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Let us Guide You Through the Mortgage Process

Buying a home is stressful enough without wondering what’s going on with your loan. At Country Bank, our mortgage experts will be with you every step of the way. It’s just one way we help make a real difference for our homebuyers.

If you’d like to gain a better understanding of the process first, we’ve broken it down below.

Compare Options

  • Mortgage Options

    Mortgage Options

    Contact a lender to learn more about these different offerings.

    POPULAR OPTIONS:

    • FIRST-TIME HOMEBUYER PROGRAM
      To support you as you pursue your homeownership dram, we offer this special program available to borrowers who have not owned a home in the last three years. Country Bank will pay $1,500 towards your closing costs when you establish a checking account and four additional services. Income restrictions apply.
    • FIXED RATE MORTGAGES
      There is strength in consistency and planning. Our most popular home loan features a permanent principal and interest payment over the term of your loan, so you always know what your monthly payment will be.
    • ADJUSTABLE RATE MORTGAGES
      Depending on your circumstance, this loan may be a new opportunity to make a big difference in your life. The interest rate starts out fixed and then adjusts periodically throughout the term of the loan. It’s a popular option for buyers looking for a lower initial interest rate.
    • CONSTRUCTION MORTGAGES
      If building or renovating your home is an ambition, this loan can make it a reality with competitive rates, flexible terms, and a lending team dedicated to showing you the way. Do you want to tackle this project on your own, or do you have a builder ready to start? Either way it works for us. Choose a fixed-rate or adjustable-rate construction loan, and then self-mange it with our state-of-the-art Construct portal.

    ADDITIONAL OPTIONS:

    • INVESTMENT PROPERTIES
      Investing in property can have a lasting positive impact on your financial life as well as support those in your community who are renters. We offer this solution for individuals looking to finance 1-4 family investment properties. Both fixed-rate and adjustable-rate products are available.
    • USDA GUARANTEED RURAL
      Everyone deserves the opportunity to pursue homeownership. If you plan to purchase in eligible rural areas, you can obtain 100% financing, which means $0 down payment. Why wait years to save for a down payment on a new home? Get started today. Income restrictions apply.
    • HOUSING- HOME POSSIBLE
      First-time homebuyers – and buyers with low or moderate incomes – have choices when it comes to buying a home. We offer Freddie Mac’s Home Possible program, which offers additional credit flexibilities than a conventional mortgage. Income restrictions apply.
    • LAND LOANS
      When building your dream home, first you need land on which to build. As your financial partner, we’ll guide you through all the financing. We offer two types of land loans – one for raw land and one for buildable lots.
    • MOBILE HOME LOANS
      If you’re considering buying a mobile home that is affixed to a permanent foundation on its own land, we have just the financing for you. This loan features competitive rates and flexible terms to suit your specific situation.
  • Fixed Rates

    Fixed Rate Conventional Residential Owner-Occupied

    ProductInterest RatePointsAnnual Percentage RateMonthly Payment per $1,000
    30 Year6.375%06.465%$6.24
    6.000%16.183%$6.00
    5.625%25.898%$5.76
    20 Year6.125%06.212%$7.24
    5.750%15.991%$7.03
    5.375%25.737%$6.81
    15 Year6.000%05.927%$8.44
    5.250%15.510%$8.04
    4.875%25.325%$7.85
    10 Year5.625%05.830%$10.92
    5.250%15.674%$10.73
    4.875%25.465%$10.55
  • Special: No Down Payment First Time Homebuyer Program

    No Down Payment First Time Homebuyer Program

    Contact a lender to learn more about this program.

    Overview

    • 100% financing for single family properties and condos.*
    • 95% financing for 2 family properties.

    Eligibility

    • First Time Homebuyer.
    • Minimum credit score of 680.
    • Debt-to-Income Ratio is determined based on the credit score.
    • Income restriction to 100% of median family income in Springfield or Worcester MSA.
    • For a 2 family property, borrower must have 5% of own funds.
    • Property must be owner-occupied.

    Benefits

    • 100% Financing, no need to save for a down payment.
    • Mortgage Insurance is not required, allowing for increased purchasing power.

     

    *Maximum financing is based on sales price or appraised value, whichever is less.

    Additional Disclosures: Homebuyer counseling required prior to closing. For 2 family properties, Landlord counseling is also required prior to closing. First Time Homebuyer is classified as not having owned a home within the last 3 years. Property being purchased must be located in Country Bank’s Assessment Area.

    Please call Country Bank at 800-322-8233 for any questions on the No Down Payment First Time Homebuyer Program.

    Click here for rate information.

     

  • How To Get A Mortgage Loan

    When you’re applying for a mortgage loan, it’s important to have someone you trust at your side.

    We’re experts at walking you through the entire process, answering your questions and cheering you on to success. It’s what we’re made to do.

     

    STEP 1

    If you are looking to purchase a home, your first step is to get pre-qualified. Fill out an
    application for a prequalification; once it is submitted, the bank will obtain your credit
    report and request income documentation. We will then determine the amount that
    you would be approved for and issue a prequalification letter. This letter can be used
    to put in an offer on a home. For refinances, simply complete an application on our
    online portal, and a loan officer will be in touch to review your application and answer
    any questions you have.

    STEP 2

    Once we have received and reviewed your submitted application, you will
    receive your initial loan disclosure paperwork. This will include your loan estimate (a
    breakdown of potential closing costs associated with your transaction). Your loan officer
    will then work with you to gather documentation of your income, assets, and any other
    information that is needed to complete your file. All paperwork, along with your signed
    disclosure package, will be submitted to a loan processor who will be your point of
    contact throughout the processing of your application.

    STEP 3

    The loan processor will order your appraisal and will submit your paperwork to
    an underwriter who will certify that you meet the loan eligibility requirements.
    You may also be asked to submit additional documentation for the underwriter’s
    consideration.

    STEP 4

    The property will be appraised to establish its current market value. This is a
    crucial step since most loans require a specific amount of equity as compared to
    the loan amount based upon the appraisal.

    STEP 5

    After underwriting has approved your loan, 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 closing disclosure. This is a very important
    document as it breaks down the amount needed to bring to the closing.

    STEP 6

    Attend your closing where you will be given the opportunity to review all your
    loan documents. Once you approve and sign the loan documents, the loan
    process is complete. Within two weeks of closing, you will receive a welcome
    letter with all the important details of your new loan.