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Effective Monday, December 21, 2020 our Mattoon location will be drive-up only until further notice. Please call 217.235.5411 for an appointment.

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Mortgage Loans

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“Banking On The Go?” Try Our Virtual Branch. Right CaretLEARN MORE

Now you can enjoy the conveniences of banking at a traditional branch by using our Virtual Branch services for all of your personal banking needs anytime and anywhere! We offer these e-services to ensure that you can engage in banking in a way that meets your needs.

Online Banking

With our extremely convenient Virtual Branch many of your banking tasks – whether checking your accounts or even transferring funds – can now be done on your schedule from the comfort of your home.

Personal Banking Video

Mobile Banking

Mobile banking is a part of our Virtual Branch that lets you access all of your accounts and pay bills anytime, anywhere, with your mobile phone/device. Better yet, it’s free! You can check balances and history as well as set up alerts through text messaging. Sign up for our WSB Mobile app as well to access all of your account information directly from your smart phone or tablet.

Getting Started:

  • Go to your Online Banking account on a personal computer, not a cell phone. If you don’t have an online banking account, call us today to get started!
  • Click on ‘Options’.
  • Click on ‘Enroll Now’ under the ‘Mobile Banking Profile’ option.
  • Set up your account.

It’s that simple. If you have any questions, please give us a call at 217-347-7173.

Mobile Deposit

With the WSB Mobile app, you can take a photo of your check and make a deposit anytime, anywhere! The daily deposit limit is $2,500.00.(Each check is one deposit).

Steps to using Go Mobile Deposit:

    • Before logging into the WSB Mobile app, close all other apps running in the background on your mobile phone.
    • Once logged into the app, select the deposit icon from the menu across the bottom.
    • Sign/endorse the back of your check then put “WSB Mobile Deposit” under the endorsement. (see sample below)

  • When prompted for the amount, carefully enter the check amount to ensure it matches the amount written on your check.
  • Tips for taking pictures of the check.
    • Flatten folded or crumpled checks before taking your photos.
    • Keep the check within the view finder on the camera screen when capturing your photos. Try not to get too much of the areas surrounding the check.
    • Take the photos of your check in a well-lit area.
    • Place the check on solid dark background before taking the photo of it.
    • Keep your phone flat and steady above the check when taking your photos.
    • Hold the camera as square to the check as possible to reduce corner to corner skew.
    • Make sure that the entire check image is visible and in focus before submitting your deposit.
      • No shadows across the check
      • All four corners are visible
      • Check is not blurry
      • The MICR line (numbers on the bottom of your check) is readable
  • After the Mobile Deposit has been accepted and “Deposit Pending” shows up in Mobile Banking, the deposit will appear in your account after the nightly update.

Mobile Video

Online Bill Pay

An easy and convenient way to pay both regular and one-time-only bills, without having to visit the post office or buying stamps!

Personal Billing Video

Online Mortgage Application

Apply for a loan online. Application typically takes less than 20 minutes.

View our rates

Apply Today!

eStatements

Sign up for eStatements and help save the environment.

Receive notification that your bank statement is available to view. You can either click on the link in your email notification or log on to online banking and click on the account and then the documents tab.

Available for any checking account and Tiered Statement Savings Account.

Estate Video

Account-to-Account Funds Transfer

Our convenient online account-to-account transfer platform provides you an easy and secure way to transfer funds from your Washington Savings Bank accounts to and from your accounts at other financial institutions. Whether it’s a one-time, recurring, or future dated transfer, use this tool to make your account to account transfers convenient, fast and safe!

Credit Card Application

Apply for a VISA® Platinum Credit Card that rewards you with points.

Apply Now!

Sign Up For Virtual Branch Today

Washington Savings Bank is committed to helping you find the right mortgage product for your needs. Every borrower is different, and we offer a variety of loan products to meet virtually everyone’s needs.

Make the process of securing a mortgage simple and straightforward. WSB will accommodate all of your financing needs, from the purchase of your first home to your dream home and everything in between. 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.

