Sauk Valley Bank offers a variety of Mortgage Products. 

 

Please see either one of our mortgage professionals for all of your mortgage needs.  

 

Pat Twining, Vice President of Mortgage Lending at (815) 632-4704 

Brian Baker, Senior Mortgage Officer at (815) 718-4500 

Donald H Lovett, Vice President, Client Services Officer (815) 288-1041 

 

 

Fixed Rate Residential Real Estate 

Terms with amortization schedules of up to 30 years or 360 months are available.  These loans will be sold on the secondary mortgage market with servicing retained by the Bank.   Included in these programs are the USDA Rural Development loans.  These loans require no down payment and are guaranteed 100% to the bank.  This is a fixed interest rate loan amortized for 30 years.  Customers are required to escrow for their home owners insurance as well as real estate taxes.   

 

Balloon Residential Real Estate Loans  

These residential real estate loans have amortization schedules reflecting 15 – 30 year repayment. However, the loans mature at the end of 3 years or 5 years.  The bank would be willing to renew this type of loan if the credit has been handled satisfactorily and a change in interest rate is made when appropriate. These rates can also change from time to time. 

 

ARM Residential Real Estate Loans 

ARM loans or Adjustable Rate Mortgages have amortization schedules reflecting maturities of 10 to 30 years. We offer 3/1, 5/1 and 7/1 ARMS.  This means the loan is locked for the first 3, 5 or 7years and then switches to an annual adjustment.  The amount of adjustment as well as the index and margin are addressed in the note.  These loans have interest rate floors and ceilings which limit rate movement to specific movement up or down.  Rates vary from time to time. 

 

HELOC 

Home Equity Lines of Credit is typically a junior or second mortgage which secures a preset line of credit that a borrower can access.  The balance fluctuates as funds are advanced on the line and reduces as the borrower repays the funds.  Interest rates are typically variable and reflect a base rate usually Prime or Prime + 1.  These loans are written as 5 year balloons.  Customers have several options as far as repayment.  It can be interest only, monthly or quarterly or 1% or 2% of the balance.   We also offer a fixed rate second mortgage also ballooning at 5 years but can be amortized up to 10 yrs. 

 

FHA and VA These loans are also offered by Sauk Valley Bank.  These loans are sold on the secondary market to another lender as well as the servicing.