Help for Knowing When to Combine Checking Accounts
February 27, 2024
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Open the Door to Your Homeownership Journey with BankIowa
Start the homebuying process with BankIowa, where you gain access to competitive rates, flexible terms, and unparalleled expert guidance at every step. Our commitment is to empower you in finding the perfect home financing solution, turning your aspirations of homeownership into a seamless and rewarding reality. Discover the difference of partnering with BankIowa, where excellence meets your every financial need.
Your Mortgage Options at BankIowa
Loan Type | What You Need to Know About This Loan |
|---|---|
Conventional Loans | Conventional loans are secured by government sponsored entities such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes, single family to four family homes. |
Fixed-Rate Mortgage | A loan program where your monthly principal and interest payments never change. |
Adjustable-Rate Mortgage (ARM) | These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed-rate mortgage and could allow you to buy a more expensive home. |
Introductory Rate ARMs | ARMs may offer a low introductory rate or start rate. This start rate is for a limited time. As a rule, the lower the start rate is the shorter the time before the loan makes its first adjustment. |
Mortgage Loan Refinance | Pay less in interest, lower your monthly payment and potentially shorten the term on your loan by refinancing. |
Use your home’s equity to your advantage. Borrow a lump sum of money using the equity in your property as collateral, typically with a fixed interest rate and set repayment terms. | |
Home Equity Line of Credit (HELOC) | A HELOC is a revolving line of credit that allows you to borrow against the equity in your home. You can use a HELOC to access cash as needed and as you repay the principal, you can borrow that amount again. |
Construction Loans | A construction loan is a short-term, high-interest loan for building or renovating a home, with funds dispersed progressively during construction, and payment options including a lump sum or conversion to a conventional mortgage, contingent on credit history. |
Mortgage Checklist - Required for All Applications
- Copy of fully executed Purchase Agreement with all Addendums
- Name and phone number of homeowners’ insurance agent
- Residence addresses for the past two years with landlord contact information (if applicable)
- Name and addresses for all employers for the past two years
- Written explanation for any gaps in employment exceeding one month during the past two years
- Pay stubs covering the most recent 60-day period including year-to-date earnings
- Federal personal income tax returns for the two most recent years including W-2s and all schedules
- Award letters for other types of income (i.e., social security, pension)
- Bank statements, investment statements, and/or retirement statements covering the two most recent months (all pages of all accounts – Large deposits and/or gift funds to be verified
- Copy of ONE of the following identity verification documents: Driver’s License, Government-Issued Photo ID, U.S. Military ID, or Passport
Meet Your Mortgage Team
Mark Sillman
Mortgage Banking Officer
NMLS: 501175
Division: Mortgage
Location: Cedar Rapids NE
Phone: (319) 249-7096
Tara Makepeace
Mortgage Banking Officer
NMLS: 2350708
Division: Mortgage
Location: Independence Main
Phone: (319) 888-7021
Heidi Larson
Relationship Banker/Mortgage Banking Officer
NMLS: 1459890
Divisions: Mortgage, Personal Banking
Locations: Jesup, Waterloo Downtown
Phone: (319) 888-7024
Angie Domine
Mortgage Banking Officer
NMLS: 720544
Division: Mortgage
Location: Waterloo Kimball
Phone: (319) 236-2410
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