Mortgage Loan Solutions
Just like homes, home loans can come in all shapes and sizes, and it’s important to find the right one for you and your budget. Monroe Bank & Trust offers a complete suite of Mortgage Loan Solutions to fit an array of Mortgage needs.
Adjustable Rate Mortgage (ARM)
With an Adjustable Rate Mortgage (ARM) from Monroe Bank & Trust, your interest rate is fixed for a predetermined initial period. Rates then go up and down with the market throughout the term of your mortgage, so you know your interest is always competitive.
- ARMs typically offer initial interest rates that are lower than fixed-rate loans – making monthly payments affordable.
- Great solution if you anticipate increased income in the near future or if you plan on staying in your home for 3-5 years.
Fixed Rate Mortgage
You want an affordable monthly payment that’s predictable. A Monroe Bank & Trust Fixed-Rate Mortgage offers you a competitive interest rate that stays the same for the life of your loan, so it’s very easy for you to manage your budget.
- Predictable fixed monthly payments based on amount borrowed and term of loan.
- Convenience of one monthly payment.
- This is the perfect choice if you are planning on staying in your home for a long time.
|15 Year Fixed||4.500%||4.755%||0.000%|
|30 Year Fixed||4.750%||4.899%||0.000%|
Build your dream home even before you sell your current residence. A Monroe Bank & Trust Construction solutions offer attractive rates and repayment terms. From the floor plan to the kitchen tile, building your own home comes with lots of choices. But none is more important than financing.
- No money down with a lien on your existing residence.
- Creative financing techniques – your construction can begin prior to the sale of your existing home.
- Refinance at a later date with a Monroe Bank & Trust loan that best fits your budget at that time.
- Interest-only payment options available during the construction phase.
- One-time closing allows financing for both construction and end mortgage.
For many, condominiums offer a low-maintenance lifestyle. Strange, then, how financing for condos is traditionally so complicated. With Monroe Bank & Trust Condominium Financing, we provide exceptional financing options for owner occupied warrantable condominium projects.
Low Down Payment
Get into your new home with a lower down payment from Monroe Bank & Trust. You can start building equity right away… without draining your savings account in the process.
Home Equity Solutions
Home Equity lending allow you to use the money you’ve put into your home to pay for a wide variety of large purchases. Cars, boats, home furnishings, home repairs and bill consolidation, the list goes on. You’ve worked hard to pay for your home. Get creative with how it can pay you back.
Home Equity Loan (Owner Occupied) Rates
|Product||Loan to Value||Term||Best Rate||APR|
|6/1 ARM Home Equity Loan||80% LTV||Up to 240 Month Note||5.250%||5.484%|
|10/1 ARM Home Equity Loan||80% LTV||Up to 240 Month Note||6.000%||6.059%|
Home Equity Line of Credit (HELOC) Rates
|Product||Loan to Value||Best Rate||APR||Points|
|Line of Credit||85% LTV||Prime Rate -.01%||4.990%||0.000%|
Schedule an Appointment with a Mortgage Expert
When you bank with Monroe, you’ll have the benefit of a personal Mortgage Expert who will walk you through the sometimes complicated Mortgage Process. Your Mortgage Expert will go through the various types of loans and their individual benefits, and help you find the best solution.
Let Monroe Bank & Trust help you do the math to see if refinancing makes sense. Evening & Weekend Appointments Available.
Monroe Bank & Trust's Mortgage Process
Step 1- Submit Application
The Uniform Residential Loan Application captures information about you, your finances, and details of your potential mortgage. Early disclosures will be sent promptly.
Step 2- Gather Documents
Gather your supporting documents. This information helps us determine whether your credit history reflects your willingness and ability to repay the loan and ultimately how much you can afford to spend on your home. We look to see that you have the reserves to make your payments should you suddenly lose your income. We’ll let you know what documents are needed. Now we process and verify the information you gathered.
Step 3- Processing (Approximately 3 Business Days)
After the credit is approved, disclosures are prepared and given to you. We’ll review your information at each stage to make sure it is complete and consistent which prepares your application for underwriting. If an appraisal is required, it will be ordered during this stage. Now we submit your application to an underwriter.
Step 4- Underwriting (Approximately 10 Business Days)
Each loan will be sent to an underwriter who reviews the application, supporting documentation, financial information, sales contract, appraisal and title commitment to be sure all necessary criteria and regulations are met. Underwriting services are completed by a company not associated with Monroe Bank & Trust. The underwriter independently determines if all the terms and conditions of the loan can be fulfilled by the borrower within acceptable risk tolerances. The Underwriter either approves your loan or requests more information (Clearing Conditions).
Step 5- Clearing Conditions (Approximately 14 Days)
“Conditions” are requests by the underwriter for additional information in order to make a decision. If underwriters request additional information, don’t delay. Requests could be a Verification of Employment from your workplace, proof of where your funds came from, or other unique requests. Once conditions are cleared, we’ll issue a “clear to close” and your closing will be scheduled.
Step 6- The Closing (30-45 Minutes for refinance, 1-2 Hours for Purchases)
We’re here! This is the final step in the application process. Three days before closing, you will be provided a closing disclosure that includes the lender’s, attorney’s, realtor’s and title fees as well as taxes and insurance escrows.
Other products of interest:
Loan rates vary by product, down payment, credit score and other criteria. It is the reader’s responsibility to confirm or verify any rates, fees or penalties with the Bank by contacting the Customer Service Center at 800-321-0032, or online at www.mbandt.com by completing and submitting the Contact form which may be accessed from any website page. All products and services are subject to approval.