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That's why our experienced lenders work diligently to find financing
solutions that are tailor-made to fit your individual circumstances,
whether you're looking to purchase a new home or refinance your existing
home.
BUYING A HOME
For most of us, buying a
home is one of the biggest and most important purchases we'll make in a
lifetime. At Jackson County Bank, we've been helping individuals and
families achieve homeownership for over 130 years. We know that your
home purchase is a unique and personal experience and we're here to help
you every step of the way.
When it comes to home
mortgages, one size does not fit all. Our knowledgeable, experienced
lenders will assist you in finding the perfect financing solution for
your individual needs.
Choices include
both conventional and government financing programs (WHEDA, VA, Rural
Housing and HUD Section 184).
REFINANCING
With interest
rates holding in the low single digits, there are still opportunities to
consider refinancing. Lowering your interest rate, monthly payment
amount, or consolidating debt are still good reasons to refinance an
existing mortgage. Or maybe you would like to take advantage of the
equity you've built up and want to free up funds for college, investment
opportunities, or maybe even a vacation.
Whatever your wish, our
experienced lenders can assist you in determining if refinancing will help
you achieve your goals. Below are some facts you'll want to consider when
you refinance.
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Your current interest rate
and term vs. the new rate and term.
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Any pre-payment penalties
associated with your current loan.
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The estimated cost to
proceed with refinance including:
loan fees, fees for appraisal, title and escrow.
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Your current credit score
and equity situation.
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The current appraised
value of your property.
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Will you benefit by
consolidating short-term debt into a
longer-term mortgage?
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How long do you plan to
stay in your home? Will you stay long
enough to reap the benefits?
Our experienced lenders will
assist you in evaluating the whole picture to determine if refinancing makes
sense for you. We will provide you with a written good faith estimate which
is a true comparison of any financing offer. Need more information? Call
us at 715-284-5341.
BEFORE YOU APPLY
Before you purchase your home,
you will want to start by checking your credit. It's a good idea to
understand your credit score and review your credit
history at the beginning of the process. Remember: Even if you have
less-than-perfect credit, you may still qualify for a mortgage.
Know
Your Credit History
Credit reports are kept by the
three major credit agencies, Experian, Equifax, and TransUnion. Among other
things, they show whether you have any late payments and whether you have
run into serious credit problems in the past.
You are entitled to one free
credit report from each of the three nationwide credit reporting agencies
each year.
Find out how you can access your free credit report.
A credit score is a number
calculated from a formula created by Fair Isaac based on the information in
your credit report. You have three different credit scores, one for each of
your credit reports. A low credit score may hurt your chances for getting
the best interest rate, or getting financing at all. So get a copy of your
reports and know your credit scores.
Top 5 credit misconceptions
TransUnion is one of the nation's major
credit reporting agencies, maintaining credit histories on an estimated 500
million consumers across the globe. TransUnion has put together a list
of the five top credit misconceptions regarding what you should and
shouldn't do to manage your credit.
Click to read.
HOW MUCH HOME CAN YOU AFFORD?
Calculate the amount of
mortgage you may qualify for using our
Mortgage Qualifier calculator.
Calculate approximately how much you can afford to borrow and about what
your payments would be. This will help you to know the price bracket of the
home you should be looking for. Calculate your debt-to-income ratio by
adding up your monthly debts and dividing by your gross monthly income. A
debt-to-income rate under 28 - 36 percent is usually desired.
What you can afford depends on
your income, credit rating, current monthly expenses, down payment and the
interest rate. Also, take a
careful look at your family budget and your housing needs before you decide
how much you can really afford.
LET'S GET STARTED
The Application
For your convenience, you may begin the application process just by
clicking the "Apply" icon above, or in the upper right corner of this
screen. Once you go to the Real Estate Loan Application page, you will
be able to print an application, and be instructed on what information you
will need to apply. Of course, if you prefer to receive an application
in person, we'd love to meet with you. Please call for an appointment
so we can be sure that our lenders will be available promptly.
715-284-5341 Judy Lee -
ext. 1331, Kim Borgwardt - ext. 1332
Gather your financial records
Once you have made the decision to pursue applying for a
mortgage loan, your Mortgage Loan officer will
work with you to obtain the necessary documentation required for a loan
decision to be made. See our
mortgage loan checklist.
After the application package is
completed
Below are certain steps taken after your loan application is
completed:
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The Mortgage Loan officer reviews your information. The
information is then verified to be sure all documentation needed to
process the loan has been collected. Jackson County Bank will order a
credit bureau report, an appraisal that estimates the current value of
the property and a title search and/or title insurance which are
required to ensure that there are no other liens on the property. A well
and septic inspection may be required based on the type of property.
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Once all the information is collected and reviewed, a
decision is made to approve or deny your loan. You are then notified of
the decision and if approved, can set a closing date.
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The loan officer may request
further documentation. When completed, the information is used to
assemble the "closing package" - the finalized loan documents.
Home Inspections
A pre-purchase home inspection, performed by a
professional, is a visual examination of the readily-accessible areas of a
home to provide an accurate evaluation of the home's condition at the
inspection. This evaluation is presented to the buyer in a comprehensive
report so buyers are fully informed of the home's condition prior to
purchase. A home inspection is not required by Jackson County Bank,
but may give you piece of mind when purchasing an unknown property.
Locking in Your Rate
In most cases, the rates you are quoted prior to application
represent the terms available at the time of the quote. Rates are subject to
change at any time.
The rate lock is Jackson County Bank's commitment to hold a
certain interest rate for a specified period of time (Lock-ins of 30 or 60
days are most common).
You may be able to lock in the interest rate (and number of
points if applicable) at the time of application, during the processing of
the loan or when the loan is approved but in any case prior to closing.
It is important to recognize that a lock-in is not a loan
commitment.
Important: Please give careful consideration to
the timing of your lock request. Unfortunately, if interest rates decline
after your lock has been confirmed, Jackson County Bank cannot renegotiate
your lock. You should only lock a rate when you are certain that you are
comfortable closing your loan at that rate and within the designated period
of time, just as Jackson County Bank has agreed to honor your rate if rates
increase.
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