At Union State Bank, we are happy to assist you with any financing or general banking questions that you may have as you work through the Home buying and selling process.
With multiple branches throughout the South Central Kansas and Central Oklahoma region, our team of experienced mortgage lenders have been helping people achieve their home ownership goals for decades.
It only takes a few minutes!
Home Mortgage Disclosure Act Notice: The HMDA data about our residential mortgage lending is available online for review. the data shows geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information visit the Consumer Financial Protection Bureau's website www.consumerfinance.gov/hmda.
Conventional Financing Overview
Conventional financing is available for a wide variety of mortgage products including new home purchase, refinance, home equity line of credit, and home improvement loans. Union State Bank provides in-house servicing of most conventional loans.
The first step in buying a house is determining your budget. The mortgage qualifier calculator steps you through the process of finding out how much you can borrow. You can calculate your mortgage qualification based on income, purchase price or total monthly payment.
Maximum Loan to Value Ratio
A conventional mortgage may be obtained for up to 97% Loan to Value.
Use this mortgage calculator to determine your monthly payment and generate an estimated amortization schedule. Quickly see how much interest you could pay and your estimated principal balances. Enter prepayment amounts to calculate their impact on your mortgage.
Minimum credit score for a conventional mortgage is 620.
Use our free credit assessment tool to evaluate your credit status. Your credit is calculated as 'Good', 'Fair' or 'Needs Improvement'. A good credit assessment means you should be able to qualify, within the limits of your income, for most loans. You are also much more likely to receive the best interest rates available. If your credit is fair, you will probably not have trouble qualifying for a loan, but you may not receive the best available interest rate. If your credit rating needs improvement, you may have issues that could limit your ability to qualify for many loans.
Length of Term
Conventional mortgage loans are available from 10 to 30 year terms.
Determining which mortgage term is right for you can be a challenge. With a shorter 15 year mortgage, you will pay significantly less interest than a 30 year mortgage - but only if you can afford the higher monthly payment. Use the mortgage comparison calculator for a comparison of a 15 vs. 30 year mortgage.
Other Terms and Conditions
Some conventional mortgage programs available through Union State Bank's partnerships with third parties will allow for manufactured homes and seller paid closing costs and/or prepaid costs of the buyer of up to 3%. Contact a Union State Bank lender for more information.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.