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Conventional
A conventional mortgage is a home loan that is not backed by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventional loan at a fixed or adjustable rate with fewer hurdles than a government guaranteed loan. Conventional loans are an excellent option for borrowers with strong credit who can contribute a down payment of at least 3%-5% towards their new home.
USDA
Great for home buyers especially in rural areas, USDA loans are mortgages for people who are ready to step into home ownership, and are backed by the United States Department of Agriculture. For eligible buyers, they feature great benefits such as 100% financing with a low payment and below-market mortgage rates. Interest on the portion of the loan that exceeds the value of the dwelling is not tax deductible. Contact your tax advisor.
FHA
Branson Bank believes everyone deserves the best opportunity to purchase a home. An FHA loan is a mortgage loan that is insured by the Federal Housing Administration. FHA loans are very popular, especially with first-time home buyers because they offer low down payments and have fewer requirements to become approved. Borrowers who prefer not to put down a large down payment, have a lower credit score, or cannot get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario.
VA Mortgages
The VA loan is a mortgage loan issued by approved lenders, such as Branson Bank, and guaranteed by the Department of Veteran Affairs. Most members of the Military, Veterans, Reservists, and National Guard members and their spouses are eligible to apply for a VA loan and no down payment is required. Additional benefits include no mortgage insurance and flexible terms. This program is recognized as a small thank you to the men and women who serve our great country.
Construction Loans
Want to build your dream home instead of buying it? Branson Bank makes construction loans built to last for the length of time it takes to construct your home (about 12 months on average) and you will have access to a predetermined amount of funds that will be approved on dispersal for the various stages of the process. After construction is complete, Branson Bank can also roll the remaining balance into a conventional mortgage while you settle into your dream home.
ARM loans
An adjustable-rate mortgage differs from a fixed-rate mortgage in many ways. Most importantly, with a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an ARM, the interest rate changes periodically, based on the adjustment period, and payments may go up or down accordingly. Lenders generally charge lower initial interest rates for ARMs than for fixed-rate mortgages. At first, this makes the ARM easier on your pocketbook than a fixed-rate mortgage for the same loan amount. Moreover, your ARM could be less expensive over a long period than a fixed-rate mortgage if interest rates remain steady or move lower. Let one of our dedicated mortgage associates help you decide if an ARM is the right choice for you.
Home Equity Loans
HELOC – Home Equity Lines of Credit – A home equity line of credit is an open-end line, allowing you to access the equity in your home whether it be for personal use, home improvements or even college tuition.
unMortgage – Bi-Weekly Loan
The unMortgage is not your average home loan. Long-term, fixed-rate mortgages are serviced in-house at Branson Bank. This Bi-Weekly payment option via automatic debit from your Branson Bank checking account can shave years off of your mortgage.
In order to ensure that your loan transaction is completed in a timely manner, we have provided a checklist of items that will be needed in conjunction with your mortgage application.
At a glance you need:
- Identification
- Pay Stubs
- W-2’s
- Tax Returns
- Bank Statements
- Investment Statements
- Purchase Contract
- Homeowners Insurance
- Bankruptcy Statements (if applicable)
- Rental Property (if applicable)
For the detailed list, download our Mortgage Checklist
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Home Financing
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Refinancing Calculator
Refinancing at a lower rate has the potential to save you thousands of dollars in the long run. However, for refinancing to be worth it, the savings in interest must be greater than the fees (i.e. points, closing costs) involved with the refinancing process. The refinancing calculator will take these fees into consideration and tell you how much you could save (or lose) should you decide to refinance at a lower rate.
Fixed Rate Mortgage Calculator
Given the information on your fixed rate mortgage, the fixed rate mortgage calculator will determine how much your mortgage payments will be.
Adjustable Rate Mortgage Payments Calculator
Calculates the payments and interest on your adjustable rate mortgage.
