Mortgage Loans - Homestead Savings Bank

Secured by real estate
1,3,5,7,10 year adjustable, with up to a 30 year amortization (fixed rate for a stated period of time than annual adjustments on the anniversary date)
Interest rates are posted on the daily rate sheet.
- Required for application:
  - Mortgage application
  - Signed borrowers authorization
  - Recent paycheck stub (2 years income tax returns – if self-employed)
  - Recent bank and investment statements
  - Legal description of the property
  - Homeowners Insurance Information

9 month interest only payments
Payments based on outstanding balance
When home is completed they can convert to a fixed rate (automatically converts to a 5 year adjustable rate at the end of the nine months)
End rate if fixed is determined by current market rates
- Required for application:
  - Mortgage application
  - Signed borrowers authorization
  - Recent paycheck stub (2 years income tax returns – if self employed)
  - Recent bank and investment statements
  - Legal description of the property
  - Construction contract