Apply Online Today

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

Fixed Rate Mortgage

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 are 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
15 Year Bi-weekly †
15 Year ††
20 Year †††
30 Year ††††
Point 0 0 0 0
Rate *2.375% **2.000% 2.625% 2.750%
APR *   2.408%     2.037% 2.654% 2.771%

*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 guaranteed for 45 days from date application is received.

*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

On joint credit applications the lowest credit score will be used to determine the pricing of the loan.

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 $334.83. This payment does not include amounts for taxes and insurance premiums. (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 $652.54. This payment does not include amounts for taxes and insurance premiums. (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 $543.82.This payment does not include amounts for taxes and insurance premiums. (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 $414.23.  this payment does not include amounts for taxes and insurance premiums. (Escrow for insurance and es are not included & will/may increase the payment accordingly)

Credit Application

Fixed Rate Mortgage Credit Application

Apply Online Today

Estimated Closing Costs for a Purchase Transaction in Effingham Area are as follows:
Service
Cost
Appraisal $475.00 est.
Credit Report $54.75 est.
Title Work $200.00 + est. (Title fees on refinance and new construction could vary)
Recording Fees $130.00 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

Loan Application Documentation:

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

Documentation after loan approval:

Copies of last 2 years Federal tax returns, signed and dated with last 2 years W2 forms.

Copy of a recent paycheck stub showing current and year to date salary information.

If self-employed last 2 years of signed Federal Income tax returns and year to date Income Statement and Balance Sheet.

Copies of Statements of IRA, 401K and stock.

Homeowners Insurance binder or policy must be provided to the bank by time of loan closing.

Purchases: Copy of purchase agreement signed by all parties.

Refinances: Current mortgage holder account information.

Other Important Information:

There are no prepayment penalties.

For loans less than 80% loan to value of appraised value or sales price, real estate taxes and homeowners insurance escrow is not required.

Monthly payments are due on or before the 1st day of the month or Bi-weekly every 2 weeks.

We offer automatic payments to loan accounts from your savings or checking account.

Interest is calculated on a 360 day basis on the principal balance.

Closing statements are available for review no later than 3 business days prior to closing.

Down payment check needs to be a cashier’s check or bank money order for the loan closing.

If an appraisal is required to determine value, we will promptly give you a copy, even if your loan does not close.

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

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

Access to paper copies of applications and disclosures can be obtained in any of our three locations.

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# 541155
  • Ryan Joseph Fearday, NMLS# 585947
  • Christopher Kabbes, NMLS# 402338
  • Timothy Hoehn, NMLS# 757274

Mattoon

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

Washington Savings Bank NMLS# 493998

Adjustable Rate Mortgage

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
One Year ARM ††††
Three Year ARM †††††
Seven Year ARM ††††††
Year Rate for first year. 1 year CMT +2.250 after 1st year. Rate for first three years. 1 year CMT + 2.500 after 3rd year. Rate for first seven years, then adjusts yearly, similar to 1-year ARM. 1 year CMT +2.250 after 7th year.
Rate 2.375% 2.625% 2.875%
APR 2.377% 2.627% 2.877%

Caps 2% per year and 5% over life of loan; Floor rate is 2.500%, 2.750%, and 3.000% 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 2.375%, the APR is 2.377%, subject to increase. Your payment schedule would be 12 payments of $388.65; 348 payments of $388.65. This payment does not include amounts for taxes and insurance premiums. (Escrow for insurance and taxes are not included & will/may increase the payment accordingly)

††††† 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 2.625%, the APR is 2.627%, subject to increase. Your payment schedule would be 36 payments of $401.65; 324 payments of $401.65. This payment does not include amounts for taxes and insurance premiums. (Escrow for insurance and taxes are not included & will/may increase the payment accordingly)

†††††† 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 2.875%, the APR is 2.877%, subject to increase. Your payment schedule would be 84 payments of $414.89; 276 payments of $414.89. This payment does not include amounts for taxes and insurance premiums. (Escrow for insurance and taxes are not included & will/may increase the payment accordingly)

Examples

Fee Type Amount
Index 0.080
Margin +2.250
Total   2.330

Rounded to nearest 1/8 = 2.375%

Fee Type Amount
Index   0.080
Margin +2.500
Total   2.580

Rounded to nearest 1/8 = 2.625%

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%.
  • On joint credit applications the lowest credit score will be used to determine the pricing of the loan.
  • Rate is guaranteed for 45 days from date application is received.

