STRAIGHT TALK #1:
BORROWING IN TODAY'S ECONOMIC CLIMATE

Interest rates for home loans are the lowest they’ve been in years. Taking advantage of them could substantially reduce your monthly mortgage payment or make that first or second home purchase a reality. And, in spite of what you may be hearing, most community banks have money to lend. However, even with a good credit history, and strong credit score, qualifying for a loan can be challenging. Underwriting standards have tightened significantly. 

Another aspect of today’s economic climate is the recent decline in home values. If you refinance your current mortgage, the loan should not be greater than 80% of the value of your home in today’s market. As your property may have decreased in value, a new appraisal will be necessary.

For anyone buying a home, the decline in home values coupled with low interest rates presents a terrific opportunity. If you are prepared to meet today’s conservative standards, it could be one of the best purchase decisions you ever make.

If you’re thinking about refinancing your existing loan or purchasing a home, give us a call or stop in. Our loan officers are ready to help you with every aspect of your application. And, when you have questions, your call won’t be routed to a stranger in another state. Our staff will assist you with every step in the process.

Together, we can improve our local economy and our community, one loan at a time

                        Ron Farina, C.E.O. and President

                      New Buffalo Savings Bank