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Mortgage Loans

At State Bank - We Know Mortgage Loans

Buying a home is likely one of the biggest financial commitments you'll ever undertake. Achieving the "American Dream" certainly is a big step and you'll want to have a trusted partner like State Bank to help guide you along the way.

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Loan Programs Fixed Rate Loan
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Adjustable Rate Loan
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FHA Loan
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VA Loan
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Construction Loan
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Mortgage Options Variety of Fixed Rate terms available Variety of Conforming and Jumbo Rate terms available Fixed Rate and Adjustable Rate terms available Fixed Rate terms available for purchase or refinance Fixed, Adjustable and Jumbo Const-Perm options available
Definition A Fixed Rate Mortgage has an interest rate that does not change over the life of the loan An Adjustable Rate Mortgage(ARM) has an interest rate that may change (up/down) during the life of the loan A Fixed Rate or Adjustable Rate Mortgage insured by FHA (Federal Housing Administration) VA loans are fixed rate loans available to active duty and retired U.S. Military personnel Construction Loans allow you to build or remodel a new or existing home
Benefits
  • Predictable loan payments
  • Variety of terms
  • Rate flexibility
  • Lower initial monthly payments
  • Lower rates in stable or declining markets
  • Flexible terms
  • Lower down payment
  • Fixed principal & interest payments
  • Flexible terms
  • Low or no down payment
  • Fixed interest rates
  • No monthly Mortgage Insurance
  • Available for purchase or refinance
  • Fixed and ARM offerings
  • Interest only construction period
  • One-time closing
Fixed Rate Loan
Mortgage Options 15 Year Fixed, 20 Year Fixed, 30 Year Fixed.
Definition A Fixed Rate Mortgage has an interest rate that does not change over the life of the loan.
Benefits Predictable loan payments, variety of terms (10-30 years), and rate flexibility.
Adjustable Rate Loan
Mortgage Options 3/1 - 10/1 ARM Programs, 7/1 Jumbo ARM.
Definition An Adjustable Rate Mortgage(ARM) has an interest rate that may change (up/down) during the life of the loan.
Benefits Lower initial monthly payments, lower rates in stable or declining markets, and flexible terms.
FHA Loan
Mortgage Options 15 Year Fixed, 30 Year Fixed.
Definition A Fixed Rate or Adjustable Rate Mortgage insured by FHA (Federal Housing Administration).
Benefits Lower down payment, fixed principal & interest payments, and flexible terms.
VA Loan
Mortgage Options 15 Year Fixed, 30 Year Fixed, VA IRRRL Loan.
Definition VA loans are fixed rate loans available to active duty and retired U.S. Military personnel.
Benefits Low or no down payment, Fixed interest rates, no monthly Mortgage Insurance, available for purchase or refinance.
Construction Loan
Mortgage Options 5/1 ARM Const-Perm, 30 Year Fixed Const-Perm, 7/1 Jumbo ARM.
Definition Construction Loans allow you to build or remodel a new or existing home.
Benefits Fixed and ARM offerings, interest only construction period, and one-time closing.

Subject to credit approval.

Mortgage Solutions

View all of our options below.

 

Fixed Rate Mortgage

Do you plan to own your home for many more years? Do you like the predictability of knowing how much your house payment will be each month? If so, a Fixed-Rate Mortgage is the option for you. Your interest rate and monthly payments stay the same for the life of the loan. This is also a good option for people who don’t plan to refinance.

Adjustable Rate Mortgage (ARM)

Individuals who expect to stay in their homes over shorter terms or who prefer a lower initial rate may choose an Adjustable Rate Mortgage. With an ARM, your interest rate and monthly payments can fluctuate over time.  ARM’s are tied to an index – usually U.S. Treasury Bills – and have adjustment Periods that determine when and how often the interest rate can change.  The adjustment caps determine how high or low the rate can go with each adjustment and over the life of the loan.

Contact a Mortgage Specialist to find out which option is best for you.

 

Want to build a new home? Talk with us first. Our Permanent Construction Mortgage Loan is designed to save you time and money by including both the lot and the home that’s being built. That means you make interest-only payments while the home is under construction. Once the home is built, your loan automatically converts to monthly principal and interest payments. You only pay closing costs once.

  • Owner-occupied homes or vacation homes
  • Fixed and variable rate options available

Need a new roof? Remodeling your kitchen? Ask about our Home Improvement Loans. We can customize a loan to fit your needs and budget.

 

If the loan amount is above the conforming limit of $453,100.00 (in most parts of the U.S.) you may need a Jumbo Loan. They’re designed specifically for high-value properties.

Talk with one of our mortgage experts to see if this is the best option for you.

 

If you’re ready to buy a home, there are a wide range of government programs that can provide help.

The Veteran’s Administration (VA) provides home loans for qualified veterans. Refinancing options, too. Contact us to get started.

The Federal Housing Administration (FHA) provides home loans to low-to-moderate income families. Borrowers must meet eligibility requirements to qualify.

The U.S. Department of Agriculture Rural Development works to improve the economy and quality of life in rural America. They support economic development, infrastructure improvements, housing initiatives, and more.

 

We provide exclusive mortgage programs for medical professionals who want to purchase or refinance a home. Talk with one of our mortgage experts to see if you qualify for this program and discover the benefits.

 

First-Time Home Buyer

Buying a home can be a very exciting and overwhelming process, especially if it’s your first time buying a home. Our mortgage experts will walk you through the process.

Bridge Loans

Are you hoping to buy a new home while trying to sell your current home? Consider a Bridge Loan from State Bank. We use the equity in your current home for a down payment to purchase the new home. You get the flexibility to pay “interest only” for up to 12 months on your current home, while making regular monthly principal plus interest payments on your new home.

Lot Loan

You finally found the perfect piece of land to build your retirement home or maybe a vacation home. Whatever your vision for that perfect parcel, we can help you finance it.

Learn about these and other loan options and see which one is right for you.

State Bank’s Community Home Loan

Making the dream of homeownership a reality for more low-to-moderate income buyers.

  • Low-to-moderate borrowers facing financial challenges
  • The need to allocate a higher portion of income to housing expenses
  • Limited credit history
  • Lack of funds to cover down payments and closing costs