Mortgage Loans
Your mortgage loan is our opportunity to help you realize your home ownership dreams. Our varied loan programs offer an appropriate option for everyone and our Mortgage Loan Officers will help you choose the option that’s right for you. They will look at all the elements that make up your financial profile, including your credit history, the money you have available for closing costs, and your existing financial obligations. Our team has the experience and expertise to help you own the home of your dreams.
- Conventional Fixed Rate Mortgages
- Adjustable Rate Mortgages
- Bond Money
- Rural Developement Loans
- FHA Loans
- VA Loans
- One Time Close Construction-to-Permanent Loan
- 203k Renovation Loans
Visit with any of our Mortgage Loan Officers to discuss our specific mortgage loan programs or apply now and get pre-qualified for a home loan with Security Savings Bank.
Conventional Fixed Rate Mortgages
No matter how long you choose to finance your home, your payment remains the same each month.This means you can take comfort in predictable monthly payments of principal and interest throughout the life of the loan. Only changes in taxes and insurance will affect your payments.
Adjustable Rate Mortgages
The initial interest rate for Adjustable Rate Mortgages can be locked in for different periods, such as three, five, seven, or ten years. The initial introductory period usually offers a lower interest rate. After the introductory period, the interest rate typically readjusts annually based on market trends.
Bond Money
It’s harder than ever these days to save for the down payment on a home. Periodically down payment assistance programs are available for first time home buyers with limited savings and little credit history.
Rural Development Loans
The US Department of Agriculture guarantees residential mortgage loans that meet their requirements. You may be able to purchase a home with low down payments and competitive interest rates. The key to the program is applicant qualifications and property eligibility requirements.
FHA Loans
A great fit for a first-time buyer or someone with a shortage of down payment funds, an FHA loan allows you to buy a house with less money down than is required to secure many conventional loans. The Federal Housing Administration insures these home loans are designed to meet the needs of homebuyers with low or moderate incomes. An FHA loan offers low down payment requirements with loan limits that are based on geographic locations, generally more liberal qualifying guidelines, and the ability to use gift funds for down payment and/or closing costs.
VA Loans
The Department of Veterans Affairs guarantees mortgages to qualified veterans and active-duty military personnel and their spouses. The eligibility of the veteran will determine the down payment requirement. There are flexible qualifying guidelines; and the ability to use gift funds for closing costs.
Available to anyone who is serving or has served in any branch of the military, these loans offer special benefits including no required down payment, no monthly private mortgage insurance payments, and negotiable fixed or adjustable competitive interest rates.
One Time Close Construction-to-Permanent Loan
Our Construction-to-Permanent Loan program allows you to borrow the money to finance new home construction and convert to permanent financing when construction is complete. This program saves you time and money with only one application and reduced closing costs. Plus, take advantage of financing that is secured before construction begins.
How does it work?
Security Savings Bank sets up a loan, with the first 12 months as the construction phase. You only pay interest based on the amount advanced, with the rate determined by the type of loan. Interest statements are sent monthly.
Draws are made as construction progresses based on completion of work. We’ll inspect the property monthly to document that work has been completed. You, as the borrower (or builder), write the draw checks and authorize payment. Checks and invoices are forwarded to Security Savings Bank, and then disbursed directly to builder, vendors and subcontractors. When construction is complete, the loan automatically rolls into an amortized loan.
Because the loan is made in your name, interest paid may be tax deductible. Just check with your tax advisor.
203k Renovation Loans
Confidently buy that fixer-upper by taking advantage of our low down payment 203k loan program. With a 203k loan, you can finance the purchase of your home as well as the necessary renovations needed to turn it into your dream home. After your loan closes, you’ll have four months to complete the renovations. We’ll roll the renovation costs, inspection costs, a supplemental origination fee and the cost for a title update into a completion escrow account for you. And with an option for refinancing your current home and including home improvements to that current home, this program can add a little comfort to your renovating experience.
