Your Home is Within Reach.
Buying a home is no small feat. There are several questions you might be asking yourself:
- Is a fixed rate mortgage or an adjustable rate mortgage better for me?
- When is the best time to take out a mortgage loan?
- How much can I afford monthly?
It’s a lot to learn and understand. We’re here to help!
We have several resources to assist you in making the best decision possible, and simple steps to guide you through your mortgage loan process.
Unlike a hat, one loan certainly doesn’t fit all. That’s why we offer a wide range of loan options for your every need- from Fixed Rate loans to Balloon loans, we have what you need. To find out more about or current mortgage rates or request more information, please contact Sam Lines (NMLS ID# 578435), Jan Wetta (NMLS ID# 578436), Shawn Berschauer (NMLS ID# 250143) or Kim Bugner (NMLS ID# 578435) at 316-260-3755.
For all Legacy Bank Loan Originators, registered with NMLS, click here
Fixed Rate Loans
Monthly principal and interest payments stay the same for the duration of the loan. Fixed rate loans provide the homeowner with a predictable monthly payment for ease in budgeting. Fixed rate loans also offer an option to refinance if interest rates decrease.
FHA (Federal Housing Administration)
FHA loans are insured by the Federal Housing Administration, and are designed to make housing more affordable. More lenient loan qualifications are provided in comparison to a conventional loan. Lower down payments and relaxed qualifying guidelines make FHA loans ideal for first-time homebuyers and low-to-moderate income homebuyers.
USDA Rural Development Loans
This USDA backed loan offers borrowers 100% financing with low monthly PMI. This program has specific income and property location guidelines, but is a great program for first-time homebuyers with little or no down payment.
VA (Veteran’s Administration) Loans
This VA backed loan offers borrowers 100% financing with no monthly PMI. This program is set up specifically for active military or veterans. There are no income or property location guidelines associated with this program.
Jumbo loans provide fixed rate financing for borrowers who are purchasing or refinancing properties that require large loan amounts (loan amounts beginning at $417,001).
Adjustable Rate Mortgages
Adjustable Rate Mortgages (ARMs) normally begin with an initial rate that’s lower than the standard fixed rate loan. Following an initial fixed rate period (1, 3, 5 or 7 years), the interest rate can adjust annually based on the movement of a specific index plus a margin not to exceed 2% every year and 6% over the life of the loan. Monthly payments change as the rate changes annually.
The initial payment of an ARM is usually lower, an ARM may be preferred if you need the lowest possible initial payments or if you plan to keep your home only a few years. Jumbo Loans are available at adjustable rates.
Found the perfect location but just not ready to build? We will loan up to 80% of the purchase price of your lot. Purchase the land and have time to design your dream home. When you are ready to build, Legacy bank can fund your construction loan. Contact Us to find out more about our great lot loan program.
Home Equity Line of Credit
This line of credit can be used for several things, including home improvements, get-away vacations, college tuition and more. You’ll find opportunities to enjoy life where you never thought to look before!
Balloons are short-term loans with monthly payments which are based on loans amortized or 15-20 years. At the end of a balloon term, the unpaid principal balance of the loan becomes due and payable. An extension option is offered to the borrower at the end of the balloon term, however it’s not automatic or guaranteed. The borrower must request the extension and meet certain qualifying criteria in order to take advantage of this option. “Contact us”;[contact-us] today to find out more about this product.
Second home loans
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