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 1 Year Constant Maturity Treasury

NOTE: The table is longer than your screen width. Scroll the table to the right to view the table.

 

Month 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
January 5.03% 3.04% 0.44% 0.41% 0.27% 0.11% 0.14% 0.13% 0.24% 0.65% 0.82%  1.78%  2.59% 1.570% 0.080%
February 5.07% 2.08% 0.60% 0.35% 0.30% 0.15% 0.15% 0.12% 0.24% 0.51% 0.80%  1.89%  2.56% 1.490%
March 4.92% 1.52% 0.70% 0.39% 0.25% 0.18% 0.15% 0.12% 0.25% 0.68% 1.02%  2.05%  2.53% 0.620%
April 4.97% 1.63% 0.60% 0.47% 0.27% 0.18% 0.12% 0.10% 0.22% 0.55% 1.05% 2.10%  2.43% 0.220%
May 4.89% 1.94% 0.53% 0.38% 0.18% 0.18% 0.11% 0.10% 0.24% 0.53% 1.13%  2.27%  2.37% 0.170%
June 4.98% 2.51% 0.56% 0.33% 0.18% 0.18% 0.14% 0.11% 0.28% 0.59% 1.18%  2.31%  2.02% 0.170%
July 5.00% 2.25% 0.46% 0.31% 0.19% 0.20% 0.13% 0.11% 0.26% 0.46% 1.22%  2.36%  1.97% 0.160%
August 4.78% 2.23% 0.47% 0.25% 0.11% 0.18% .012% 0.11% 0.39% 0.56% 1.22%  2.44% 1.78% 0.130%
September 4.15% 2.05% 0.40% 0.26% 0.12% 0.18% 0.13% 0.11% 0.39% 0.57% 1.23%  2.55% 1.81% 0.120%
October 4.24% 1.24% 0.36% 0.24% 0.11% 0.18% 0.14% 0.10% 0.27% 0.67% 1.41%  2.66% 1.63% 0.120%
November 3.72% 1.12% 0.33% 0.24% 0.10% 0.19% 0.11% 0.14% 0.50% 0.70% 1.52%  2.73% 1.58% 0.130%
December 3.20% 0.50% 0.32% 0.29% 0.11% 0.15% 0.14% 0.20% 0.71% 0.84% 1.66%  2.69% 1.55% 0.110%

Credit Application

Adjustable Rate Mortgage Application

Apply Online Today

Estimated Closing Costs for a Purchase Transaction in Effingham Area are as follows:
Service
Cost
Appraisal $475.00 est.
Credit Report $54.75 est.
Title Work $200.00 + est. (Title fees on refinance and new construction could vary)
Recording Fees $130.00 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

Loan Application Documentation:

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

Documentation after loan approval:

Copies of last 2 years Federal tax returns, signed and dated with last 2 years W2 forms.

Copy of a recent paycheck stub showing current and year to date salary information.

If self-employed last 2 years of signed Federal Income tax returns and year to date Income Statement and Balance Sheet.

Copies of Statements of IRA, 401K and stock.

Homeowners Insurance binder or policy must be provided to the bank by time of loan closing.

Purchases: Copy of purchase agreement signed by all parties.

Refinances: Current mortgage holder account information.

Other Important Information:

There are no prepayment penalties.

For loans less than 80% loan to value of appraised value or sales price, real estate taxes and homeowners insurance escrow is not required.

Monthly payments are due on or before the 1st day of the month or Bi-weekly every 2 weeks.

We offer automatic payments to loan accounts from your savings or checking account.

Interest is calculated on a 360 day basis on the principal balance.

Closing statements are available for review no later than 3 business days prior to closing.

Down payment check needs to be a cashier’s check or bank money order for the loan closing.

