Mortgage Loans
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.
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 | *5.875% | **5.875% | 6.125% | 6.375% |
| APR | *5.859% | **5.878% | 6.129% | 6.377% |
*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 $418.82. 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 15 year term. The principal & interest payments per month for 180 months for this example would be $837.15. 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 $725.90. 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 $630.42. 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)
Credit Application
Fixed Rate Mortgage Credit Application
|
Service
|
Cost
|
|---|---|
| Appraisal | $500.00 est. |
| Credit Report | $120.00 est. |
| Title Work | $200.00 + est. (Title fees on refinance and new construction could vary) |
| Recording Fees | $150.00 est. County Recorder for Deed and Mortgage |
| Flood Determination | $24.00 |
| Documentation Fee | $495.00 |
| Employment Verification Fee | $100.00 per applicant (if applicable) |
| Closing Fee | $275.00 (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 the last 2 years’ Federal tax returns, signed and dated with the 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 the 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
- Christopher T. Kabbes, NMLS# 402338
- Timothy Joe Hoehn, NMLS# 757274
- Jacob Schuette, NMLS# 2300135
Mattoon
- Gary L. Otto, NMLS# 412172
- Kathi Lynn Bottorff, NMLS# 525608
- Blake A. Masse, NMLS# 2240653
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 | 6.500% | 6.750% | 6.875% |
| APR | 6.529% | 6.779% | 6.727% |
Caps 2% per year and 5% over life of loan; Floor rate is 5.000%. 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 6.5000%, the APR is 6.529%, subject to increase. Your payment schedule would be 12 payments of $632.07; 348 payments of $632.07. 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 6.750%, the APR is 6.779%, subject to increase. Your payment schedule would be 36 payments of $648.60; 324 payments of $648.60 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 6.875%, the APR is 6.727%, subject to increase. Your payment schedule would be 84 payments of $656.93; 276 payments of $635.93. 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 | 4.22 |
| Margin | +2.250 |
| Total | 6.470 |
Rounded to nearest 1/8 = 6.500%
| Fee Type | Amount |
|---|---|
| Index | 4.22 |
| Margin | +2.500 |
| Total | 6.720 |
Rounded to nearest 1/8 = 6.750%
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 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January | 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% | 0.41% | 4.730% | 4.830% |
| February | 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% | 0.070% | 0.80% | 4.700% | 4.760% |
| March | 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% | 0.080% | 1.020% | 5.040% | 5.00% |
| April | 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% | 0.060% | 1.670% | 4.530% | 5.040% |
| May | 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% | 0.060% | 2.100% | 4.720% | 5.190% |
| June | 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% | 0.050% | 2.140% | 5.290% | 5.120% |
| July | 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% | 0.080% | 2.850% | 5.420% | 5.050% |
| August | 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% | 0.080% | 3.120% | 5.360% | 4.650% |
| September | 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% | 0.070% | 3.480% | 5.390% | 4.220% |
| October | 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% | 0.090% | 4.150% | 5.440% | 0% |
| November | 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% | 0.150% | 4.740% | 5.380% | 0% |
| December | 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% | 0.250% | 4.730% | 5.140% | 0% |
Credit Application
Adjustable Rate Mortgage Application
|
Service
|
Cost
|
|---|---|
| Appraisal | $500.00 est. |
| Credit Report | $120.00 est. |
| Title Work | $200.00 + est. (Title fees on refinance and new construction could vary) |
| Recording Fees | $150.00 est. County Recorder for Deed and Mortgage |
| Flood Determination | $24.00 |
| Documentation Fee | $495.00 |
| Employment Verification Fee | $100.00 per applicant (if applicable) |
| Closing Fee | $275.00 (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 the last 2 years’ Federal tax returns, signed and dated with the 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 the 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
- Christopher T. Kabbes, NMLS# 402338
- Timothy Joe Hoehn, NMLS# 757274
- Jacob Schuette, NMLS# 2300135
Mattoon
- Gary L. Otto, NMLS# 412172
- Kathi Lynn Bottorff, NMLS# 525608
- Blake A. Masse, NMLS# 2240653
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 | 6.875% |
| Points | 0 |
| APR * | 6.923% |
|
Service
|
Cost
|
|---|---|
| Appraisal | $500.00 est. |
| Credit Report | $120.00 est. |
| Title Work | $200.00 + est. (Title fees on refinance and new construction could vary) |
| Recording Fees | $150.00 est. County Recorder for Deed and Mortgage |
| Flood Determination | $24.00 |
| Documentation Fee | $495.00 |
| Employment Verification Fee | $100.00 per applicant (if applicable) |
| Closing Fee | $275.00 (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 the last 2 years’ Federal tax returns, signed and dated with the 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 the 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
- Christopher T. Kabbes, NMLS# 402338
- Timothy Joe Hoehn, NMLS# 757274
- Jacob Schuette, NMLS# 2300135
Mattoon
- Gary L. Otto, NMLS# 412172
- Kathi Lynn Bottorff, NMLS# 525608
- Blake A. Masse, NMLS# 2240653
Washington Savings Bank NMLS# 493998
Estimated Closing Costs, Documentation, & Disclosures
|
Service
|
Cost
|
|---|---|
| Appraisal | $500.00 est. |
| Credit Report | $120.00 est. |
| Title Work | $200.00 + est. (Title fees on refinance and new construction could vary) |
| Recording Fees | $150.00 est. County Recorder for Deed and Mortgage |
| Flood Determination | $24.00 |
| Documentation Fee | $495.00 |
| Employment Verification Fee | $100.00 per applicant (if applicable) |
| Closing Fee | $275.00 (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 the last 2 years’ Federal tax returns, signed and dated with the 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 the 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
- Christopher T. Kabbes, NMLS# 402338
- Timothy Joe Hoehn, NMLS# 757274
- Jacob Schuette, NMLS# 2300135
Mattoon
- Gary L. Otto, NMLS# 412172
- Kathi Lynn Bottorff, NMLS# 525608
- Blake A. Masse, NMLS# 2240653
Washington Savings Bank NMLS# 493998
Downpayment Plus® Program
Let us help you lower your borrowing costs.
Wanting to purchase a home? Have a steady income and good credit? Washington Savings Bank and the Federal Home Loan Bank of Chicago may be able to help lower your borrowing costs.
Up to $10,000 may be available for eligible homebuyers to use toward down payment and closing costs through the Downpayment Plus® Program. Contact one of our loan officers today to see if you are eligible for the Downpayment Plus® Program.
Homebuyers must meet income eligibility requirements and:
- Contribute at least $1,000 to the purchase of the home.
- Complete pre-purchase homebuyer education and counseling
- Live in the home as your primary residence
We at Washington Savings Bank are committed to helping our community. Let us help lower your borrowing costs if you qualify for this new program.
*Downpayment Plus® is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago.
Washington Savings Bank NMLS# 493998
