Home Loans

Home Banking Lending Home Loans

Mortgages, refinancing solutions and construction loans

Home.

It’s where you start a family, relax after a long day of work and where memories are made. This is perhaps the most important purchase you will make in your lifetime. Our role at State Bank is to ensure you get the right mortgage in place to help you purchase your home without putting yourself in a hole.

An Experienced Mortgage Lending Team

Mortgages and home purchases can be complex, so it can pay (literally) to have knowledgeable mortgage professionals on your side. Our mortgage lenders will work with you to find the right home loan for your unique needs.


Lending Solutions for Purchases, Refinances and Construction

Our mortgage team can provide the best solution for your home loan needs:

  • Adjustable-rate mortgages
  • Fixed-rate mortgages
  • Refinancing your current mortgage
  • Construction loans to build the home of your dreams

 

Apply for your mortgage or mortgage refinance with State Bank today!

 

 

Home Loan Types Comparison

Loan TypeCOmmon Uses for this loanSome Benefits of this loanTerms offeredMaximum Loan Amounts
Home Equity Installment LoanHome Improvements; debt consolidation; Vehicle, RV or just about any larger scale purchase.Favorable interest rates; affordable payments; potential tax deductibility of interest expense (check with your tax preparer.)Up to 5 years fixed interest rate;  Adjustable rates beyond 5 years.May borrow up to 90% of the value of your home less any prior lien mortgage balance.
Home equity line of credit (HELOC)Home Improvements; debt consolidation; Vehicle, RV or just about any larger scale purchase.The convenience of a revolving line of credit for future uses without having to apply for a new loan; potential tax deductibility of interest expense (check with your tax preparer).Monthly variable interest rate (rate indexed to Prime); Loan established for 10-year term.May borrow up to 90% of the value of your home less any prior lien mortgage balance.
Adjustable Rate Mortgage (ARM) Purchase of a new home or refinance of your existing home;  May be most appealing when the life of the loan is expected to be shorter such as under 10 years.Generally more flexible approval standards; Payments and all loan servicing retained at State Bank; Generally lower closing costs as compared to a fixed rate 1st mortgage loan.3 to 5 years fixed followed by adjustments to the interest rate and payment in 3 or 5 year increments thereafter (rate indexed to the US Treasury for the term chosen.)May borrow up to 90% of the purchase price or appraised value.
Fixed Rate MortgagePurchase of a new home or refinance of your existing home; May be most appealing when the life of the loan is expected to be longer such as over 10 years.Peace of mind knowing that the interest rate and payment will not rise during the life of your loan.Fixed interest rate for the duration of the loan.Qualified borrowers may borrow up to 100% of the purchase price in conjunction with some programs; May borrow up to 95% of the appraised value in a refinance transaction.
Construction LoanYou want to build the home of your dreams.Temporary multiple- advance loan to complete the building process; interest accrues only on the amount of the loan advanced;  interest only payments during the term of the loan.Fixed or variable interest rate depending on the anticipated duration of the building project.May borrow up to 80% of the total cost of the project.

 

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Preparing to Buy a Home

There is a lot of planning that goes into buying a home, whether you’re a first-time home buyer or have gone through the process before. Here are a few steps you can take to ensure a smoother process before you even apply for a mortgage from State Bank.

Start saving for your down payment. A larger down payment benefits you in a couple of ways. First, it decreases the amount of the home price that you have to finance. The less you finance, the less you pay in interest over the life of the loan. This benefit is amplified if you can make a down payment that is equal to or larger than 20 percent of your new home’s value because you then avoid the necessity of Private Mortgage Insurance.

Focus on improving your credit score. A great credit can help you get a better interest rate on your mortgage. It can help you save hundreds on interest payments over the life of your loan. Request a credit report at www.annualcreditreport.com and examine it for any errors. You should also continue to make on-time payments for any debt you have, such as credit cards, student loans or auto loans. Huge changes in your credit score are a long-term project, so be patient and stay committed to improve your score.

Determine how large of a loan you could qualify for.  Your finances play a crucial role in determining how large of a mortgage you may qualify for. Our Mortgage Qualification Calculator can help you get a better idea of the maximum loan you’re eligible for based on your current income and monthly expenses.

Research home prices in your area. Understanding prices of homes in the area you are looking at ensures you’re able to spot homes priced accurately and those that are inflated. Historical home sale data can also show you upward or downward trends in what homes have sold for and verify if you have enough money saved or are able to get a large enough mortgage for that particular area.

Prioritize what you want...and be willing to compromise. What’s most important to you in a new home? Create a list of priorities for a new home, but be willing to compromise with what’s available in your price range. The last thing you want to do is take out a larger mortgage on your own than you can afford simply to check off all the boxes on your wish list.

Once you feel you’re ready, you can apply for a mortgage from State Bank online or by contact a mortgage lender and scheduling an appointment.


Ready to Apply? Here's What You'll Need

Income:

  1. Pay Stubs representing the most recent 30 days.
  2. W-2 forms from the previous two years.
  3. If alimony or child support is relied upon for qualifying income –  copy of divorce decree or separation agreement with evidence of receipt such as deposit slips, court records, or bank statements to show twelve (12) months’ receipt. (*NOTICE:  Alimony, child support, or separate maintenance income need not be revealed if the applicant chooses not to have it considered for repaying the loan.)
  4. If social security or disability income is relied upon for qualifying income – copy of award letter from Social Security Administration.
  5. If retirement income is relied upon for qualifying income – copy of letters from the organization, Employer Letter, Award Letter, IRS W-2, 1099, or signed federal tax returns for proof of receipt.
  6. Two years signed personal Federal Tax returns including K-1’s are needed in the following circumstances:
    1. Borrower’s income is derived from self-employed means including proprietorship and farming operations
    2. Borrower has ownership in the company he/she is employed
    3. Borrower is employed by family
    4. Borrower has income from rental properties
    5. Borrower’s compensation is largely commission
    6. Borrowers income is derived from retirement or investment accounts
  7. Two years signed Business Federal Tax Returns and YTD Income Statement are needed when the borrower has 25% or more ownership in a business as evidenced by the K-1 from personal tax returns.

Assets:

  1. Bank account statements - most recent two months preceding application.
  2. Retirement or investment account statements – most recent 2 months or quarterly statement.

Miscellaneous:

  1. Divorce decree or separation agreement may be applicable if recent and if some account ownership (including loans) show joint ownership.
  2. Gift Letter may be applicable if down payment funds are being derived from gifted funds from family or significant other.  Additional guidance will be provided by a lender.
  3. Purchase Agreement – signed by all parties if the loan is to purchase a new property
  4. Sales Agreement and/or settlement statement – signed by all parties if an existing property is being sold.
  5. Lease Agreements – for any rental properties owned.

You can apply easily online or contact one of our mortgage lenders to get started!

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