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Choosing the right mortgage is an important decision! This is probably
one of the largest investments of your lifetime. Choosing the right
financial institution is equally important. Commercial State Bank
is an independent and locally owned bank offering a variety of programs.
Let us help you select the product that best meets your needs. CSB
makes loans without regard to race, color, religion, national origin,
sex, marital status or age (provided the applicant meets all credit
approval).
Building a home? Let Commercial State Bank provide the financing
from start to finish (lot to completion). We offer a No Point construction
loan! Apply online or for additional information call or visit
any of our facilities.
Commercial State Bank offers No Point fixed rate mortgages with
a variety of terms. Private Mortgage Insurance is required with
the loan value ratio greater than 80%.This insurance is not a deposit,
not FDIC insured and is not insured or guaranteed by the bank or
any federal government agency.
1 – 3 – 5 year ARMS are available for the purchase or
refinance of your home. Upon approval, loans with over 80% loan
to value may not require Private Mortgage Insurance. Commercial
State Bank requires a 20% downpayment. This insurance is not a deposit,
not FDIC insured and is not insured or guaranteed by the bank or
any federal government agency.
The following describes the features of the Adjustable Rate Mortgage
(ARM) program.
- These loans have an adjustable rate feature, meaning your interest
rate and payment amount can change.
- 1 year ARM – interest can change annually, cannot increase
or decrease more than 2%, cannot increase more than 6% over term
of loan and cannot decrease more than 2% over term of loan.
- 3 year ARM – interest can change every 36 months, cannot
increase or decrease more than 2%, cannot increase more than 6%
over term of loan and cannot decrease more than 2% over term of
loan.
- 5 year ARM – interest can change every 60 months, cannot
increase or decrease more than 2%, cannot increase more than 6%
over term of loan and cannot decrease more than 2% over term of
loan.
- 1 year ARM – payment can change annually. Ex: $10,000 15-year
loan with 7.180% as of January 2008, the maximum amount the rate can
rise is six percentage points, to 13.180% and the payment can rise from
$90.89 to a maximum of $123.68 in the fourth year.
- 3 year ARM – payment can change every 36 months. Ex: $10,000 15-year
loan with 7.890% as of January 2008, the maximum amount the rate can rise
is six percentage points, to 13.890% and the payment can rise from $94.93
to a maximum of $119.20 in the tenth year.
- 5 year ARM – payment can change every 60 months. Ex: $10,000 15-year
loan with 7.290% as of January 2008, the maximum amount the rate can rise
is four percentage points, to 11.290% and the payment can rise from $91.51
to a maximum of $104.52 in the eleventh year.
Like most people your home is your biggest asset. Let Commercial State Bank offer you the opportunity to put your equity to work for you. Remodeling your home, credit card consolidation or paying college tuition are few reasons to consider a home equity loan. It may be tax deductable but you will need to consult your tax advisor regarding deductablity of interest.
- – offers instant availability of your home equity simply by writing a check (subject to the terms of your loan) This product allows you to borrow up to 80% of the appraised value of your home minus the balance of your 1st mortgage. If your 1st mortgage is with Commercial State Bank, you may have the option to borrow more. No Points, No Application Fee, No Pre-Payment Penalty ($200.00 document preparation fee will be assessed)
Like most people your home is your biggest asset. Let Commercial
State Bank offer you the opportunity to put your equity to work
for you. Remodeling your home, credit card consolidation or paying
college tuition are few reasons to consider a home equity loan.
It may be tax deductable but you will need to consult your tax advisor
regarding deductablity of interest.
-
– A solution for a one-time expense need. This product allows
you to borrow up to 80% of the appraised value of your home minus
the balance of your 1st mortgage. If your 1st mortgage is with
Commercial State Bank, you may have the option to borrow more.
No Points, No Application Fee, No Pre-Payment Penalty ($200.00
document preparation fee will be assessed).
to calculate
your payments.
To expedite the approval process please review the .
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