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paper, model of a house, a pencil and a calculator

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
  • As low as 3% down with PMI (Private Mortgage Insurance)

 

“Personal service. Very professional. Make you feel at home.”  ~  Gene A.

 

Refinance:

  • Up to 30-year fixed rate financing
  • Cash out up to 80% loan to value

New Construction:

  • 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 that can be used for various things, including: home repairs, college expenses, vacation, consolidate debt; the possibilities are endless.

Investment Property:

  • Purchase
  • Refinance

Why choose State Bank of Cherry?

  • Fast, local approval
  • Competitive rates
  • In-house loan servicing
  • Experienced lending team

 

“I love the kindness and willingness to always help me when I come in there.”  ~  Melissas S.

 

Mortgage Loan Officers:

JoAnna Lynn Engels

1-815-894-2345 | jengels@statebankofcherry.com | NMLS: 719022

(Do not include confidential information in emails.)

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

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**)