Mortgages

Helping Make Your Dreams a Reality!

At BankTrust, we offer some of the most competitive mortgage products available. Whether you’re a first-time homebuyer, moving up to a larger home or refinancing your current residence, you’ll find that BankTrust is here to help you every step of the way.

BankTrust offers a wide array of mortgage products.  Please note that all products are not retained in a BankTrust portfolio but some, such as long term mortgage loans, may be sold to the secondary market according to investor guidelines. All products and rates may not be available in all areas.  Contact your local mortgage loan officer for details and rates. Mortgages are subject to approval, including credit approval.

Before you go house hunting, be sure to give us a call first. Our mortgage experts have the expertise, and will take the time, to lead you through the home loan process. You can rest assured that we’ll be there step-by-step – from the day you apply for your loan, to the moment you’re holding the keys to your new home. Here’s what you can expect in five easy steps:

Step 1: Meet With a Loan Officer for Pre-Qualification

A representative from BankTrust will sit down with you to explain what to expect when buying a home and will answer any questions you have. They’ll meet at a time and location that is convenient for you. To get the greatest benefit from this initial meeting, please bring the following:

• Purchase agreement
• Bank account statements for the past 2 full months
• Investment account statements for the past 3 full months (i.e. 401k, savings accounts, mutual funds, etc.)
• Pay stubs for 1 full month
• W-2s for the past 2 years
• If you’re self-employed, bring a copy of your federal income tax returns for the past 2 years

Step 2: Pre-Qualify and Go House Hunting

An important step in purchasing a home is determining what you can afford to spend on the monthly mortgage payment. That amount depends on:

• Your employment status
• Current debt
• Family size
• Other factors such as current interest rates

We will quickly evaluate your financial situation and give you an on-the-spot estimate of what you can afford. Then you’ll be ready to shop for homes within your price range – saving you time, effort and money. We can even pre-qualify your application so that you can shop with confidence when making an offer on the home of your choice.

Step 3: Apply For a Loan

During your initial meeting with our mortgage representative, you’ll receive a loan application requesting additional financial, employment and personal information. The more complete you are in supplying this information, the faster we’ll be able to process, approve and close your loan.

Our mortgage representative will ensure you apply for the right type of loan by explaining your payment options and terms. They’ll help you evaluate a fixed-rate versus an adjustable-rate mortgage. They’ll also help you explore special loan programs such as VA and FHA (see full descriptions under the “Types of Home Loans” section of this brochure). We do more to help you select a mortgage that’s right for you!

Step 4: Consider All the Costs

Once you’ve decided on the home you want, you need to be aware of expenses beyond your monthly mortgage such as property taxes, insurance and utilities. You may want to ask the present owner, your real estate agent or the builder for estimates of these expenses.

We’ll also work with you to make sure you fully understand your closing costs prior to your loan closing so you can plan expenses and avoid last-minute surprises. Closing costs vary depending on financing, but they generally include items such as:

• Down payment
• Appraisal fees
• Prorated property taxes and insurance
• Attorney’s fees
• Lender’s fees and expenses

Step 5: The Loan Closing

The final stage in the mortgage process is the loan closing. It’s the date on which the title for the property passes from the seller to the buyer. In other words, the day you take legal ownership of your new home! During closing, all details are finalized, checks are exchanged, paperwork is completed, fees are paid and you receive the deed to your property. The meeting usually is conducted at the bank or an attorney’s office and last about an hour.

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Types of Home Loans

There’s a range of mortgage choices available for home purchases. Some offer monthly payments that are set for the life of the mortgage, while others feature smaller initial monthly payments that will fluctuate with interest rate changes. Your choice in financing will depend on your unique set of circumstances. To help you make an informed decision, we’ll make sure you understand the best option for your current situation.

Fixed Versus Adjustable Rate

• Fixed-Rate Mortgage – This type of financing features an interest rate that is set for the life of the loan, offering predictable monthly payments. This kind of loan usually has a higher interest rate than an adjustable-rate mortgage.
• Adjustable-Rate Mortgage (ARM) – ARMs normally start with an interest rate that’s lower than fixed-rate mortgages. However, the interest rate (and your monthly loan payment) will move up or down, according to market conditions. Most ARMs have interest rate caps both annually and over the life of the loan to help prevent dramatic changes in rates.
• Interest-Only Mortgage – Also an ARM, this mortgage is unique because payments are applied toward interest only for a certain term (usually 3, 5 or 7 years). Following the term, the rate will adjust to principal and interest payment for the remaining life of the loan. This type of mortgage may help you qualify for a larger loan amount.
• 80/20 Loan – This mortgage consists of two separate loans. The first loan is for 80% of the purchase price, and the second loan is for the other 20%. This allows you to put less down without having to pay private mortgage insurance (PMI).
• 100% Loan – This mortgage requires no down payment, but PMI is required. The rate may be slightly higher, but is still very competitive.
• Jumbo Loan – If you need a loan that is larger than the limits set by Fannie Mae and Freddie Mac ($417,000 or greater), we can provide a Jumbo Loan. The interest rate is generally higher than a traditional mortgage because it can’t be funded by the two agencies.

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Imperfect Credit Options

Stated Income/No-Doc Loans

These loans may be the perfect choice if you have verifiable employment (including self employment) and assets, but your verifiable income is too low for the size of loan you need. You may pay a slightly higher interest rate, and you must have an excellent credit history.

No Income/No Asset/No Employment Verification

This program gives you the flexibility not to provide income, asset or employment documentation if you choose.

Subprime Mortgages

If you’ve experienced problems in finding a home loan because of your poor credit history, then a subprime loan is right for you. Subprime loans may have higher interest rates, but we can get you approved and help you get all the house you qualify for.

Bankruptcy and Foreclosure Programs

We will work to get you qualified for a mortgage even if you have a foreclosure or bankruptcy in your financial history.

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Other Home Financing Options

Construction Loans

If you’re building a home, our one-time closing construction/permanent loan is ideal. Our interest rates are competitive and closing costs are minimal. You won’t pay any interest until the funds are used or drawn, giving you a convenient and affordable way to meet ongoing building expenses. At BankTrust, we can easily convert your construction loan into permanent financing once your house is ready to be occupied, all without a second closing.

Refinancing

When interest rates drop by at least 1.5% below your existing loan rate, you may be able to save money by refinancing your existing loan. Contact us today to help you determine if refinancing can help you:

• Reduce Your Interest Rate – A lower interest rate means lower payments.
• Reduce Your Mortgage Term, and Pay Off The Loan Faster – Refinancing to a shorter term mortgage can save you thousands of dollars in interest charges over the life of the loan.
• Convert Your Equity Into Instant Cash – Borrowing against the equity in your home can be a low-cost and often tax-deductible way to get extra money (please consult your tax advisor). Plus, mortgage interest rates are usually lower than other types of consumer loans. We can help you unlock cash from your home’s value with a Home Equity Line of Credit that allows you to “write yourself a loan” at your convenience. We also offer fixed term Home Equity Loans (subject to separate application and approval).

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We’re Here to Help!

Let our BankTrust mortgage experts help make your dream of home ownership a reality! Contact any of our offices, or call our Mortgage Department today for more information and to apply. We look forward to working with you!

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