At Home with Mayville State Bank 
 
When you are considering a mortgage for a home purchase or refinance, you want to consider all your options to find the right mortgage for your situation. The experienced lending staff at Mayville State Bank can help explain the different financing programs available.  
Mayville State Bank has many financing options including our popular fixed rate and balloon mortgages. 
 
Fixed Rate Mortgages 
 
With a fixed rate mortgage, your monthly interest and principal payments remain the same throughout the life of the loan. However, if you pay your taxes and insurance through escrow it is possible that portion of your payment may be adjusted. 
 
The maximum loan amount for purchase is 95% of the sales price or appraised value, whichever is lower. Although private mortgage insurance is required if the loan amount is over 80%. Lower down payment programs are available. Please contact Mayville State Bank for information. 
 
Benefits 
• The interest rate always stays the same, even if market rates go up. 
 
• Monthly payments of principal and interest do not change. 
 
• May be a good choice for buyers planning to own their home for a extended period of time. 
 
• Buyers can spread their payments over a long period of time. 
 
Variety of Fixed Rate Terms 
Mayville State Bank offers fixed rate loans for 10, 15, 20 and 30 year terms. Even though a 10 or 15 year mortgage has higher payments than a 30 year mortgage, customers will see savings in total interest with a shorter repayment period. 
 
 
The examples below compare principal and interest payments for various terms at the same loan amount and rate. 
 
Mortgage Amt APR Rate Term (years) Principal & Interest Payment 
$100,000       6.063% 6%         30                     $599.71 
$100,000       6.083% 6%         20                 $716.54 
$100,000       6.103% 6%              15                     $843.93 
$100,000       6.144% 6%              10                     $1,110.22 
(Assumes loan to value below 80% with no PMI insurance. APR is Annual Percentage Rate. Rates are shown for illustration purposes only and do not constitute guaranteed or currently available rates.) 
 
Let’s compare the 15 year mortgage to the 30 year mortgage using the examples above. By paying $244.22 more per month… 
You own your home in half the time! 
You save $63,988 in total interest! 
Plus, unlike the example above, interest rates on 15 year mortgages are usually lower than the rates on 30 year mortgages. So, you could save even more. 
 
Balloon Mortgages 
 
Balloon mortgages often offer a lower interest rate so your payments are generally less than those of fixed rate loans. But, the loan will need to be paid in full or extended at the end of the 5 year term. An extension of this type of loan after the 5 year term may cause your payment to change depending on the economy and its resulting market conditions. 
 
Benefits 
• The interest rate is locked in for 5 years. 
 
• Monthly payments of principal and interest do not change. 
 
• May be a good choice for buyers planning to move within 5-10 years. 
 
• Interest rate is lower than eligible fixed-rate. 
 
Fees 
Below is a sample of the mortgage processing and closing costs paid by the borrower. 
 
 
                                                   All Mortgages       If Necessary 
Title Insurance                                   ■  
Flood Certification                             ■  
Appraisal                                               ■  
Processing Fee                                  ■  
Certified Survey                                                                      ■ 
Well and/or Septic Certification                                                                                   
Flood Hazard Insurance                                                   ■ 
Private Mortgage Insurance                                            ■ 
Borrower’s Life and Disability insurance is offered. 
 
 
Other Loan Options 
 
Most of Mayville State Bank’s mortgages are Fixed Rate or Balloon but we also offer some special programs to qualified borrowers. Rates, terms, and criteria to qualify for financing vary. Please contact one of our loan officers for more information on these or any of our other loan programs.  
 
Construction Loans 
We offer financing for those looking to build a new home or renovate their current home. 
 
Manufactured Home Loans 
While not all lenders are willing to finance a manufactured home, we may be able to help. 
 
Home Equity Loans 
You may be able to use some of the equity in your home without having to payoff or rewrite your existing  mortgage. 
 
Bare Land Loans 
If you are looking for recreational property or a place to build on in the future, please contact us for more information on financing these types of properties. 
 
Rural Development 
This loan program provides rural residents that meet certain requirements with better access to affordable housing. 
 
*Loan rates and terms vary. Contact Mayville State Bank for current rates. An escrow account may be required. There may be a prepayment penalty. These residential first mortgages are not assumable.  Total normal processing time is approximately 21 to 30 days, without unusual circumstances. 
 
 
 
 
 
 
 
FDIC
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