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Mortgage Loan Solutions

 

Mortgage Programs

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

  • conventional fixed rates
  • adjustable rate mortgage option
  • FHA financing available
  • construction loan programs
  • acreage financing
  • lot loans

The following are some of the mortgage packages offered:

  • 15, 20, 30 Year Fixed
  • Investment Properties
  • Purchase Money Transactions
  • Refinance Existing Loans

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:
Gretchen Patterson, NMLS ID 543429 – (317) 858-6112, (765) 620-4340 or gpatterson@statebankoflizton.com
Lyn Larison, NMLS ID 763492 – (317) 858-6154 or llarison@statebankoflizton.com

APPLY ONLINE TODAY!

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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
4+
15 or 30 year fixed

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LOAN PROGRAMS
ADVANTAGES
DISADVANTAGES

Fixed Rate Mortgages
30 year fixed
15 year fixed

  • 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

  • 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
FHA Financing
  • Lower down payment
  • Easier to qualify
  • Sometimes you may get lower rates
  • May be subject to income and property value limitations

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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Getting the Right Papers Together

Enjoy a smoother experience by getting the right papers together. You may need additional documents later in the process. If so, we'll let you know.

  • Most recent 1 month’s pay stub(s)
    1. Your pay stub(s) cannot be more than 1 month old at the time you submit your application
    2. If you are paid every week, you need four pay stubs; every 2 weeks, 3 pay stubs; monthly, your last pay stub.
  • Most recent 2 years of your Form W-2 from your employer
    1. Your W-2 is given to you every year by your employer so you can do your taxes
    2. A copy of your W-2 should be attached to your tax return, so you can find it there
    3. If you filed electronically, you or your tax preparer should have a copy of your W-2
  • Most recent 2 months of bank and investment statements
    1. Copy all pages of your statements (front / back) or your entire online statement
    2. Include all accounts (checking, savings, investments) to show you have enough money to afford your down payment and several mortgage payments
  • If applicable, appraisal fee and all pages of purchase agreement
  • If applicable, copy of divorce decree and property settlement
  • If you are self employed or you get paid any commissions, please contact us for any additional document needs.

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Member FDIC
Member FDIC

State Bank of Lizton
Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006

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