You can get a conventional mortgage with as little as 3% down. However, if you are financing more than 80% of the lesser of the sales price or value of the home, Private Mortgage Insurance (PMI) is required.

Yes! If you haven’t owned a home in the last three years, we are ready to help you achieve your homeownership goals! Country Bank offers first time home buyer programs and special discounts for first time home buyers.

STEP 1: GET PRE-QUALIFIED TO MAKE YOUR PURCHASE

Fill out a mortgage application for a prequalification. As part of this process we will obtain your credit report and request income documentation. We will then determine the amount you would be approved for and issue a prequalification letter. This letter can be used to put in an offer on a home.

STEP 2:  APPLYING FOR YOUR MORTGAGE LOAN

If you are purchasing a property,  you will want to contact your loan officer to get your mortgage application started and submitted once an offer is accepted. If you already own the property than simply reach out to a loan officer to get the mortgage application started and submitted.

STEP 3: REVIEW LOAN ESTIMATE
Once we have received and processed your submitted mortgage application, you will receive your initial loan disclosure paperwork which includes your loan estimate which includes a breakdown of potential closing costs and an estimated sum of necessary funds needed to complete your transaction.

STEP 4: PROPERTY APPRAISAL

Once you have reviewed your initial disclosure package and signed your intent to proceed. The appraisal fee will be collected and your appraisal will be ordered. The property will be appraised to establish its current market value.

STEP 5: UNDERWRITING PROCESS

The Loan Processor will submit your paperwork to a Residential Mortgage Underwriter who will underwrite this file to secondary market guidelines.

STEP 6: LOAN APPROVAL PACKAGE

After underwriting has approved your mortgage, the loan approval package will be sent out to you. Typically, this package will contain any outstanding loan conditions that are needed before the closing can be scheduled with the attorney. Once underwriting has received and reviewed the outstanding conditions, the loan will be cleared to close. At that point you will begin to work on scheduling the closing with your attorney. At least three days before your closing, you will receive your initial closing disclosure. This is a very important document as it breaks down the amount needed to bring to the closing.

STEP 7: CLOSING

The “closing” is the last step in buying and financing a home. This is when you and all the other parties in a mortgage loan transaction sign the necessary documents. Before you sign, make sure you carefully read and understand all the loan documents.

We have you covered! Here is the information you’ll need when you are ready to apply for a mortgage.

Yes, Country Bank can help you purchase your mobile home with competitive mobile home financing options. . For additional information regarding mobile homes, you may contact one of our professionals. To see a list of these professionals click here.

Yes, we participate in the Guaranteed Rural Housing Loan Program. You do not have to be a first time homebuyer. For additional information regarding this program, contact us at 800-322-8233 or email us. Information is also available on the Rural Housing website.

Our mortgage experts would be more than happy to find the right mortgage for you! They can help you determine which option would be right for your financial goals. To see a list of these professionals click here.

Interest may be tax deductible; you should consult a tax advisor regarding the deductibility of interest and charges on an equity line of credit.

Private mortgage insurance (PMI) protects the lender if the borrower stops making payments on a loan. Lenders generally require consumers to purchase PMI if their down payment is less than 20 percent of the sales price or the appraised value of the home.