Mortgage Loans

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Buying a new home should be a pleasant experience.

Whether you are buying your first house, a vacation home or need to refinance the home you are currently in, Home City Federal Savings Bank is dedicated to making your mortgage experience a success!  Let Home City Federal take the worry out of applying for a mortgage by helping you find the right mortgage loan of your dreams.

Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.

  • Fixed Rate Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a fixed rate loan is generally higher than an adjustable rate mortgage.
  • Adjustable Rate Loans usually start with lower rates than a fixed rate loan. We will let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you will want to consider an adjustable rate since monthly payments may be lower.

Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.

Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage.  For more details, contact Pete Duffey at (937) 390-1213 or Cheryl Hesson at (937) 521-4500.

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