Mortgage Loans

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Rates Effective as of today's date. Rates subject to change without notice.

 

 

Washington Savings Bank is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of loan products to meet virtually everyones needs. We can accommodate all of your financing needs, from the purchase of your first home to your dream home and everything in between. We make the process of securing a mortgage simple and straightforward. Our commitment to customer service and our community begins with our experienced staff dedicated to providing you the information you need to make sound financial choices.

Fixed Rate Mortgages

A fixed rate mortgage offers one level payment over the term of the loan. Fixed rate mortgages generally have terms up to 30 years. Shorter-term loans available with higher monthly payments but offer the benefit of lower interest expense. A longer-term mortgage provides lower monthly payments with the possibility of qualifying for a higher mortgage amount.

Criteria
Point 0 0 0 0
Rate *3.250% *3.250% 3.750% 4.125%
APR *  3.283%  3.336% 3.781% 4.208%

*Fees and APRs can vary based on credit history and other loan attributes.

Fixed loan rates subject to change daily. Must qualify for secondary mortgage market. Rate is locked in when title work is complete, appraisal received, all required documents are received and closing date is set.

*15 Year Rate Bi-weekly will increase by 2.00% for applicants with a credit score below 620

**15 Year Rate will increase by 2.00% for applicants with a credit score below 620

Minimum down payment requirement: 5%. If the down payment is less than 20%, mortgage insurance may be needed which could increase the payment and APR.

The above rate assumes a 20% down payment on a loan amount of $100,000 with a 15 year term with bi-weekly payments. The principal & interest payments every two weeks for this example would be $351.09 (escrow for insurance and taxes are not included & will/may increase the payment accordingly).

†† The above rate assumes a 20% down payment on a loan amount of $100,000 with a 15 year term. The principal & interest payments per month for 180 months for this example would be $704.94 (escrow for insurance and taxes are not included & will/may increase the payment accordingly).

††† The above rate assumes a 20% down payment on a loan amount of $100,000 with a 20 year term. The principal & interest payments per month for 240 months for this example would be $592.89 (escrow for insurance and taxes are not included & will/may increase the payment accordingly).

†††† The above rate assumes a 20% down payment on a loan amount of $100,000 with a 30 year term. The principal & interest payments per month for 360 months for this example would be $488.12 (escrow for insurance and taxes are not included & will/may increase the payment accordingly).

 

Service
Cost
Appraisal $475.00 est.
Credit Report $37.00 est.
Title Work $200.00 + est. (Title fees on refinance and new construction could vary)
Recording Fees $90.00 est. County Recorder for Deed and Mortgage
Flood Determination $24.00
Documentation Fee $495.00
Closing Fee $225.00 (Purchases)
Closing Fee + Secondary Market fees Make Inquiry

If you have any questions on our home loans or any of our other services, please contact us.

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Adjustable Rate Mortgages

Adjustable rate mortgages (ARMs) may provide a lower initial interest rate than fixed rate mortgages. The interest rate is adjusted at periodic intervals throughout the life of the loan. This may be a good choice if you plan to sell your home in a few years or if you anticipate a substantial increase in income.

Criteria
  Rate for first year. 11th COF +2.250 after 1st year. Rate for first three years. 11th COF + 2.500 after 3rd year. Rate for first seven years, then adjusts yearly, similar to 1-year ARM. 11th COF +2.250 after 7th year.
Rate 3.125% 3.625% 4.000%
APR * 3.128% 3.628% 4.030%

Caps 2% per year and 5% over life of loan; Floor rate is 2.875%, 3.500%, and 3.875% respectively.  ARM’s have a maximum of a 30 year amortization.

†††† The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. For a 30 year 1 year ARM loan with a $100,000 loan amount (assuming a 20% down payment) at a start rate we have recently offered a 3.125%, the APR is 3.128%, subject to increase. Your payment schedule would be 12 payments of $428.38; 348 payments of $428.38

††††† The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. For a 30 year 3 ARM loan with a $100,000 loan amount (assuming a 20% down payment) at a start rate we have recently offered a 3.625%, the APR is 3.628%, subject to increase. Your payment schedule would be 36 payments of $456.05; 324 payments of $456.05.

†††††† The APR, interest rate and principal and interest payment are subject to increase and will change after the loan is closed due to market-driven changes to the index. For a 30 year 7/1 year ARM loan with a $100,000 loan amount (assuming a 20% down payment) at a start rate we have recently offered a 4.000%, the APR is 4.030%, subject to increase. Your payment schedule would be 84 payments of $477.42; 276 payments of $477.42.

Example

Fee Type Amount
Index  0.616
Margin +2.250
Total   2.866

Rounded to nearest 1/8 = 2.875%

Example

Fee Type Amount
Index   0.616
Margin +2.500
Total   3.116

Rounded to nearest 1/8 = 3.125%

 

Loan to Values exceeding 70% AND

  • Applicants with credit score below 680, the loan interest rate will be upcharged 1.25%.
  • Applicants with credit score below 640, the loan interest rate will be upcharged 2.00%.
  • Rate locked in when title work is completed and closing date set.

