Understanding Mortgage Options with Marine Bank | Brand Ave. studios
Home is not just where you live. It’s stacks of pancakes and maple syrup on lazy Sunday mornings. It’s bedtime stories and blowing out birthday candles. It’s also one of the biggest investments you can make.
That’s why choosing the right mortgage lender is almost as important as choosing the right home. You want to work with an expert who understands your needs and can provide you with the best mortgage product possible.
“Our loan officers have an extremely important role in getting to know the customer and what’s important to them so they can assess how best to help achieve the customer’s goals,” Brad said. James, mortgage lender at the Bloomington-Normal branch of Navy bank. “From the beginning, we establish that we are going to take care of you.”
Types of loan products
So what types of mortgage products can Marine Bank offer to help you access your dream home?
Conventional loans are the most common mortgage option. They are not backed by the government and require borrowers to have a lower debt-to-equity ratio than other loan options.
“Any customer can walk into one of our branches or go online to make payments and get personal assistance with their loan at any time during the term of the loan,” said K’thena Perkins, Mortgage Lender at Bloomington-Normal Branch. “And that means a lot to a lot of customers.”
If you feel more comfortable surrounded by green pastures than sidewalks, buying a home using a USDA loan, also known as a Rural Development Guaranteed Housing Loan ‘USDA, might be your best bet. Marine Bank offers USDA mortgages with no down payment to eligible applicants in rural or suburban areas.
First-time home buyers with credit issues or little savings can benefit from Marine Bank Federal Housing Administration (FHA) Loans. If you are on active duty or have served in the military and are looking for a mortgage with little to no down payment, a VA loan could be good for you.
“You have a family with two or three kids and they want to have a roof over their head, and that can be stressful,” said Kelly Weber, mortgage lender at the Bloomington-Normal branch. “For us, it’s 100% about learning those relationships, building that trust, and delivering the right product.”
What is the Down Payment Plus program?
If you have good credit and a stable income below 80% of the region’s median income limits, you may qualify to buy a home with the help of the Deposit Plus Program. Your household could receive a grant of up to $6,000 to help cover a down payment or closing costs. Beneficiaries are not required to repay the money, but they must spend $1,000 of personal funds to purchase the home. Beneficiaries must also live in the home for at least five years and complete a homebuyer education course by an approved provider, followed by one-on-one online homeownership counseling with the Pool Agency of the Embarras River.
“Council asks different questions about home ownership and budget,” Brad James said. “It might shed light on something a first-time home buyer would never have thought of.”
At present, interest rate are still at record highs, so now is a great time to speak to a loan officer, according to Cody.
“As a loan officer, I see people from when they first arrive until they sign that last document and get the keys to their new home. It’s a very rewarding experience,” K’ said. thena Perkins, Bloomington-Normal branch “No matter the product, we all have the same end goal: to bring you into a new home.”