Balloon Mortgage Payment Calculator
A balloon mortgage consists of paying smaller amounts at first, and then paying the a large portion of the mortgage at one time. This will show you the amount needed for a mortgage with a balloon payment.
Mortgage Comparison Calculator
The mortgage comparison calculator gives you financial statistics on different types of loans.
Payment Plans
You can save a lot of money if you increase your monthly mortgage payment in order to pay it off faster. Find out how much you could save over the life of your loan.
Home Affordability
Computes the most expensive house you can buy.
Loan Consolidation
Factors in the costs and benefits of consolidating your debts to determine whats the financially best way to pay them off.
Calculator Information
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
Calculator Disclaimer
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
Personal Financing
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Car Affordability
Calculates the most expensive car you can afford.
Saving for College
Calculates a monthly savings amount in order to reach your college savings goal.
Big Purchase
Computes how much money you will need to save each month in order to purchase something big.
Borrowing
Based on your financial details, the borrowing calculator determines how much money you can feasibly borrow and pay back.
Loan Rates
Given loan information, determines the interest rate on that loan.
Loan Payments
Determines the payment on a loan with a fixed rate.
Car Purchasing
Helps decide if an Auto Loan or Home Equity Loan is best for purchasing a car.
Debt Elimination
This calculator helps you evaluate various strategies for paying off your debt. When one debt is paid off, the payment amount normally applied to that debt is made available for use against another debt. This is referred to as the rollover strategy. Add an additional monthly payment for debt reduction to accelerate the payoff.
Calculator Information
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
Calculator Disclaimer
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
Investment Financing
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Portfolio Yield
Enter each transaction from your investment portfolio and determine your percentage yields before and after fees and taxes.
Saving to be a Millionaire
Estimates a monthly deposit amount in order to save to a million dollars.
Investment Yield
Determines the return rate on an investment.
Future Investment
Computes what an amount invested today will be worth at some point in the future.
Time Savings
Compute the total amount you would be able to save with monthly deposits.
Needed Rate
Compute the rate of return you would need to reach your savings goal.
Initial Savings
Compute how much money you would need to start with to reach a savings goal.
Monthly Savings
Computes the monthly deposit amount needed to reach a savings goal.
Calculator Information
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
Calculator Disclaimer
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
Retirement Financing
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Traditional vs. Roth
Which is better, a Traditional IRA or a Roth IRA? Traditional IRAs offer tax-deferred earnings and tax-deductible contributions. Roth IRAs offer tax-free earnings, but contributions are not deductible.
Traditional IRA
Use this calculator to compute the amount you can save in a tax-deferred Traditional IRA. Contributions to your Traditional IRA are usually tax deductible now, but you pay taxes when you withdraw the funds in retirement.
Roth IRA
Use this calculator to compute the amount you can save in a Roth IRA where you pay taxes on your income now, but withdraw the funds tax-free in retirement. Because this is a Roth IRA, your contribution limit is after taxes and your effective contribution limit is higher than a Traditional IRA. This calculator allows you to enter your annual deposit amount in "Before Tax" dollars so that the after tax deposit amount is automatically computed for you.
Retirement Savings
Use this calculator to find out how long you can make recurring withdrawals of a specified amount from your savings account.
Retirement Rate
Use this calculator to find out what rate of return you would need to make recurring withdrawals of a specified amount from an account.
Retirement Funding
Use this calculator to find out how much money you must have in your savings account to make recurring withdrawals of a specified amount.
Monthly Spending
Use this calculator to compute how much you will be able to regularly withdraw from your savings account before you run out.
Calculator Information
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
Calculator Disclaimer
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
Lease Financing
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Affordable Lease
This calculator computes the amount you can afford to lease.
Lease Residual
This calculator computes the residual to satisfy a known payment amount, number of payments, lease rate, and lease amount.
Lease Payments
This calculator computes the payment amount necessary to satisfy a known lease amount, lease rate, residual amount, and number of payments.
Lease Rate
This calculator computes the lease rate based on a known payment amount, lease amount, residual amount, and lease term.
