Home isn’t just where you live. It’s stacks of pancakes and maple syrup on lazy Sunday mornings. It’s bedtime stories and blowing out birthday candles. It’s also one of the biggest investments you’ll ever make.
That’s why choosing the right mortgage lender is almost as important as choosing the right home. You want to work with an expert who understands your needs and can match you with the best possible mortgage loan product.
“Our loan officers have an extremely important role in that they get to know the customer and what’s important to them so they can evaluate how to best help achieve the customer's goals,” said Brad James, mortgage lender at the Bloomington-Normal branch of Marine Bank. “From the start, we establish that we’re going to take care of you.”
Types of loan products
So, what types of mortgage products can Marine Bank offer to get you into your dream home?
Conventional loans are the most common mortgage option. They are not backed by the government and require borrowers to have a lower debt-to-income ratio than other loan options.
“Any customer can come into any one of our branches or go online to make payments and get personal help with their loan at any time for the duration of the loan,” said K’thena Perkins, mortgage lender at the Bloomington-Normal branch. “And that means a great deal to a lot of customers.”
If you feel more at home surrounded by green pastures than by pavement, purchasing a home using a USDA loan, also known as a USDA Rural Development Guaranteed Housing Loan, might be your best bet. Marine Bank offers zero-down-payment USDA mortgage loans for eligible applicants in rural or suburban areas.
First-time homebuyers with credit challenges or little savings can benefit from Marine Bank’s Federal Housing Administration (FHA) loans. If you’re active-duty or have served in the military and are looking for a mortgage with little to no down payment, a VA loan might be right for you.
“You have a family with two or three kids and they want to get a roof over their heads, and that can be stressful,” said Kelly Weber, mortgage lender at the Bloomington-Normal branch. “For us, it’s 100% about learning those relationships, building that trust and delivering the right product.”
What is the Down Payment Plus Program?
If you have good credit and a steady income that is less than 80% of the area median income limits, you may be qualified to buy a home with help from the Down Payment Plus Program. Your household could receive a maximum grant of $6,000 to help cover a down payment or closing costs. Recipients are not required to pay the money back, but they must spend $1,000 of personal funds toward purchasing the home. Recipients must also live in the home for at least five years and attend a homebuyer education course by an approved provider, followed by one-on-one online homeownership counseling with the Embarras River Basin Agency.
“The counseling poses different questions about owning a home and budgeting,” said Brad James. “It might bring something to light that a first-time homebuyer never thought about.”
Right now, interest rates are still at record lows, so it’s a great time to speak with a loan officer, according to Cody.
“As a loan officer, I see people from the first time they come in until they sign that last document and get the keys to their new house. It’s a very rewarding experience,” said K'thena Perkins, at the Bloomington-Normal branch. “No matter the product, we all have the same end goal: to get you into a new home.”
Visit Marine Bank online or call your local branch to get started.