If an appraisal is required to determine value, we will promptly give you a copy, even if your loan does not close.

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

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

Access to paper copies of applications and disclosures can be obtained in any of our three locations.

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# 541155
  • Ryan Joseph Fearday, NMLS# 585947
  • Christopher Kabbes, NMLS# 402338
  • Timothy Hoehn, NMLS# 757274

Mattoon

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

Washington Savings Bank NMLS# 493998

Construction Mortgage

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

Criteria
9 Month
Rate 2.690%
Points 0
APR * 2.755%

Estimated Closing Costs for a Purchase Transaction in Effingham Area are as follows:
Service
Cost
Appraisal $475.00 est.
Credit Report $54.75 est.
Title Work $200.00 + est. (Title fees on refinance and new construction could vary)
Recording Fees $130.00 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

Loan Application Documentation:

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

Documentation after loan approval:

Copies of last 2 years Federal tax returns, signed and dated with last 2 years W2 forms.

Copy of a recent paycheck stub showing current and year to date salary information.

If self-employed last 2 years of signed Federal Income tax returns and year to date Income Statement and Balance Sheet.

Copies of Statements of IRA, 401K and stock.

Homeowners Insurance binder or policy must be provided to the bank by time of loan closing.

Purchases: Copy of purchase agreement signed by all parties.

Refinances: Current mortgage holder account information.

Other Important Information:

There are no prepayment penalties.

For loans less than 80% loan to value of appraised value or sales price, real estate taxes and homeowners insurance escrow is not required.

Monthly payments are due on or before the 1st day of the month or Bi-weekly every 2 weeks.

We offer automatic payments to loan accounts from your savings or checking account.

Interest is calculated on a 360 day basis on the principal balance.

Closing statements are available for review no later than 3 business days prior to closing.

Down payment check needs to be a cashier’s check or bank money order for the loan closing.

If an appraisal is required to determine value, we will promptly give you a copy, even if your loan does not close.

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

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

Access to paper copies of applications and disclosures can be obtained in any of our three locations.

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# 541155
  • Ryan Joseph Fearday, NMLS# 585947
  • Christopher Kabbes, NMLS# 402338
  • Timothy Hoehn, NMLS# 757274

Mattoon

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

Washington Savings Bank NMLS# 493998

Estimated Closing Costs, Documentation, & Disclosures

Estimated Closing Costs for a Purchase Transaction in Effingham Area are as follows:
Service
Cost
Appraisal $475.00 est.
Credit Report $54.75 est.
Title Work $200.00 + est. (Title fees on refinance and new construction could vary)
Recording Fees $130.00 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

Loan Application Documentation:

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

Documentation after loan approval:

Copies of last 2 years Federal tax returns, signed and dated with last 2 years W2 forms.

Copy of a recent paycheck stub showing current and year to date salary information.

If self-employed last 2 years of signed Federal Income tax returns and year to date Income Statement and Balance Sheet.

Copies of Statements of IRA, 401K and stock.

Homeowners Insurance binder or policy must be provided to the bank by time of loan closing.

Purchases: Copy of purchase agreement signed by all parties.

Refinances: Current mortgage holder account information.

Other Important Information:

There are no prepayment penalties.

For loans less than 80% loan to value of appraised value or sales price, real estate taxes and homeowners insurance escrow is not required.

Monthly payments are due on or before the 1st day of the month or Bi-weekly every 2 weeks.

We offer automatic payments to loan accounts from your savings or checking account.

Interest is calculated on a 360 day basis on the principal balance.

Closing statements are available for review no later than 3 business days prior to closing.

Down payment check needs to be a cashier’s check or bank money order for the loan closing.

If an appraisal is required to determine value, we will promptly give you a copy, even if your loan does not close.

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

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

Access to paper copies of applications and disclosures can be obtained in any of our three locations.

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# 541155
  • Ryan Joseph Fearday, NMLS# 585947
  • Christopher Kabbes, NMLS# 402338
  • Timothy Hoehn, NMLS# 757274

Mattoon

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

Washington Savings Bank NMLS# 493998

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