Community Bank & Trust can help you get the right mortgage.
Rates for home loans are some of the lowest ever. You could buy or refinance a home with far lower payments than ever before, leaving you with more money for other things you want and need. Our experienced mortgage lending staff will help you through the process.
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Types of Mortgage Loans
Conventional Loans – Choose a fixed or variable rate, with terms up to 30 years.
Special Home Loan Financing – Government-sponsored home loan programs offer incentives for homeownership.
- VA Loan: Guaranteed by the U.S. Department of Veterans Affairs, this loan offers flexible terms and no down payment for qualified military veterans and veterans’ survivors.
- FHA Loan: The Federal Housing Administration offers a loan with a low down payment, easy qualification, and help with closing costs.
- THDA Loan: First-time home buyers, or people who haven’t owned a home in three years, may qualify for lower-rate loans sponsored by the Tennessee Housing Development Agency.
Construction Loans – Building a new home takes cash, and you can borrow for the construction at competitive rates, with affordable closing costs. Once your new home is done, the loan can be transfered to a permanent mortgage loan.
Save Money: Refinance Your Home
Interest rates are at historically low levels, and if current rates are at least 1.5% below what you’re paying now, you could save big by refinancing. Talk with us about your existing mortgage to see if you can:
- lower your monthly payment
- shorten your repayment term
- convert equity to cash, with possible tax advantages
Mortgage Loan Checklist
When you’re ready to apply for your new home loan, or to refinance your current loan, we’ll need several types of information. Please check off each item as you collect your documents:
- Names and social security numbers of all applicants
- Complete addresses of all applicants for the last two years; if you are renting, we’ll also need the names and addresses of your landlords
- Sources of income for the last two years, including the names and addresses of employers
- W-2 forms or other proof of income for the last two years, and most recent pay stub showing current year-to-date earnings
- If you include income from child support and/or alimony payments, include court records or cancelled checks to show payments received
- For all deposit accounts – checking, savings, stocks, and bonds – statements from the most recent three months, showing names, addresses, account numbers, and balances
- A list of all loans, including current mortgage, credit cards, installment loans, lines of credit, auto loans, and student loans; include namesand addresses of lenders, account numbers, balances, and monthly payment amounts
- A copy of the sales contract signed by the buyers and sellers
- A check for the application fee, credit report, and appraisal
In certain circumstances......
- Last two years’ income tax returns, with all schedules, if you are self-employed, and a profit-and-loss statement for the current year
- A list of any other properties owned and their current market values; amounts owned on the properties, including the names and addresses of lenders or lien holders, with account numbers,
- monthly payments, and current balances owed. Will also need copies of your last two years’ income tax returns, with all schedules. If the properties are rented, please include copies of the leases.
- If you have filed for bankruptcy during the last seven years, include a copy of your petition and discharge, a letter explaining why you filed, and documentation of your credit since the bankruptcy.
This checklist is for your convenience, to help make the application process smoother. Before any mortgage loan is made, you will receive a good faith estimate and full disclosure of all the terms of the loan.