We
offer many options and terms; and you can trust us for quick processing,
great rates, and friendly and knowledgeable Mortgage Lenders.
For a better understanding of the steps necessary for acquiring a
mortgage, please click here. To print an application click here.
- Mortgage Rates
- Home Purchase
- Fixed Rate Loans
- Balloon Loans
- Construction Loans
- Bridge Loans
- Reverse Mortgages
- Refinancing Your Current Home Loan
- Home Equity Loans
One of life's biggest thrills is buying your own home. It is also the largest purchase most people will ever make. Whether you are a first-time home buyer, relocating to the Wisconsin/North East Illinois area, or building a new home, Southport Bank can help make your dream of home ownership a reality. We promise you the friendly, personalized service you want and need when choosing the home loan option that is best for you.
The majority of home loans are generally fixed rate loans. The advantages are simple: you have the stability and peace-of-mind of knowing that your principal and interest payments will not change over the life of the loan. You are then able to plan your monthly household budget around an unchanging mortgage payment. We offer a variety of rates and terms to meet our customer's borrowing needs.
Balloon loans provide a fixed rate for a short period, and then may be renewed at the current market rate for another balloon term or refinanced into a Fixed Rate Loan product (see above).
Construction Loans and Bridge Loans
Building your new home can be a lot of work, but
the financing of it doesn’t have to be. Southport Bank has a
construction loan that will convert to a fixed loan after the construction
is completed. No need to do new financing after the home is done;
you only have to worry about moving in!
If you are using the equity in your current home as part of the down
payment, we can provide a “bridge loan” to use as the
down payment on your construction project. The bridge loan is paid
off with the proceeds when you sell your current home. Any mortgage
against your present home will be paid off and rolled into a note,
including the balance due, the collateral amount and nine months of
interest. Therefore, no payments are required for the term of construction.
This can also be used on a purchase of a new home.
Southport Bank has contacts with leading Reverse
Mortgage lenders, and we are committed to serving Seniors to learn
more about and take advantage of the benefits of the Reverse Mortgage
Programs.
A Reverse Mortgage is a special type of home loan. A reverse mortgage
enables homeowners 62 years of age or older to tap into their home
equity. With a reverse mortgage, you don't make monthly payments-you
receive them. What's more, reverse mortgage loans are not due or payable
as long as you occupy your home as your primary residence. Simply
stated, you get the equity in your home returned to you, to use, as
you need it.
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Refinancing Your Current Home Loan
Choosing to refinance your home is usually due to changes in your financial needs or changes in market rates. Money for home improvements, college tuition, other large financial expenditures can be rolled into a home mortgage loan. As mortgage loan rates drop, it may make sense to refinance your home at the lower interest rates. Other borrowers choose to shorten the term of their loan repayment to save interest costs and reduce repayment time. In many cases, it may make more financial sense to get a Home Equity Line of Credit. Contact our mortgage bankers for help with your refinancing needs.
Use the equity in your home to purchase a car,
go on vacation, or refinance to a lower rate with Southport Bank Home
Equity Loans. These loans are based on the available equity which
is the difference of the current value less what you owe on a first
mortgage, and can also be done when getting your first mortgage with
Southport Bank. Whether you are looking for a fixed rate home equity
loan or a revolving line of credit, Southport Bank can fit you into
one of our great home equity loan products. Apply
online, contact us, or call or visit any of our convenient
office locations.
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