Home Loans
Whether you’re looking to buy, build or refinance, State Bank is here to make your mortgage process quick and easy! How are we different from the big banks or mortgage companies? We start with a dedicated local mortgage team that’s always available to answer your questions whose goal is “no surprises” and a smooth process all the way to the closing table. Learn more about our mortgage options below.
Get a little extra time to find the perfect home with Lock-n-Shop
Our Lock-n-Shop pre-approval service locks in your mortgage interest rate for up to 90 days while you shop for your perfect home. And, if rates drop during the lock period, you may exercise a one-time option to lower your rate! It’s a great way to ensure you’re getting the best rate available for your new loan. Contact Us at 765-483-6397 for more information about Home Loans!
First-Time Homebuyer
There are lots of ways to finance your first home, and
State Bank is here to help! We’ll make sure you know the advantages or disadvantages of the different mortgages available and help you pick the one that’s in your best interest. Best of all, we’ll be beside you every step of the home buying process – from pre-approval through closing.
- Down payments as low as 3%
- Part of your down payment may be a gift
- May be eligible for a grant
- Local decision making means fast answers
Renovation Loan
Have a home or thinking of purchasing a home that needs a little more than some TLC? Our NEW Renovation Mortgage is great for homes that need new flooring, HVAC, roofing, or major room updates.
- Available for a purchase transaction or refinance and renovation of existing home
- Project must be complete within 90 days by a licensed contractor
- Max loan-to-value of 90%
- No cash-out allowed
- Secure your rate on loan approval date
Lot Loan
Found the perfect lot for your next home? With our lot loan program, you can buy the lot now, and then finalize your plans for construction anytime within the next five years. Even better, State Bank can provide your construction loan when you are ready to build.
- To be used for potential building project within 5 years
- 5 year balloon term; 15 year amortization
- 20% down payment required
- Maximum loan-to-value of 80%
- Maximum 10 acres
Construction Loan
Our construction loan is designed to help make the process of building your dream home easy. We offer one application, one approval, and one set of closing costs. We’ll even work with your builder/contractor during construction period to make funds available as needed. During construction, you’ll only pay the interest on the outstanding balance. When your house is finished, your loan will convert to a conventional mortgage.
- Competitive fixed-rates
- Maximum loan-to-value of 90%
- Interest only payments during construction
- 12-month draw period
- Builders welcome!
Fixed-Rate Mortgage
Buying or refinancing? We can help! With a fixed-rate mortgage, your rate will be locked in for the term of your loan. We can help you determine which term is best for your situation.
- Competitive rates that never change over the life of your loan
- Terms range from 10 to 30 years
- We service all loans
Adjustable Rate Mortgage
Our Adjustable Rate Mortgage (ARM) program can be used for a purchase, refinance, or cash-out transaction. Your rate will not change during the initial fixed term. Following the fixed-rate period, you are protected with maximum rate adjustments at each rate change and over the life of the loan.
- Initial fixed-rate period of up to 10 years
- Lower initial interest rates
- We service all loans
*All loans are subject to credit approval. Ask your State Bank mortgage loan officer for details on rates and fees. **Certain restrictions apply. NMLS#504503.
