:::: State Bank of Lizton ::::

Mortgage Programs
Which loan is right for me?
Loan Programs - Advantages and Disadvantages
Mortgage Calculators

Click here for our Mortgage Services brochure. The Mortgage Services brochure is in Adobe Acrobat® (PDF) format and requires Acrobat Reader. If you do not have Adobe installed, please click on the icon for a free download.

Mortgage Programs

We can tailor a mortgage for you from our full range of mortgage products:

conventional fixed rates
variety of adjustable rate mortgages (ARMs)
first-time home buyer programs featuring low down payments
construction loan programs
acreage financing

The following are some of the mortgage packages offered:

40, 30, 20, 15, 10 Year Fixed
1-Year ARM
3, 5, 7 year and other adjustable rate programs
5- and 7- Year Balloon
Investment Properties
Purchase Money Transactions
Refinance Existing Financing

State Bank of Lizton offers pre-approvals to enhance your purchasing power and allow you to negotiate your purchase with confidence.

We can complete most applications over the phone. Our goal is to make your home financing as convenient as possible.

For more information, please contact a mortgage lender:
Tami Richardson - (765) 483-6303 or trichardson@statebankoflizton.com
Lyn Larison - (317) 858-6154 or llarison@statebankoflizton.com

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Which loan is right for me?

Years You Plan To Stay In The House	Recommended Program
1-3	3 year adjustable rate mortgage
3-5	5 year adjustable rate mortgage
5-7	7 year adjustable rate mortgage
7-10	30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

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LOAN PROGRAMS	ADVANTAGES	DISADVANTAGES
Fixed Rate Mortgages 30 year fixed 15 year fixed 30 year fixed jumbo 15 year fixed jumbo	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payment Rate does not drop if interest rates improve
Adjustable Rate Mortgages 1 year 3 year 5 year 7 year	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up
Balloon Mortgages 7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot finance or if you cannot exercise the conversion option
First Time Home Buyers	Lower down payment Easier to qualify Sometimes you may get lower rates	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early
Stated Income Programs	Don't need to verify income Faster approval	Higher rates Higher down payment
No point. No fee programs.	No closing costs Less money required to close	Higher rates Higher payments
Home Equity Line of Credit Consult your tax advisor	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high Payments can change Harder to refinance your first mortgage
Home Equity Fixed Loan Consult your tax advisor	Fixed payments Interest may be tax deductible	Higher interest rates than on first mortgages Harder to refinance your first mortgage

Click here to use our Financial Planning Tools.

Contact us for more information. Want to learn more about the American Dream of owning your own home? Visit www.fanniemae.com.

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