Need help understanding Mortgages? We can help.

If you are considering home financing, it helps to fully understand mortgages. For most of us, mortgages are jammed with difficult terminology and dangerous pitfalls. For the average person, the monthly mortgage payment is either their largest or second-largest expense item.

When you’re shopping for a mortgage, you could easily waste many hours and suffer financial losses by not getting the best loan possible. With the tips below, you can strive to become as knowledgeable as possible before you commit to a particular mortgage.


Download our easy-to-understand brochure that breakdown your mortgage and how we can help you walk through the process.  CLICK HERE TO DOWNLOAD

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Fixed-Rate Mortgages

A fixed-rate mortgage allows the interest rate and payment amount to remain the same over the life of the loan, allowing greater control over a household budget.

Adjustable-Rate Mortgages

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

Some types of programs are insured by the government, allowing for additional financing considerations for qualified applicants. In some instances these programs have less upfront costs, making housing more affordable. The government programs available are: FHA, VA, RHS and KHC.

Mortgage Rates

Due to changing markets, please contact a South Central Bank Mortgage Representative for the most current rates. Call South Central Bank today at 270.651.7466 or 888.651.7466.

Mortgage Counseling

If you are having trouble making your mortgage payments, Home Ownership Counseling is available by calling 1.800.569.4287 or by visiting the Consumer Financial Protection Bureau website.

The Kentucky Homeowners Protection Center can help you find a solution to keep you in your home!