Mortgage Loans
Benefits | How
Do I Qualify | What Can I Apply For | Learn
About: Protection | HELOC
At Cabarrus Bank & Trust, we take the
guesswork out of financing your next home. Selecting the
right mortgage is just as important as selecting the right
home. This is an exciting time for you and we can help make
the loan application process go more smoothly. That's why
we are here!
We know you have better things to do with your
time than to wait on a loan approval. Mortgage Lending, one of
many financial services offered at Cabarrus Bank & Trust,
features local decisions with fast response times, competitive
rates and low fees. We welcome the opportunity to discuss how
we can assist you.
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Let
us share the benefits of a Mortgage Loan
with you!
Download and Print an Application |
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If you are unable to view the Mortgage
Application  please
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Benefits:
- Local Decisions
- Fast Response Times
- Competitive Rates
- Low Fees
- We Service Our Mortgage Loans
- Automatic qualification for Leadership
Banking
- You can authorize Automatic
Loan Payments from your checking or savings account.
Once established, the payment
will be deducted regularly from your account. This is a
handy and worry-free way to be sure payments are always
made on time.
In today's economy, it pays
to take advantage of the opportunity to deduct interest,
paid on your Mortgage Loan or Home Equity Line of Credit,
from your income taxes. In most cases, the interest
paid is fully deductible. (A Tax Advisor should
be consulted regarding tax deductibility)
About Us:
We are committed to delivering quality products
and services and adhering to a high standard of customer
care. We offer a variety of mortgage loans
to suit your needs and would
be happy to answer any questions you might have.
When you do business with Cabarrus Bank & Trust
your money provides capital for local businesses, creates
local jobs and improves the quality of life for families.
We want what’s best for our communities, friends and
neighbors … together we are Making a Difference.
How Do I Qualify For A Mortgage Loan?
In order to qualify for a mortgage loan with Cabarrus Bank & Trust,
four factors are taken into consideration:
Creditworthiness
A history of good credit and a
positive credit rating are essential to obtaining
a mortgage loan. |
Repayment Ability
The sum of your loan principal,
interest, taxes and insurance should generally not
exceed 28% of your gross monthly income. In recent
years these ratios have become much more liberal,
taking into account a variety of factors to determine
your repayment ability. |
Marketability of Property
Cabarrus Bank & Trust will order
an independent appraisal of the property you wish
to finance. The appraisal is reviewed to ensure the
property meets loan guidelines. In most cases, the
value of the property should meet or exceed the property's
sales price. |
Sufficient Funds For Closing
The amount varies depending upon
the loan program you choose. |
What Kind Of Loans Can I Apply For?
Conventional Fixed-Rate Mortgages
We offer fixed-rate financing to fit your budget
and financial goals. In most cases, the interest
rate is established at the time of application.
A fixed rate takes the guesswork out of your monthly
mortgage payments. For your added flexibility,
we offer terms from 10-30 years.
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Construction Loans
Our one-time close construction-to-permanent
loan offers flexibility to finance new construction
while guaranteeing permanent financing when construction
is complete. The permanent interest rate is established
at the time of application. After loan approval,
funds are advanced in stages as construction proceeds.
Interest Only Payments are due monthly on the outstanding
balance. Once construction is complete the loan converts
to a conventional fixed-rate mortgage. |
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(Equal Housing Lender)
