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Mortgages

Fixed-Rate and Adjustable-Rate Home Loans

Homeownership is a huge step in life, so it’s best not to leave your mortgage up to chance. We offer two main options when it comes to financing a home purchase: fixed-rate and adjustable-rate loans. Each has their own benefits and works better for certain homeowners.

Fixed-Rate Mortgages

Fixed-rate mortgages are a common loan type in which the interest rate stays the same throughout the life of the loan. A fixed-rate loan is beneficial for a number of reasons and advantageous for certain homeowners.

  • Allow you to easily budget around your mortgage payment, as it is the same from month to month.
  • Is a great solution for those planning on owning the home for a long period of time.
  • Benefits homeowner who expect their income to remain steady over the life of the loan.

Our fixed-rate home loans are available for longer terms if needed, and are originated, processed and closed by Charter Bank. Following the closing, your loan is then sold to a customer service-oriented mortgage company to be serviced by them. Taxes and insurance are usually escrowed and made a part of the monthly payment.

Two Ways to Apply for a Fixed-Rate Mortgage
 

ONLINE APPLICATION

Our Secure Online Loan Application (must be completed in its entirety as partial applications cannot be saved; online Applications are currently only accepted from the following counties in Iowa: Polk, Dallas, Madison, Warren, Story, Boone, Marshall, Guthrie, Adair).

PRINT APPLICATION

If you prefer, you can download an interactive PDF of our application to fill out.

 

 

Portfolio Loans (Adjustable-Rate Mortgages)

Our Portfolio Loans are adjustable-rate mortgages (ARMs), meaning the interest rate changes based on the financial index over the life of the loan. Changes to the interest rate are capped per change period and over the life of the loan. A Portfolio Loan should be considered if:

  • Plan on owning your home for only a few years
  • Are able to budget and manage your income to make mortgage payments with fluctuation interest rates
  • You want a loan with lower closing costs and no origination fee
  • You would enjoy a having a local lender initiate and service your mortgage

Decisions on adjustable-rate mortgages are made quickly by local personnel. Escrow of insurance and taxes is not required, and flexible terms and underwriting are included in the loan.

Two Ways to Apply for a Portfolio Loan
 

ONLINE APPLICATION

Our Secure Online Loan Application (must be completed in its entirety as partial applications cannot be saved; online Applications are currently only accepted from the following counties in Iowa: Polk, Dallas, Madison, Warren, Story, Boone, Marshall, Guthrie, Adair).

PRINT APPLICATION

If you prefer, you can download an interactive PDF of our application to fill out.