Residential Real Estate Loans

Residential Real Estate Loans

What does owning your own home mean to you?  A dream come true, a safe haven, a place to raise a family, ownership pride, or  creating life’s memories?  Whatever your feelings, Milledgeville State Bank is here to help you with what could be the largest investment most of us will ever make. 

We have a variety of mortgage loans to meet your needs. Our trained staff will answer your questions fully and guide you through the mortgage loan process, whether you are buying, refinancing, improving or building. We can also offer you flexible payment plans - weekly, bi-weekly or monthly and automatic payments from a Milledgeville State Bank deposit account.

Balloon –

Balloon loans offer you a competitive fixed rate for a possible term of 5, 7 or 10 years, yet amortizes over a time period of 15, 20 or 30 years.  With a balloon loan, you'll have the opportunity to lock in a fixed rate or renew the loan for another short term- possibly at an even lower rate. Your mortgage loan balance will “balloon” or come due at the term you choose.  You may choose to extend the loan for an additional term at the current competitive rate. 

Fixed Rate –

Milledgeville State Bank offers 5, 7, 10 and 15 year fixed rate mortgages.  We call these “in house” mortgages.  We will own and service your loan for the term you choose.   This mortgage loan gives you assurance that you will pay the same principal & interest at a fixed interest rate throughout the term of your loan.  A fixed rate mortgage lets you take advantage of the same rate for years – even as interest rates change in the future.

Mortgage Loans at Milledgeville State Bank also are available at competitive rates through the Federal Home Loan Bank Mortgage Partnership Finance Program. This “secondary market” loan provides you with a fixed rate for 15, 20 or 30 years, yet allows you the convenience of making your monthly payment here at home.  This program is available for amounts of $70,000.00 or more and is subject to requirements set forth by the Federal Home Loan Bank of Chicago.

Construction Loans –

If you're planning on building your dream home, we can help with a short-term construction loan that will give you the money you need, when you need it. We also can roll that short-term loan into a longer-term mortgage loan as you complete construction of your new home.

Refinancing –

If you are looking to lower your current rate, get new funding, get more flexible terms than you have with your current mortgage, Milledgeville State Bank may be able to help.  Regardless of where you have your mortgage loan now, if we can improve your plan, we’ll say so…if we can’t, we’ll tell you why.

It all starts with a written real estate loan application, an analysis on affordability and actual property value. Upon approval, the next step is deciding which loan is right for you.  For more information, contact Dan or Deb…by telephone, e-mail or in person.  We’ll listen.