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Personal Banking
Home Loans
Helping our neighbors achieve the American dream of homeownership is a tradition for Heritage Bank. Our lending experience dates back to 1927 when we made our very first home loan for $1400.00. Although homes cost a bit more today, we still custom build our home loans to fit your needs.
Buying a home is an important decision and finding the right financing is an important step in getting you there. The key to obtaining the right financing is to find the best terms as well as the best people. Our Home Loan Experts are experienced professionals, they know their business and can make the process easier for you. We offer a wide variety of home loans designed to fit your financing needs.
Home Financing OptionsWeoffer Home Financing OptionsWe offer home loans for every type of homebuyer. Our Home Loan Experts match the benefits of a specific loan type with your needs and goals. Here are some of the basic financing options with brief descriptions:
Fixed Rate MortgageWith a fixed rate mortgage you will have the same interest rate for the life of your loan. And, you can choose from a wide variety of repayment terms, with 15, 20, 30, and 40 years being the most common. Adjustable Rate Mortgage (ARM)These mortgages feature interest rates which fluctuate with the market. Generally you obtain a lower initial rate than fixed rate mortgages. That rate can rise or fall with an interest rate index usually tied to Treasury Bills. ARM payments are adjusted annually. FHA/VAThe Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government-insured loans. These loans have features which make them easier for first time homebuyers to obtain. They offer low down payments and flexible lending guidelines. First Time Home BuyersThis loan program is designed specifically for first time homebuyers with low or moderate income. The down payment requirements are lower than traditional home loans while still offering competitive interest rates. Freedom LoanThe Freedom Loan is a fully amortized, short term real estate loan designed for customers looking to pay off their existing mortgage. The Freedom Loan features a 5, 7, or 10 year term. There are no closing costs; simply a modest application fee. Custom Construction LoanOne-step financing combines both construction and permanent mortgage in the same loan package. Interest-only payments are required on the construction funds disbursed during the building phase. When your home is completed, your mortgage is already in place. RefinancingWhether you're looking at refinancing your mortgage to lower your monthly payment, switch to a fixed rate, or get cash out to finance a major expense, we have the mortgage refinance products and information you need. Applying for a loan at Heritage Bank is easy. The first step in starting the loan process is the completion of your loan application. To make the application process quicker, we've provided a checklist of the information as well as additional forms below.
Website for Homeowners Seeking ReliefThe Department of the Treasury and the Department of Housing and Urban Development launched a new Website for consumers seeking information about the Making Home Affordable loan modification and refinancing program. The site -- www.MakingHomeAffordable.gov -- offers interactive self-assessment tools to help borrowers determine if they are eligible to participate and calculate the monthly mortgage payments reductions under the program. Information to Gather Before You Contact a Housing Counseling Agency Foreclosure AlternativesIf you are having difficulty making your mortgage payments, one of the most important things you can do is be proactive. Review the terms and conditions of your mortgage; learn about the foreclosure process for residents in your state and what may lead up to it. Contact your lender to discuss available options to help you.To contact your Mortgage Loan Officer please call toll free or email Gather Your Financial DocumentsYou will need to have the following documents when you meet with your loan representative to discuss options for avoiding foreclosure:
Contact a Certified Housing Counseling Agency Additional Resources Washington State Department of Financial Institutions: HUD Housing Counseling Washington State:
http://www.hud.gov/local/wa/homeownership/hsgcounseling.cfm to visit this useful and informative site. FormsChecklist |
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