Home Loans Mortgages

Mortgages

A Trusted Mortgage Lender Serving Mayville, Millington and the Surrounding Area

Purchasing or refinancing a home is a major point in life, which makes getting the best rate and service from a mortgage lender you can trust a priority. The experienced mortgage lenders at Mayville State Bank are well versed in real estate trends in Mayville, Millington and the surrounding area and will help you find the mortgage type that best fits you or your family's needs. From our popular fixed rate and balloon mortgages to secondary market loans and additional real estate financing options, Mayville State Bank is your go-to source for mortgages and real estate loans.

Fixed Rate Mortgages

Fixed rate mortgages at Mayville State Bank come in terms of 10, 15, 20 and 30 years.   The main benefit of a fixed rate mortgage from Mayville State Bank is your interest rate and monthly payments remain the same throughout the life of the mortgage; however, if you pay your taxes and insurance through escrow there is a possibility a portion of your payment may be adjusted. Certain guidelines for fixed rate mortgages at Mayville State Bank include:

  • The maximum fixed rate mortgage amount for purchase is 95 percent of the sales price or appraised value of the home you are purchasing, whichever is lower.
  • Private mortgage insurance (PMI) is required if your loan amount is over 80 percent of the sales price or appraised value of the home, whichever is lower.

 

Fixed rate mortgages are ideal for homeowners that will be in the home they are purchasing for a long period of time. Contact a mortgage lender at Mayville State Bank today to see if a fixed rate mortgage is right for you.

Balloon Mortgages

Another popular mortgage option Mayville State Bank offers is a balloon mortgage. This type of mortgage often offers a lower interest rate so your payments are generally less than a fixed rate loan, however, the balance of a balloon mortgage must be paid off in full or extended at maturity.  Extending a balloon loan could mean your payment will change if the economy and market conditions have changed.

Secondary Market Loans

Other mortgage loan options from Mayville State Bank include a variety of secondary market mortgage loans, including but not limited to:

VA Loans- a mortgage guaranteed by the U.S. Department of Veterans Affairs to help servicemen and women and their surviving spouses get financing to purchase a home.
Click here or more information on VA Loans.

FHA Loans- mortgages insured by the Federal Housing Administration that generally come with less strict qualification guidelines and more attractive interest rates in exchange for borrowers paying mortgage insurance.
Click here or more information on the FHA Loans available.
Click here or more information on FHA Mortgage Loans.
Click here or more information on FHA 203K Loans.

Rural Development Loans- mortgages designed to help low to moderate income families in rural areas realize the benefits of home ownership. Rural Development Loans can be used for up to 100 percent of a home's appraised value and come with 30-year fixed rates.
Click here or more information on Rural Development Loans.

Additional Real Estate Financing

Mayville State Bank also offers a variety of financing options for real estate related purchases including:

  • Construction Loans
  • Home Equity Loans
  • Home Improvement Loans
  • Manufactured Housing Loans
  • Bare Land Loans
  • Investment Property Loans

Contact a Lender at Mayville State Bank today!