Real Estate Loans
First National Bank of Odon retains all servicing for your mortgage with us which means you send the payments to us and you can talk to a live person anytime about your mortgage loan. We also understand your house is a big investment so we keep our closing cost low.
Fixed Rate Loans (In House)
7, 12 year fixed rate
Fixed Rate Loans (Banc Mac with First National Bank of Odon retaining servicing)
15, 20, 30, 40 year fixed rates
100% financing available (PMI* required over 80% LTV**)
Adjustable Rate Mortgages (A.R.M)***
1 year adjustable amortized for 20 years with a 2% term cap and 6% life cap
3 year adjustable amortized for 20 years with a 2% term cap and 6% life cap
Construction Lines of Credit
1 year fixed rate with quarterly interest only payments
Land Loans
5 year fixed balloon amortized for 15, 20, 30 years
Please contact Debbie Brower and she will be happy to answer all your questions.
* Private Mortgage Insurance (PMI) is insurance protecting the lender against loss on a mortgage if the borrower defaults
** Loan to Value (LTV) this is the result of dividing the amount borrowed by the value of the collateral
***Adjustable rate mortgage have a set term (1 or 3 years) with a fixed interest rate during that term. When the term has expired the interest rate is recalculated for the next term. This recalculation of interest occurs at the end of each term until the final maturity date. This recalculation is controlled by the term cap. This means the loan’s interest can not increase more than the cap per term or recalculation period. An example of this would be a 1 year A.R.M would recalculate interest every year, while a 3 year A.R.M would recalculate interest every three years.
