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Mortgages

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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

Jessica Jene Temple

815-894-2345 | jtemple@statebankofcherry.com | NMLS: 1706593

State Bank of Cherry NMLS: 509252

 

CONVENTIONAL FIXED RATE MORTGAGES

ProductMinimum 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

ProductMinimum 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

ProductMinimum 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**)