Mortgage Loans

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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.

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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.
Home Equity Loan	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.

The Mortgage Process

We are happy that you are considering BankIowa for your home loan! If you choose us for your home loan, you'll find that our mortgage loan process is efficient and timely in getting you into your new home.
There are some things to consider when preparing to take on a mortgage loan. You will want to get pre-qualified for the loan which means you need to understand your credit situation. Review the 5 Key Elements of your Credit Score to help ensure you are in decent shape to begin the mortgage process.

Pre-Qualification

Getting pre-qualified for your mortgage is your first step. Most sellers will want to accept an offer from a buyer who is pre-qualified. To get started with pre-qualification, fill out an application through our website.
Once you are pre-qualified, you’ll want to review the 9 Pitfalls to Avoid as you prepare for your mortgage closing. This document outlines the importance of avoiding changes to the financial information you submitted on your loan application – changes which can jeopardize your loan.
Finally, to get a complete understanding of the home buying process, step by step, review the 12 Steps to Buying a New Home.

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