Minimum down payment requirement: 5%. If the down payment is les than 20%, mortgage insurance may be needed which could increase the payment and APR.

The 11th District Cost of Funds Index

Month 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
January 1.811% 2.183% 3.347% 4.392% 3.970% 2.455% 1.786% 1.484% 1.224% 0.962% 0.768% 0.698% 0.664% 0.616%
February 1.841% 2.317% 3.604% 4.376% 3.560% 2.03% 1.614% 1.469% 1.206% 0.999% 0.709% 0.700% 0.670%  
March 1.815% 2.40% 3.624% 4.299% 3.280% 1.627% 1.859% 1.452% 1.163% 0.967% 0.701% 0.687% .0678%  
April 1.802% 2.515% 3.759% 4.224% 3.111% 1.380% 1.852% 1.359% 1.140% 0.970% 0.682% 0.680% .0690%  
May 1.708% 2.622% 3.884% 4.293% 2.918% 1.832% 1.791% 1.360% 1.118% 0.951% 0.667% 0.687% .0691%  
June 1.758% 2.676% 4.090% 4.283% 2.829% 1.599% 1.797% 1.338% 1.116% 0.954% 0.668% 0.659% 0.690%  
July 1.816% 2.757% 4.177% 4.277% 2.698% 1.473% 1.753% 1.350% 1.094% 0.954% 0.676% 0.643% 0.693%  
August 1.875% 2.870% 4.277% 4.359% 2.693% 1.412% 1.713% 1.316% 1.069% 0.956% 0.667% 0.639% 0.703%  
September 1.931% 2.972% 4.382% 4.383% 2.769% 1.272% 1.663% 1.276% 1.038% 0.963% 0.663% 0.651% 0.601%  
October 1.960% 3.074% 4.346% 4.233% 3.125% 1.259% 1.654% 1.218% 1.011% 0.963% 0.671% 0.649% 0.598%  
November 2.025% 3.190% 4.358% 4.172% 3.155% 2.094% 1.571% 1.201% 1.000% 0.783% 0.686% 0.644% 0.603%  
December 2.118% 3.296% 4.396% 4.072% 2.757% 1.828% 1.508% 1.221% 1.071% 0.784% 0.692% 0.655% 0.599%  

 

Estimated Closing Costs, Documentation, & Disclosures

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Construction Loan Rates

If you plan to build rather than buy, our experience will help guide you quickly and easily through the building process. Our construction loans make it easy for you can concentrate on making important decisions regarding your home, not your finances.

Criteria
9 Month
Rate 2.750%
Points 0
APR * 2.815%

Estimated Closing Costs, Documentation, & Disclosures

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Estimated Closing Costs, Documentation, & Disclosures

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

Closing Cost Item Amount Description
Appraisal 475.00 Estimate
Credit Report 37.00 Estimate
Title Work 200.00+ Estimate (Title fees on refinances and new construction could vary)
Recording Fees 90.00 Estimate (County Recorder for Deed and Mortgage)
Flood Determination Fee 24.00  
Loan Documentation Fee 495.00  
Closing Fee 175.00 (Purchases)

Loan Application Documentation:

  1. Residential mortgage loan application completed, signed by all applicable parties and dated.

Loan Application Documentation after loan approval:

  1. Copies of last 2 years Federal tax returns, signed and dated with last 2 years W2 forms.
  2. Copy of a recent paycheck stub showing current and year to date salary information.
  3. If self-employed last 2 years of signed Federal Income Tax returns and year to date Income Statement and Balance Sheet.
  4. Copies of Statements of IRA, 401K and stock.
  5. 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:

  1. There are no prepayment penalties on any of our real estate loans.
  2. Escrow accounts for real estate taxes and homeowners insurance are not required for loans that are less than 80% of appraisal or selling price.
  3. Monthly Payments are due on or before the 1st day of the month, or Bi-weekly every 2 weeks.
  4. We offer automatic payments to loan accounts from your Statement Savings or Checking account.
  5. Interest is calculated on a 360 day basis on the principal balance.
  6. Closing statements are ready the day before closing for inspection by the buyer or seller.
  7. Down payment check needs to be a cashiers check or bank money order for the loan closing.
  8. 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.
  9. Homeowners Insurance binder or policy must be provided to the bank by time of loan closing.

Important Disclosures

* FEES and APRS can vary based on credit history and other loan attributes.

Points – Finance charges paid to the lender as part of the closing costs. Each point equals 1 percent of your total mortgage loan.

APR – Annual Percentage Rate

If you have any questions on our home loans or any of our other loan services, please contact us at one of our convenient locations in Effingham or Mattoon.

Effingham

  • Randolph Leo Jones, NMLS ID 541155
  • Ryan Joseph Fearday, NMLS ID 585947
  • Matthew Donald Dasenbrock, NMLS ID 557490

Mattoon

  • James McCoy, NMLS ID 412174
  • Gary Otto, NMLS ID 412172
  • Kathi Bottorff, NMLS ID 525608

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.

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