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Are you ready to purchase that first home, to move up to
a larger, newer home, to build your retirement home, or just
make improvements to the home you're in?
American State Bank offers the choice of several types of
mortgages to help you have the home of your dreams.
- Adjustable Rate Mortgage Loans
Adjustable Rates Mortgages (ARMs) typically offer the borrower
a lower mortgage interest rate than a conventional fixed-rate
mortgage. American State Bank offers one (1) and three (3)
year ARMs.
- Fixed Rate Mortgage Loans
Conventional Fixed Rate Mortgages finance real estate with
fixed interest rates and repayment terms for the term selected.
Rates are competitive in the marketplace for the product
chosen — ten (10), fifteen (15), twenty (20), and thirty
(30) year fixed rate mortgaes.
- Home Equity Loan
A Home Equity Loan provides financing behind the first mortgage
for a short term at a fixed rate in an amount not to exceed
90% of the market value of the home. Loan proceeds may be
used for most any purpose, and the interest may be tax deductible.*
- Home Equity Line of Credit
The Home Equity Line of Credit is a pre-approved line of
credit secured by a home's equity. Funds are available up
to an approved amount whenever needed. Payments are based
upon the revolving balance and loan maturity. And, the interest
may be tax deductible.*
* Consult a tax advisor regarding your deductibility of
loan interest.
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