Buying a house is a big commitment.
The right home loan can help you move into the house of your dreams with affordable monthly payments that fit your budget. You can enjoy the comfort of having your own space, and the freedom to knock a wall down anytime you want to make a change.
Choosing the right home loan lender can make the whole process easier. With BTC Bank, you’re never just a number in a distant part of the country. Our personal service and sound banking practices give you peace of mind and a friendly person to call whenever you have a question about your application.
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What are my home loan options and how do they work?
It has been said that home ownership is an essential part of the American dream. To that end, there are several government-guaranteed loan programs to help first-time buyers. There are also different types of traditional mortgages. BTC Bank offers a full range of home mortgage loans. Learn more about your options here.
These types of mortgages are underwritten by banks, but guaranteed by the federal government, which makes it easier for banks to issue mortgages to specific populations of buyers such as veterans or first-time homeowners without a large down payment.
Available to eligible service members, veterans, and surviving spouses. The Veteran’s Administration provides insurance on VA loans, making it possible for lenders to offer up to 100% mortgage financing with a mortgage insurance requirement.
Available loan program from the United States Department of Agriculture to help low and moderate-income buyers in eligible rural areas obtain financing.
These types of mortgages are provided through private lenders such as banks, mortgage companies, or other financial institutions.
These loans have an initial fixed interest rate for a certain length of time. After that, your mortgage rate will vary from year to year depending on index rates. Your interest rate could actually go down, but it could also go up, both of which affect your monthly payment. Many people with adjustable rate mortgages either sell their house after the initial fixed period or refinance into a fixed rate loan.
Lock in today’s mortgage rates and make consistent monthly payments toward the principal, interest, and property taxes over the term of your loan. Fixed rate mortgages vary in length from 10, 15, 20, or 30 years.
Your home equity is the difference between your current mortgage balance and the market value of your home. Once you’ve paid off enough of your mortgage and/or your home’s market value has increased, you can use a home equity loan to borrow money at a low interest rate.
You can turn your house into your dream home by financing home improvement projects from updating paint colors to adding a new backyard deck to adding hardwood floors.
Refinancing options are available for homeowners who wish to lower their monthly mortgage payments with a lower interest rate or to cash out some equity that's been acquired.
Choose a Community Minded Mortgage Company!
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Since 1919, BTC Bank has provided friendly service and sound banking practices to individuals and businesses in Missouri and Lamoni, Iowa. When it comes to mortgage lenders, we have local expertise, competitive rates, and the flexibility of a community bank. We especially understand the needs of home buyers in the many rural areas we serve. Contact us today to learn more about your mortgage and refinancing options.