paper, model of a house, a pencil and a calculator
Mortgages
State Bank of Cherry offers many competitive fixed rate and adjustable rate products to help you purchase, build or refinance a home. We will walk you through the process to take the stress off of you so you can work on packing and picking out paint colors!
Purchase:
- Up to 30-year fixed rate financing
- Down Payment assistance through the Downpayment Plus program
- As low as 3% down with PMI (Private Mortgage Insurance)
Refinance:
- Up to 30-year fixed rate financing
- Cash out up to 80% loan to value
Construction/Construction Permanent Financing:
- 6-12-month construction period
- 20% down
- In-house inspections and draws
Home Equity Line of Credit:
This is a revolving line of credit that uses your homes equity to do various things, including: home repairs, college expenses, vacation, consolidate debt; the possibilities are endless.
- Variable rate open end line of credit
- 10-year term-draws can be made up to the maturity
- $500 minimum draws
- Minimum monthly required payment based on 1% of the outstanding principal balance plus interest-if only the minimum payment is made monthly, it will cause a balloon payment at maturity
Investment Property:
- Purchase
- Refinance
Why choose State Bank of Cherry?
- Fast, local approval
- Competitive rates
- In-house loan servicing
- Experienced lending team
Mortgage Loan Officers:
JoAnna Lynn Engels
1-815-894-2345 | jengels@statebankofcherry.com | NMLS: 719022
State Bank of Cherry NMLS: 509252
CONVENTIONAL FIXED RATE MORTGAGES
| Product | Minimum Down Payment** | Property Type |
|---|---|---|
Product 10 Year | Minimum Down Payment** 3% | Property Type Owner Occupied - 1-4 Family Residence |
Product 15 Year | Minimum Down Payment** 3% | Property Type Owner Occupied - 1-4 Family Residence |
Product 20 Year | Minimum Down Payment** 3% | Property Type Owner Occupied - 1-4 Family Residence |
Product 30 Year | Minimum Down Payment** 3% | Property Type Owner Occupied - 1-4 Family Residence |
Product USDA | Minimum Down Payment** 0% | Property Type Owner Occupied - 1-4 Family Residence |
ADJUSTABLE RATE MORTGAGES - OWNER OCCUPIED
| Product | Minimum Down Payment** | Property Type |
|---|---|---|
Product 5 Year | Minimum Down Payment** 3% | Property Type Owner Occupied - 1-4 Family Residence |
Product 3 Year | Minimum Down Payment** 3% | Property Type Owner Occupied - 1-4 Family Residence |
Product 1 Year | Minimum Down Payment** 3% | Property Type Owner Occupied - 1-4 Family Residence |
ADJUSTABLE RATE MORTGAGES - NON-OWNER OCCUPIED
| Product | Minimum Down Payment** | Property Type |
|---|---|---|
Product 5 Year | Minimum Down Payment** 30% | Property Type Non-Owner Occupied - 1-4 Family Residence |
Product 3 Year | Minimum Down Payment** 30% | Property Type Non-Owner Occupied - 1-4 Family Residence |
Product 1 Year | Minimum Down Payment** 30% | Property Type Non-Owner Occupied - 1-4 Family Residence |
**Loan to value over 80% will require Private Mortgage Insurance
Escrow is an option (required with PMI**)