Fixed Rate Mortgages|
A fixed rate mortgage allows the interest rate and payment amount to remain the
same over the life of the loan. A fixed rate mortgage is not insured by FHA or
guaranteed by the VA. The interest rate and payment amount is constant allowing
greater control over a household budget.
Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages usually have an introductory rate which can be lower
than the Fixed Rate Mortgage. This allows the homebuyer greater purchasing power.
An adjustable rate mortgage's interest rate is adjusted periodically based on a
pre-selected index. The interest rate will fluctuate based upon the type of
product. The payment amount can fluctuate depending on the rate increase/decrease
and/or the terms of the agreement.
Government Programs types of mortgages are insured by the government, and they
allow for additional financing considerations for qualified applicants. These
programs allow for less to be paid upfront making housing more affordable.
Government programs available are: FHA, VA, RHS and KHC.
Due to changing markets, please contact a South Central Bank Mortgage
Representative for the most current rates. Call South Central Bank today at
Below is a list of items you will need to gather to make the application
process a smooth one. Once you have all the necessary information, you
can complete the pre-qualifying application on-line or contact one of our
South Central Bank Mortgage representatives.
Click Here to Print Checklist.
- Your social security number(s).
- The address(es) of your residence(s) of the past two years, plus
the names and addresses of any landlords during that time.
- Paycheck stubs from the last 30 days that show year-to-date
- Current W-2 forms. If you are self-employed, earn commissions,
overtime, or bonuses totaling over 25% of income, please provide
personal and/or corporate tax returns from the past two years. A
current profit and loss statement and balance sheet are needed for
- The names and addresses of all employers for the past two
- A current bank statement for all checking and savings
- Current statements for CDs, IRAs, stocks, bonds and other securities,
if you intend to use any for downpayment.
- A list of all monthly debts (auto loans, student loans, mortgage
loans, credit cards, etc.), creditor's names, addresses, your
account numbers, minimum monthly payment amounts and balance due
on each account.
- Information on any real estate you already own, including property
address, current market value, mortgage lender's name and address,
loan account number, balance and monthly payment.
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