Citizens
Banking Company is now offering
a full range of Home Mortgage Programs.
You
Choose one to fit your needs.
Options:
Fixed
Rate Loan:
Affordable monthly payments calculated for repayment over a range
of time periods. For many, shorter loan periods are a desirable way
to build up equity faster, pay less interest and achieve full ownership
sooner.
Adjustable
Rate Mortgage (ARMs):
One of the lowest starting rates possible makes the initial term payments
attractive. Rate "caps" on ARMs offer future protection
by putting a ceiling on the maximum rate you'll ever have to pay.
Hometown
Mortgage Program
(Loans for low to moderate wage earners): We are proud of our commitment
to community reinvestment and to the wage earners who thought they
could never afford a home. Among our innovative programs could be
one just for you. We will be pleased to discuss your needs and explain
all the details about affordable home ownership.
Types
of Mortgage Loans Available
• 1 - 4 family residential
• Low to moderate - income program
• Multi-family (5 or more units)
• Residential & commercial construction
• Industrial & commercial
• Home equity loans
Qualifying
for a Mortgage Loan
The following factors are considered for every mortgage application
taken:
• Your ability to make payments (income)
• The value of the property you are purchasing or borrowing against
(appraised value)
• Your credit record (credit report)
• The assets you have to pay the down payment and closing costs
(savings, stocks, etc.)
• A simplified worksheet has been provided below so that you can
determine for yourself whether or not you can afford that new home.
What
to Bring When Applying
• Purchase agreement
• Two years tax returns
• Recent paystub
• Self-employed application - personal/business tax returns for the
past two years
• Cash/check for appraisal fee/flood certification/and credit report
• Savings and checking account numbers (verification of accounts)
• List of debts (account numbers, monthly payments, and balances)
• General value of assets
• Employer's name, address and phone number
• Social security numbers
• If renting, name and address of Landlord
• Construction loans - copy of blueprints, draft of exterior picture,
and bid from contactor (if applicable)
• Divorce/separation papers if applicable
Mortgage
Worksheet Debt/Income Ratio
(A) ____________________
Gross monthly income
(Line 31 Federal Tax return ÷ 12)
MONTHLY
DEBT
(1) ____________________
Auto Payments
(2) ____________________
Credit Card Payments
(3) ____________________
Child Support
(4) ____________________
Student Loan Payments
(5) ____________________
Other Loan Payments
(6) ____________________
New Mortgage Payment
(B) $___________________
Total Monthly Debt
(Add lines 1-6)
Divide
total monthly debt (B) by gross monthly income (A) =___________% (C)
(C) should
not exceed 36% to be considered for a mortgage loan with The Citizens
Banking Company.
Our mortgage
specialists are waiting to help you with this worksheet or any other
questions you may have concerning mortgage loans.
To
Learn More About Home Mortgage Loans, Call Our Loan Specialists.
The Citizens
Banking Company offers
a full range of Home Mortgage Programs.
You
choose one to fit your needs:
Options
Fixed Rate Loan:
Affordable monthly payments calculated for repayment over a range
of time periods. For many, shorter loan periods are a desirable way
to build up equity faster, pay less interest and achieve full ownership
sooner.
Adjustable Rate Mortgages (ARMs):
One of the lowest starting rates possible makes the initial term payments
attractive. Rate “caps” on ARMs offer future protection
by putting a ceiling on the maximum rate you’ll ever have to
pay.
• 100% Mortgage Financing
• No Cash Down Payment Required
• Purchase your dream home today instead of waiting until tomorrow!
• Keep your hard-earned cash and investment portfolios intact
• No Private Mortgage Insurance (pmi)
• Save thousands of dollars over the term of your mortgage loan
• Competitive Interest Rates
• No pre-payment penalties
• Reduced closing costs
• Possible 100% Mortgage Deduction
• Take advantage of the full interest deduction on your brand
new home! (consult a tax professional for details)
• Build Equity Fast With 100% Financing
• Conventional Mortgage Programs
• No government red tape or hassle
Hometown Mortgage Program
(Loans for low to moderate wage earners): We are proud of our commitment
to community reinvestment and to the wage earners who thought they
could never afford a home.
Among our innovative programs could be one just right for you. We
will be pleased to discuss your needs and explain all the details
about affordable home ownership.
Pre-Approval & Getting Started
Now, you can save up-front time and up-front cash with a Citizens
Bank Home Loan.
• Pre-Approval: Apply for a loan before you go house hunting
and you’ll be able to target the house that’s right for
you. Once you are pre-approved for your own loan amount, the rest
of the process could be much easier than you thought. The realtor
and seller will be assured of your approval. And, once you’ve
made your buying decision, the time it takes to close the transaction
will be much shorter.
• Getting Started: Buying a home
shouldn’t be complicated for the creditworthy. Our mortgage specialists
are specialized and trained to guide you through all the steps. They’ll
go through the details of all the options that are too numerous to
mention here. And they’ll answer all your questions. After all,
our goal is simply to help you achieve your dream of owning your own
home.
What to bring when applying
• Each borrower’s social security number
• A list of all assets owned
• A list of all debts owed
• Verification of employment
(recent paycheck stubs; W2 forms and tax returns for the past 2 years)
Your mortgage specialist may ask for additional information.
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