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Christmas Club 2014 YOUR COMMUNITY. YOUR BANK_261X27

Loan Services - Mortgage Loans 

A home mortgage is one of the biggest financial commitments a person can make.  It's our goal to help you achieve home ownership within the framework of income and asset capabilities.  Just as there are a variety of homes, styles and prices to suit individual needs and circumstances, Hendricks County Bank offers a variety of mortgages to meet different needs.  Whether you are purchasing your first home or your fifth, building a new home, or looking to refinance, Hendricks County Bank has a mortgage product to make it happen.  What's more, we have the people with experience and dedication to see you through the process.  With years of experience in mortgage lending, Hendricks County Bank's staff has worked with borrowers in all different types of situations.

Why Hendricks County Bank?

Hendricks County Bank was founded in 1908 and has had a commitment to the local community since its inception.  We have focused our energy on being the local community bank that meets the needs of the people of Hendricks County.  Today, HCBT remains committed to foundational objectives.  We maintain a strong financial position and have the liquidity to finance home ownership within this community.  The bank has dedicated itself to the well being of community life and the strength and security of families who live here.  When you apply for a mortgage at Hendricks County Bank, you will be working with a "local" person - someone interested in meeting with you, someone with the knowledge and experience to answer your questions, someone with the authority to make decisions.  No, you won't have to call an 800 number and wind your way through a maze of pre-recorded messages. 

Refinance.  Refinance your mortgage to consolidate debt or access cash from your home's equity.  You can reduce monthly payments, make home improvements, consolidate debt, pay college tuition or resolve any number of personal financial issues.

Purchase.  Whether you are purchasing your first home, moving up to a larger one or planning new construction-Hendricks County Bank will work with you to find the best home loan solution.  

Loan Products.  Call or come in to learn about the various mortgage products listed below.  Or view our current mortgage rates and start an online application now.

  • Conventional Mortgages.  The large secondary marketing agencies of Fannie Mae and Freddie Mac are chartered by the United States government and limited by law as to the maximize size of the loans.  Loans that are at or below these loan limits are called "conventional mortgages".  The majority of mortgages will fall within this definition.
  • Jumbo Mortgages.  Loans that exceed the maximum permitted by law for a conventional mortgage are described as a "jumbo".  This loan definition is defined by loan size.
  • Government.  Government loans include "FHA" and "VA".  The Federal Housing Administration and Veterans Administration insure these loans.  But they are limited in amount by federal statute.  Typically, they are used when low down payment, marginal credit or government assistance is required to assist the borrower in qualifying for a loan.
  • Construction Loans.  These are short-term loans used to finance the construction of a new home.  Upon completion of the loan term-or completion of the home-the construction loan must be refinanced and paid in full.  Most of these loans allow for interest-only payments during construction phases.

Types of Mortgages. 

Hendricks County Bank gives you several options.

  • Fixed Rate.  The interest rate remains constant and unchanging over the life of the loan.  Fixed rate loans are offered in terms of 10 to 40 years.
  • Adjustable Rate.  An adjustable rate mortgage (ARM) allows the interest rate to change during the life of the loan.  These rate changes are determined by an index identified in the loan-and other factors such as adjustment period, caps and "margins".  The initial interest rate may be lower than that of a fixed rate mortgage. But when rates change, payment amounts usually change as well.  Take a close look at the detailed program disclosure on the ARM.  Make sure you understand the terms and conditions of these loans.
  • Balloon.  A balloon mortgage is one where the loan balance will not be paid in full by the maturity date and a lump sum payment will then come due.  Monthly payments are often calculated over 30 years-but the loan will typically mature in a period of 3, 5, 7 or 10 years.

 

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