Apply For Fixed-Rate Mortgages, ARMs And Other Options
Purchasing a home is an exciting event that requires a lot of planning, the perfect home and most importantly, a mortgage loan that fits your needs AND your budget. The mortgage lenders at CBI Bank & Trust are well known throughout the area for their dependability and professionalism. They will work with you to understand your needs and to help you find a mortgage that’s a perfect fit.
View our Mortgage & Home Loan Services brochure for more information.
Click here to go to our online portal. Contact any of our Mortgage Lenders today!
Dawn Sturms Dodds
Muscatine, Wilton, and Western Illinois Markets
(563) 299-0556
NMLS #1007051
Dawn.SturmsDodds@cbibt.bank
Click here to go to Dawn's online portal
Liz Miller
West Central Illinois Markets
(309) 335-0037
NMLS #642760
Liz.Miller@cbibt.bank
Click here to go to Liz's online portal
Jennifer Medina
Stateline Market
(815) 621-5850
NMLS #2220117
Jennifer.Medina@cbibt.bank
Click here to go to Jennifer's online portal
Todd Tholl
Quad Cities and Stateline Markets
(563) 823-2003
NMLS# 166123
Todd.Tholl@cbibt.bank
Click here to go to Todd's online portal
Eric Olsen
Johnson and Washington County Markets
(319) 330-6689
NMLS #446561
Eric.Olsen@cbibt.bank
Click here to go to Eric's online portal
Matt Boyer
Quad Cities Market
(563) 208-8913
NMLS# 4400474
Matt.Boyer@cbibt.bank
Click here to go to Matt's online portal
Fixed-Rate Mortgages
Fixed-Rate Mortgages Explained: Fixed-rate mortgages feature interest rates that are locked in for the life of the loan. They are one of the most common ways to finance a home purchase.
Best For: Those who want a stable, consistent mortgage payment for budgeting purposes; for new purchases during periods of low interest rates; and for those who will be living in the same home for a long period of time.
Types Available: Conventional, FHA (Federal Housing Authority) Loans and VA (Veterans Administration) Loans
Benefits: Choice of terms; rate buydowns are often available;, easy monthly payments; in-house servicing of your loan at CBI Bank & Trust
Adjustable-Rate Mortgages
Adjustable-Rate Mortgages (ARMs) Explained: Available in many different terms, adjustable-rate mortgages feature interest rates that fluctuate based on market conditions. Interest rates and payments are often lower than those of comparable-term fixed-rate mortgages. To protect borrowers, any changes are tied to an independent indext, and are often subject to periodic (for example, annual) and lifetime caps.
Best For: Those expecting an influx of income; those who can afford fluctuating payments; individuals who are looking to live in a home for five to seven years.
Types Available: 5-year and 7-year ARMs; the interest rate and monthly payments are adjusted once after the 5-year term and 7-year term, and then once a year afterward.
Benefits: Lower initial interest rates, monthly installment payments, in-house servicing at CBI Bank & Trust
First-Time Home Buyer Programs
Purchasing your first home can be full of hurdles, especially if you don’t have the funds available to make a larger down payment. These programs help to eliminate the barriers many first-time home buyers face:
Iowa Finance Authority First Time Home Buyer Programs: Financing is available through the Iowa Finance Authority (IFA) to help first-time home buyers get the home they want without high down payments. Learn more about the programs the IFA provides by contacting CBI Bank & Trust or visiting the IFA website.
USDA Rural Development Loan Program: CBI Bank & Trust is an approved lender for guaranteed loans with fixed rates and zero down payment from the U.S. Department of Agriculture. Other key features include no requirement for private mortgage insurance, escrow services, and convenient monthly payments.
Other Home Loan Options
You will also find other home financing opportunities at CBI Bank & Trust such as:
Bridge Loans: Financing to cover the period when you are in between selling your current home and purchasing your new one.
Construction Loans: “Pay-As-You-Go” financing that helps you make the necessary purchases and pay contractors to build the home of your dreams.
Call us today at any of our locations to speak to a Mortgage Representative!
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