Home Loans Built for You
When you’re searching for a new home, you put a lot of thought into what features your home has to include. You pay attention to the number of bedrooms and bathrooms, the size of the yard, how many stalls are in the garage, what school your kids will go to, and much more. But do you put that much thought into choosing your mortgage lender? If not, then you should. At Bank of Herrin, we are proud to be one of the longest-serving local lenders in southern Illinois. All mortgage loans are handled in-house by our team so you can depend on local knowledge and local decision making. If you’d like to learn more about our mortgage offerings or browse our current rates, visit our mortgage web center.
Bank of Herrin Mortgage Loan Offerings
| Mortgage Loan | What You Need to Know About This Loan |
|---|---|
Fixed-Rate Mortgage | This mortgage loan allows you to maintain a steady interest rate throughout the term of your loan. This enables borrowers to budget for a steady payment each month with a variety of down payment options available. These are ideal loans for borrowers planning to stay in their homes for at least 10 years. |
Adjustable-Rate Mortgage | Adjustable-rate mortgages have a fixed rate for an initial period. After that initial term, the rate is subject to fluctuations. That makes these loans desirable for borrowers looking to stay in their homes for less than 10 years. |
Federal Housing Administration (FHA) Mortgage | These mortgage loans are offered through the Federal Housing Administration and are designed to help borrowers overcome some of the barriers associated with buying a home. These loans can include lower down payment requirements than conventional mortgage loans. |
Rural Development Loans | Rural development loans are a great option for people looking to purchase a home in a rural area to stimulate growth in those areas. They offer competitive fixed rates and flexible down payment options. These loans are subject to income limits. |
Construction Loans | If you want to build your home from the ground up, a construction loan is a great choice. These loans allow you to pay for costs associated with the construction of your new home, including the purchase of materials and other construction-related expenses. Once the home is built, permanent financing options are also available. |
Veterans Administration (VA) Loans | Available to active-duty service members and veterans, VA loans offer exclusive benefits that include no down payment requirements, no income limits and fixed-rate loans. |
Mortgage Loan Refinance | If the current mortgage rates are lower than when you initially took out your loan, refinancing can help you take advantage of that lower rate. Refinancing can help you reduce the amount of interest you pay, lower your monthly payment and even reduce the term of your loan. |