Washington Savings Bank - Construction Loans

200 South Banker Street • Effingham, IL 62401 • 217.347.7173

RATES EFFECTIVE AUGUST 1, 2008
and current as of today,
Rates subject to change without notice.

• ALL LOANS SERVICED LOCALLY • OWNER OCCUPIED HOMES •
• PRE-APPROVALS AVAILABLE •

PRODUCT	RATE	ANNUAL PERCENTAGE RATE
6 MONTH	5.500%	5.585%
9 MONTH	5.625%	5.683%

Estimated Closing Cost for a Purchase Transaction in Effingham Area are as follows:

•	Appraisal	250.00		Estimate
•	Credit Report	24.00		Estimate
•	Title Work	408.00	+	Estimate	(Title fees on refinances and new construction could vary)
•	Recording Fees	85.00		Estimate	County Recorder for Deed and Mortgage
•	Flood Determination	24.00
•	Documentation Fee	375.00

PMI (if applicable) Mortgage insurance required if over 80% loan.

Loan Application Required Documentation:

1.		Residential mortgage loan application completed, signed by all applicable parties and dated.
2.		Copies of last 2 years Federal tax returns, signed and dated with last 2 years W2 forms.
3.		Copy of a recent paycheck stub showing current and year to date salary information.
4.		If Self employed last 2 years of signed Federal Income Tax returns and year to date Income Statement and Balance Sheet.
5.		Copies of Statements of IRA, 401K and stock.
6.		Copy of purchase agreement signed by all parties.

Refinances:
•		Name, address, account number, and phone number of current mortgage holder when refinancing.
•		Copy of title insurance policy when refinancing your loan.

Other Important Information:

A.		There are no prepayment penalties on any of our real estate loans.
B.		Escrow accounts for real estate taxes and homeowners insurance are not required for loans that are less than 80% of appraisal or selling price .
C.		Payment Options: Monthly payments are due on or before the 1st day of the month, or Bi-Weekly (every two weeks) or Semi-Monthly (twice a month).
D.		We offer automatic payments to loan accounts from your Statement Savings or Checking account.
E.		Interest is calculated on a 360 day basis on the principal balance for Monthly payments,
F.		Interest is calculated from payment date to payment date on Bi-Weekly and Semi-Monthly payments
G.		Closing statements are usually ready the day before closing for inspection by the buyer or seller.
H.		Down payment check needs to be a cashiers check or bank money order for the loan closing.
I.		Appraisals shall remain the property of the Bank and will be solely to determine the fair market value of the property for loan underwriting purposes. Copies of appraisals will be given to customers if the indemnification agreement is signed by the borrower.
J.		Homeowners Insurance binder or policy must be provided to the bank by time of loan closing.

*Contact Jim Rutledge, Randy Jones, or Chris Kabbes if you have any questions on our home loans or any of our other services.

Note: This information is a brief description of loans available for single family residences. It does not fulfill all of the Truth In Lending requirements.

Mortgage Credit Application

Mortgage Credit Application (interactive pdf version)

First Time Homebuyer Program Available

Call for details and appointment

Primary Lending Area, Effingham and Surrounding Counties.

All Loans Serviced Locally. Decisions, Inquiries and Payments made here.

Loan applications available to print from this web site.

Customer eWarning

WASHINGTON SAVINGS BANK will NEVER request any confidential information from a customer such as account number, social security number, PINs or passwords by email or phone call. Never give out confidential information unless you have originated a voice or in-person conversation and we are requesting this for identification reasons.

Never give your PIN or password to anyone, including WASHINGTON SAVINGS BANK Staff. Emails from legitimate sources such as a bank or the FDIC can be faked!

When entering our ebranch (website), only enter directly at www.washingtonsavings.net in your browser. Never allow another website (such as a search engine or other website or bookmark) to transfer you to our website. Websites can be faked if not entered directly!