Honor Bank Has the Option for You
Mortage options for every lifestyle and budget.
Conventional Fixed-Rate Loan
Got your eyes on that perfect first home, next home, or vacation home? Or is it time to refinance at a lower rate? This loan is used primarily for customers applying for loans with at least 20% equity. The maximum loan amount is $417,000. In some cases, mortgage insurance can be obtained that reduces the amount of equity required.
USDA-Rural Development Loan
Homeownership is a dream that may seem out of reach for those who cannot meet traditional credit requirements or do not have the funds for high downpayment requirements. USDA-Rural Development provides an avenue for us to fulfill this dream. Mortgages are given at a 30-year fixed rate at current market interest rates. Loans may include funds for closing costs, guarantee fee, legal fees, title services, cost of establishing escrow, and other prepaid items, if the appraised value is higher than the sales price. Income limits do apply for this program.
Portfolio Adjust Rate Loan
Honor Bank offers Adjustable Rate Mortgages (ARM). Our programs offer an attractive alternative for many home buyers. The loan is fixed for the initial adjustment period and then adjusts based on an index. ARM loans have annual and lifetime caps in case of an extreme change in the indexed rate. You could save a substantial amount of money by choosing an ARM loan that fits your specific situation. In an era of cookie cutter solutions, we still offer Portfolio Loans that may meet your unique needs.
During the construction period, you pay only interest on the funds that have been advanced. When your construction is complete, we convert your loan into permanent financing with a product of your desire. Achieving your dream home begins before you break ground. Honor Bank plays an important role in your construction project. We will answer your questions and provide guidance to save you money and keep things moving smoothly so that you can concentrate on what really matters: cabinets, flooring, hardware, light fixtures, etc.
Home Equity Lines of Credit (HELOC)
A HELOC is an excellent opportunity to take advantage of the equity in your home. It is an excellent alternative to high interest rate consumer loans and credit cards. Are you looking to make repairs to your home, college expenses, purchase a new car, family vacation, etc.? A HELOC is just the tool you need to accomplish these items. How does a HELOC work? Qualified applicants receive approval for a specific amount of credit. This credit limit is the maximum amount that you may borrow at any one time under the plan and is figured by taking a percentage of the applicant’s home value and subtracting the balance owed on the existing first mortgage. We also look at your income, debts and other financial obligations as well as your credit history when determining the amount of your approved line. A HELOC approval establishes revolving credit in which your home serves as collateral.
Vacant Land / Lot Loan
If you find the lot of your dreams to build your future home, please stop in and apply for a lot loan. With our help, you can purchase the land on which you want to build your home and take the time to plan and design the home of your dreams. When your plans are finished and you have selected your contractor to build your home, we will pay off the remainder of your lot loan with a no-hassle construction loan.