Mortgages are our specialty! When DeWitt Savings Bank was founded in 1887 it was formed for just that reason and mortgage loans continue to be our main focus.
We continue to write fixed rates for those who want protection from market fluctuations and we offer various terms to suit your individual needs.
We offer three different adjustable programs. For each program your interest rate is locked in for 1, 3, or 5 year intervals. When your loan “rolls over” your rate is adjusted to the corresponding treasury bill rate plus a margin. All ARMs have periodic rate and liftetime rate caps. Rates can increase or decrease depending on the treasury bill rate.
Rural Development Loans:
Mortgage Loans with no down payment are now possible. Please contact our mortgage department and find out more about this product.
We also participate in a program funded by the Federal Home Loan Bank. The program is a grant up to $6,000.00 per household on behalf of eligible homeowners based on income.
This is an excellent program for low-income borrowers. If the borrower stays in the home for at least five years the grant money does not need to be repaid. Please contact our morgage department and find out more about this product.
Non Residential Morgages:
We are always happy to talk with potential borrowers about mortgage loans on properties other than single family residences. We have been making mortgages loans on rental property, business property, farm ground and unimproved property for many years, so feel free to contact one of our loan officers about any non residential loan needs.
Once you know approximately how much home is in your price range, use the guide below to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.
The above payment guide is for illustrative purposes only. The guide is based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.
Is Refinancing Right For You? Everyone’s situation is different. Give us a call today and speak to one of our mortgage loan experts at 217-935-9470.
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