programs, terms and conditions are subject to change without notice.