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