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Personal
Mortgage
Real
Estate Loans
At a glance
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Legends Bank offers a full line of real estate mortgages, from
"in house" low cost mortgages with a great deal of
built-in flexibility, to conventional fixed and adjustable rate
home loans with up to a 30 year amortization. We also offer
construction financing at very competitive rates and without
many of the fees generally charged by other banks. |
Best
For
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Our
"in house" product is especially popular for properties
which do not meet uniform property standards for conventional
mortgages, such as rural properties with larger acreage, and
mobile homes unattached to the underlying real estate. It is
also popular for borrowers who may not meet conventional mortgage
underwriting standards, because of past credit status or other
reasons, or who want additional flexibility in loan terms such
as other than monthly payments. Conventional mortgages offer
customers an opportunity to purchase properties with lower down
payments and longer amortizations than generally available with
the "in-house" loan. |
Features
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Legends Bank's "in-house" mortgage loans generally have
lower fees than conventional mortgages, with the bank charging
only for certain document preparation fees and out of pocket expenses such as filing fees and title
insurance. The borrower typically saves paying for an outside,
independent appraisal, since those are usually required only
when the loan amount exceeds $250,000. Loans may be in amounts
up to 80% of the value of the collateral, and for amortization
periods of 15 to 20 years, depending on the type of real estate.
Legends Bank also can attach a type of home equity feature
to these loans, allowing the customer to borrow additional amounts
against their property in the future without additional fees.
Conventional mortgages can be for repayment periods of up to
30 years, and may be made for up to 95% of the value of the
collateral. Certain borrowers may qualify for special programs
such as first time homebuyer programs and low to moderate income
programs offered in conjunction with the Missouri Housing Development
Commission. Both fixed and adjustable rate mortgages are available.
Special programs are also available for those who may not qualify
for standard conventional mortgages. Legends Bank, member
FDIC, is an equal housing lender. |
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