Equipment Affordablity
This calculator computes the amount you can afford to lease.
Equipment Residual
This calculator computes the residual to satisfy a known payment amount, number of payments, lease rate, and lease amount.
Equipment Payments
This calculator computes the payment amount necessary to satisfy a known lease amount, lease rate, residual amount, and number of payments
Equipment Lease Rate
This calculator computes the payment amount necessary to satisfy a known lease amount, lease rate, residual amount, and number of payments.
Calculator Information
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
Calculator Disclaimer
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
The ABCs of Buying Your First Home
Buying your first home is one of the most exciting, and often overwhelming, experiences of your life. If properly educated about the process and prepared for each step you will need to take, this can be not only manageable but also enjoyable. No matter your age or stage in life, becoming a homeowner is a huge milestone. Below are tips to help guide anyone looking for their first home.
Know How Much You Can Afford
Don’t set yourself up for disappointment by looking at homes above your budget. Unless you plan to pay for your house in cash, which isn’t the norm, look at how much you have for a down payment as well as what you can spend on your monthly mortgage. Consider the costs for monthly non-house related expenses so you can live a similar lifestyle after the home purchase. While a lender will tell you the maximum financing you’re approved for, this can often be an amount that would make you uncomfortable on a monthly basis. It’s good to also know your credit score as this heavily impacts your loan.
Do Your Research and Be Realistic
You will have to make compromises, and that’s alright. Make a list of the must-haves for your house—include things like neighborhood, schools, commute and nearby entertainment—so you know what the true deal breakers are. Now begin looking at available houses in the desired areas to understand the costs. It’s helpful to discuss if you’re willing to do work, as these houses will cost less, or if you want a home you can move into tomorrow.
Shop Around for Mortgage Options
Banks and lenders may all offer different mortgage offerings and interest rates. Do your homework to understand your options by talking with various financial institutions. Your local community bank is an ideal resource for this type of education and guidance. Alternately, if you have a lender you know you want to use, have this person walk you through your options. This is also an ideal time to organize your financing documents—pay stubs, past years’ W-2s, bank statements, list of assets and debts, etc.—as you’ll need these for the loan approval and don’t want to find yourself in a pinch if you’re missing necessary paperwork.
Get Loan Pre-Approval
This is important for several reasons. First, desirable homes in hot areas will sell quickly, and many realtors won’t take clients to view homes without a loan pre-approval. When you find a house you love, this pre-approval allows you to act quickly and makes you more desirable than someone without pre-approval. Also, this number will set your maximum budget but remember, this may be more than you’re comfortable spending.
Find the Right Real Estate Agent
There are often real estate agents who specialize in certain areas or know about houses before they officially hit the market. Ask friends or your lender for recommendations, and go with the person who feels right. A lot of factors involved with home purchases, especially your first one, are based on emotion.
Understand the Offer Process
You’ve found the perfect first house, now what? Your realtor will help you put together the strongest offer and hopefully, it will be accepted. If you know there will be numerous offers, you will rely on your agent’s expertise to help set your offer above the rest. Your realtor is going to teach you about neighborhood comps, the option period, the home inspection, and much more.
Get a Home Inspection
A home that looks perfect might not be in such great condition behind the walls and under the floors, so a home inspection is a must for your protection. It will make you aware of what might be hiding before you finalize the sale. If the home inspector finds a major problem and you still want the house, this enables you to negotiate the cost of the repair with the seller. Overall, you’ll be much more confident in your purchase after the inspection.
Know What You’re Signing
You’re almost there but it seems like you’re signing your life away at the closing. Your realtor, lender and title agency representative will be happy to walk you through the details of each form you sign so don’t be afraid to ask. Congratulations—you’re now a homeowner!
Branson Bank looks forward to making your home loan dreams become reality. Wherever you are in the home-buying journey, our mortgage videos will help you along the way. To watch the mortgage educational videos Click Here