Home Loan Options
When choosing your new home, you spend a lot of time searching for the home with the right features you want. Take time to choose a home lender who will meet your unique needs. At Iowa State Bank, our focus is on building a relationship with you and working with you to provide the right home loan for you and your family. It’s important for you to know you have options when it comes to choosing your lender, and we’re ready to put our experience and customer-first approach to work for you. If you’re interested in starting your home lending process, please click the button below to access our Mortgage Center and start your online application.
Our Home Loan Offerings
Loan Type | Loan Details |
|---|---|
Fixed-Rate Loan | This is a great option for borrowers who intend to live in their new home for longer than 10 years and want to be able to budget the same payment amount throughout the loan’s term. |
Adjustable-Rate Loan | A solid option for borrowers looking to live in their home less than 10 years, who want to take advantage of a lower rate early in the loan’s term. |
First-Time Homebuyer Loan | These loans are focused on helping first-time home buyers overcome some of the barriers to getting their loan, including reduced down payment requirements. |
| Mortgage Rate Relief | FHLB Des Moines | Available to home buyers or existing homeowners earning up to 80% of area median income (AMI), as determined by the Federal Housing Finance Agency's Underserved Areas Data. All owner/occupant's income must be considered when determining your eligibility for this interest rate reduction product. This includes any income you may have above what is used to qualify for the mortgage loan. Qualified applicants will receive an approximate 2% interest rate reduction below the current market rate. This interest rate reduction only applies to 30-year fixed-rate mortgage loans. |
VA Loan | These loans allow veterans to take advantage of exclusive benefits. |
Construction Loan | These loans are available to borrowers looking to build their dream home from the ground up and cover the costs associated with their new home’s construction. |
Home Equity Loan | A closed-end loan using the equity in your home. For homeowners who want to finance a one-time expense, such as home improvements, education expenses or bill consolidation. |
Home Equity Line of Credit | A revolving line of credit that you draw on as needed. Use the equity in your home to use for expenses using an established credit limit. |
Helpful Home Loan Hints
If you’re serious about a home loan, be prepared to have the following information available:- Borrower’s Name: We’ll need the full legal name of the person (or persons) applying for the loan.(For example, Stanley Richard Jones, Jr. and Melissa Sue Jones – not Stan Jones & Missy Jones, unless those are your legal names.)
- Borrower’s Income & Employment: This helps determine your ability to repay the loan you are applying for.
- Current pay stubs (typically 30 days), if you’re a wage earner.
- Last two years of full tax returns, if you’re self-employed.
- Estimated value of the property.
- Signed purchase agreement, if applicable.
- Government ID for all parties applying for a loan:
- Social Security Number
- Non-U.S. citizens must provide an approved visa or copy of valid green card
- Current assets:
- Bank statements for the past two months.
- Other real estate owned.
- Gift funds.
- Current liabilities (existing debts & obligations):
- Credit card information.
- Auto loan information (and other loans for boats, RVs, etc.).
- Personal loan account information, such as student loans, even if deferred.
- Other liabilities, if applicable:
- Alimony.
- Bankruptcy action.
- Child support order.
- Divorce decree & stipulation.
- If you already own a home, be prepared to share your current mortgage information (including home equity loans) and home insurance policy info.
Other Home Loan Application Tips:
Whether you’re applying for a loan to purchase a home or to re-finance, keep these tips in mind for a smooth application process:- Avoid opening or closing credit lines during the loan process without talking to your loan officer. Changes in your available credit can impact the process and may cause delays. This includes new credit cards and the financing of other items, such as a boat, golf cart or store credit card.
- Stay in contact with your loan officer.
Be responsive to requests for information. Delays can impact your closing dates. - Avoid large deposit transactions.
Contact your loan officer to discuss potential implications. If you must make a large deposit, keep good records of transactions that may appear out of the normal scope of your personal business. - Maintain your employment and income. Discuss potential changes with your lender.
- Got questions? Ask your loan officer.
