Kalamazoo County State Bank - Home Mortgage

Kalamazoo County State Bank

223 N Grand Street
Post Office Box 668
Schoolcraft MI 49087
Phone: 269.679.5291
FAX: 269.679.5331
Email: mail@kcsbank.com

Mortgage Loans

Kalamazoo County State Bank offers mortgage loans to clients living in our lending area as defined in our CRA Trade Area Statement. Because we do not sell any of our mortgages in the secondary market, we offer balloon mortgages with various amortizations. The primary advantage of obtaining a mortgage loan from KCSB is that you always have a person to talk with either by phone or when you visit one of our office locations. There is no need to wonder who your loan has been sold to or whether your payment will arrive on time. Our mortgage staff is friendly and the quality of our service cannot be surpassed.

If you think you would qualify for a first-time home owner, or low income mortgage, contact us. We can help you save on closing costs on either of them.

If a balloon loan doesn't meet your needs, we offer a wide range of Secondary Market mortgage loans through our association with a number of Secondary Mortgage vendors. They allow us to provide 15 to 40 year Fixed Rate mortgages and Adjustable Rate loans in addition to other programs.

We also work with JP Morgan Chase Mortgage if a Rural Development loan may better suit your needs.

Refinancing

If you have equity in your home or your mortgage rate is above the current market rate for mortgage loans, you may be able to lower your monthly mortgage payment substantially by refinancing your mortgage.

Another possible reason to refinance would be if you have a home equity loan payment in addition to your monthly mortgage payment. You may be able to reduce your overall monthly payments, or even take out additional equity for the same payment amount by refinancing now while rates are low.
Home Improvement Loans

Any person has the right to make a loan inquiry or to file a written application to obtain a Mortgage Loan or Home improvement loan, and to receive a response from Kalamazoo County State Bank.

Home Improvement loans may be secured by a mortgage or they may be unsecured.

1. Unsecured Loans made for the purpose of improving owner-occupied residential
properties usually require:
* Residence to be in the Bank's lending area as described in our CRA
Statement
* Completed real estate application
* Creditworthiness, employment for 2 years in same trade or with same
employer
* Debt service should not exceed 36% of gross income (43% for tax-exempt
income)

There may be certain Bank and third-party fees that the borrower would be responsible for.

2. Secured Loans (Equity Loans) generally require the same guidelines set forth
for any real estate mortgage loan. However, State Equalized values may be
used to determine values and title searches may be used in lieu of title
insurance.

Home Equity Loans

If you have equity in your home and need money for a special purpose or possibly for debt consolidation, consider the benefits of taking out a home equity loan. The interest you pay on your Home Equity Loan may be fully tax-deductible. Please check with your tax advisor to see if your loan qualifies.

The Closed-End Home Equity loan has a fixed rate. The loan is fully funded at the time of settlement. We also offer an open-end Home Equity Line of Credit.
Land Contract Servicing

Tired of figuring interest? Providing annual statements to purchasers on your land contract? Let us do the work for you. For a small set-up fee and a monthly service fee, we will collect your land contract and distribute the funds as you instruct. In addition, we will do the required annual reporting to the purchaser. Call us today! 269.679.5291 Control Department.
Vacant Land Financing

Kalamazoo County State Bank finances vacant land. Underwriting guidelines are generally the same as for any other real estate mortgage. Call us to apply. 269.679.5291 Mortgage Department.

Actions to Avoid

There are a few actions you want to avoid when applying for mortgage financing.

These activities could have a negative impact on your ability to qualify and should be discussed with your loan officer.

Copyright Â® 1998 Kalamazoo County State Bank