Financing
Take the steps necessary to get an approval letter from the lender stating you are "pre-approved" for a loan in a specific price range. It's important to have this letter before you view any property or make a contract offer to buy real estate. Once you're pre-approved, you know what price range and type of homes you should be looking at that meet your loan requirements. (example site built vs. manufactured, government loan vs. conventional loan).
This communication is provided to you for
informational purposes only and should not be relied upon by you.
Garriott & Associates Realty is not a mortgage lender and so you should contact [entity providing mortgage product(s) identified] directly to learn more about its mortgage
products and your eligibility for such products.
LOCAL LENDERS:
The Callaway Bank
Central Bank of Fulton
Bank Star One, Fulton Branch
Dave Schwinke, Loan Officer
- 573-642-3352
- 800-671-7827
First National Bank of Audrain County
- Connie Nichols
- Second Vice President, Real Estate Lending
- 203 E Liberty, Mexico, MO 65265
- 573-581-2381 Office
- 573-581-1478 Fax
- 573-819-4110 Mobile
- connie_nichols@fnbaudrain.com
US Bank SL-MO-8666 (Providing USDA/RD, FHA, VA, Conventional & Manufactured Home Loans) and MHDC Grants for down payment to qualified buyers)
Pattie Faber, Mortgage Loan Originator
Flat Branch HOME LOANS
Tom Stone, Senior Mortgage Banker, NMLS#588863, MO Licenser#: 5024-MLO
- 101 South Fifth St., Ste. 200, Columbia, MO 65201
- 573.442.3850 x 225 Office
- 573.489.4059 Cell
- 573.442.3851 Fax
- Tom@Flat-Branch.com Email
- www.FlatBranchHomeLoans.com/Tom Website
- State of MO Approved lender for the MHDC Grant Money Program for down payment assistance. To learn more email Tom or check out www.mhdc.com
RIVER REGION CREDIT UNION, JEFFERSON CITY, MO www.rrcu.org
AMERICAN BANK of Missouri "Home Loans are ALL we Do!" NMLS#409183
MARK & DEBORAH GAST NMLS#308730
108 Saint Louis Ave, Fulton, MO 65251
TITLE, CLOSING & ESCROW SERVICES:
BOYD & BOYD TITLE
CREDIT REPORTS:
This link was recommended from the MO Attorney Generals Website:
https://www.annualcreditreport.com/
This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.
Adjustable - An Adjustable Rate Mortgage, or ARM, is a type of mortgage in which the interest rate is adjusted up or down, in accordance with current interest rate levels. The interest rates are tied to an economic index outside of your banks control, such as the Treasury bill rate. Your monthly principal and interest payment will fluctuate with these rate changes. Initially payments will be less than with a fixed mortgage, making this type of mortgage attractive to short-term buyers. Note: Inquire on the "cap", or maximum interest level your mortgage can reach, since it is possible for rates to raise significantly during the term of your mortgage.
Fixed - A fixed rate mortgage, on the other hand, uses both a fixed term (length of time) and fixed interest rate. At the start of the mortgage the rate and term are determined, and as a result the monthly amount for principal and interest payments remain constant for the duration of the mortgage. Fixed rate loans are more attractive to home buyers who plan on spending a long time in their home, or expect no major change in income.
Assumable - Sometimes homebuyers can find a loan which is "assumable." With an assumable loan, the current sellers lender is willing to transfer the existing loan to you, either at the previous interest rate or the current interest rate. Assumable loans are attractive to buyers because they usually require less paper work and less time.
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