State Bank of Townsend

Real Estate Loans

State Bank of Townsend is a full service real estate lender that has been helping to turn the dream of homeownership into reality since 1899. We have loan programs to meet all of your needs from the first-time homebuyer to those retiring and thinking about a reverse mortgage and everything in between. We are here to make you mortgage experience a quick and easy process from start to finish.

Whether you are purchasing or refinancing property in Broadwater, Gallatin, Jefferson, Lewis & Clark or Meagher County we are here to help you each step of the way.

We invite you to explore the many options available to you. If you need any further information on any of our mortgage programs please feel free to contact us and our mortgage specialist will be glad to assist you.

How Much Can I Afford?

In determining how large of a mortgage payment you can afford, keep in mind your monthly mortgage payment should not exceed 29% of your gross monthly income and 41% of your gross income when you include your other monthly debt. You should also consider the amount of payment that is comfortable for you. Remember this is only an estimate. Often times when we review your total financial picture we are able to find ways to help you afford more than you thought possible. Our mortgage specialist will be happy to work with you to find the loan that best fits your financial situation.

MORTGAGE CALCULATOR

Pre-Qualification

If you are just beginning your search for a home we suggest you complete our pre-qualification form. Pre-qualification will help determine the amount of mortgage you may be approved for and allow you to shop in a
pre-determined price range.
Please call or e-mail us to mail, fax or e-mail you a Pre-qualification form.

Pre-Approval

Many realtors prefer you shop for the home of your dreams with a commitment letter in hand. A commitment letter specifies the amount of mortgage and type of mortgage you qualify for and provides you with down payment requirements, property requirements as you are shopping for a home.
Please call or e-mail us to mail, fax or e-mail you an application.
*When you complete our pre-approval application you are giving us permission to obtain a Credit Report*

Mortgage Programs
Our mortgage programs provide a variety of competitive market rates to fit your individual needs. As mortgage rates are subject to change frequently we ask that you please contact us for current rate information. Our mortgage specialist will help you find just the right mortgage for your needs and type of housing.

Conventional Loans:
• Borrow up to 95% of purchase price
• Balloon Loans
• Low cost Purchase/Refinance options
• Construction loans
• Investment properties (including lots and raw land)

Government Loans:
• Federal Housing Administration (FHA)
Adjustable Rate Mortgages
Renovation Loans (need additional approval)
Reverse Mortgages
• Veterans Administration (VA)
Interest Rate Reduction Refinance Loan (IRRRL)
• Rural Development Housing programs with lower interest rates for qualified borrowers.

Special Programs:
• Home Start Savings Program – Qualified applicants may receive $3 of grant money to $1 you
   deposit into a savings account with a grant limit of $5,000.00.
• Montana Board of Housing – Special low, long term fixed rates and low down payment for
   first-time homeowners and/or disabled persons.
• Down Payment Assistance Program (DAP) (need approval)

Many of our loan programs provide:
• No application fees (for on-line applications)
• Fast decision times
• Low or no down-payment options (Private Mortgage Insurance may be required)
• Reasonable closing costs
• Automatic payment (with a State Bank of Townsend account)
• Rate buy-down options
• No prepayment penalties

Quick Steps to Owning Your New Home

1. Contact our mortgage specialist at State Bank of Townsend or apply on-line using either
    the pre-qualification form or the pre-approval application. (see the application checklist
    below for a list of needed financial information)
2. Start looking for your new home. You may want to select a Realtor to help you
    create a home buying plan and research your local market.
3. Negotiate your sale price at or below the amount which you were pre-approved.
4. Contact your mortgage specialist at State Bank of Townsend to complete the application
    process by providing us with your purchase agreement and all other material provide to
    you for the property you are purchasing.
5. Work with your mortgage specialist to complete any documents and information
    needed by the Underwriter.
6. Attend the loan closing at State Bank of Townsend. (it usually takes about 30 minutes)
You are now ready to move into your new home!

Application Checklist

Please bring all of the documents that apply to your financial situation to your loan
appointment in order to expedite the processing of your real estate loan.

• All of your W-2’s for the past 2 years, along with names and addresses for the last
   two years and your most recent full month’s pay receipts from your current employer(s).
   If social security or retirement pension is used for income please bring your 1099
   and current award letter(s).

• Your last three months bank statements for each checking and savings account. If you own
   stocks, bonds or other investments and will be using them for the down payment we will
   need copies of the most recent statements with name, address and account number for
   each account.

• Residence addresses including names and addresses of landlords for the past two years.

• Names, addresses, and account numbers for all open credit accounts.

• If you are divorced, bring copies of the divorce and settlement agreement including any
   child support and alimony payments.

• If you are a Veteran applying for a VA loan, we need your DD-214 and Certificate of Eligibility.

• If you have filed bankruptcy in the last seven (7) years, we will need a copy of the original
   filing papers and final discharge.

• If you have written an offer on a property, we will need a copy of all pages of the offer.

• If you own other real estate, we will need the name, address, and loan number for any loans along with copies of all rental agreements, plus your last two (2) years taxes returns. (federal taxes only).

• If your are self-employed, earn a commission, or own 25% or more of the company you work for, we will need your last two (2) years complete income tax returns plus a year-to-date income/expense statement and balance sheet through the most recent quarter.

• Bring your picture identification and social security card.

This checklist is a general overview of the information required for a pre-approval or formal mortgage application. Individual situations may require further documentations prior to making a credit decision.

All loans subject to credit approval.

Please feel free to contact our mortgage specialist:
Reggie Schapp
Phone 406-266-3176
Toll-free 800-735-6385
Fax 406-266-3360
Cell 406-461-5005
E-mail: rschapp@statebankoftownsend.com

400 Broadway - Townsend, MT 59644 - Phone (406) 266-3176 - Toll Free 1-800-735-6385

The State Bank of Townsend

Member

Equal
Opportunity
Lender

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