With a history of integrity & quality, you don't have to go any farther than MNB for a competitive rate mortgage!
Fixed rate mortgage keep payments predictable and affordable
Purchasing a home is a huge life decision that requires many different considerations, and getting the mortgage that's best for you is one of the most important considerations. MNB's expert mortgage lenders help you understand the many different types of mortgages so you can select one that best suits your financial situation.
One of the most common types of home loans is fixed mortgage. There's a good reason this loan is so popular.
The interest rate remains the same for the life of the loan. Your monthly payment remains the same too.
Fixed-rate loans let you borrow money for the long term, and lower monthly payments free up money to use for other investments. Fixed-rate mortgages are especially good for people who plan to stay in their home for several years.
Varied Term Real Estate Loans
Varied Term Real Estate Loans are balloon notes, amortized over several years, and available with short-term balloon repayments. These notes are for people who do not wish to lock into a specific rate for a long period of time.
Construction Loans provide the funds for the construction of single and multi family dwellings. These loans are usually set for the expected duration of the construction period. An amount is approved by MNB prior to start of construction. It is based on an appraisal of the construction site's market value and estimated retail value of the property upon completion of the work. As the funds are needed, they can be advanced and payments are made upon accrued interest. The principal and remaining interest become due as agreed at approval.
As your home increases in value and you pay down your existing mortgage, you build equity in your home. That equity can be your key to lower rate financing for other expenses, including home repairs, debt consolidation, medical bills, or any other major expense. Plus, many people are able to deduct the interest paid on their tax returns. (Consult your tax advisor for details regarding your specific situation.) If you already have a Home Equity Loan or Line of Credit, now may be the perfect time to refinance to get a lower monthly payment or a better interest rate.
A home equity line-of-credit provides you with the ability to borrow and payback on an ongoing basis without the hassle of completing applications over and over again. Lines of credit are excellent ways to finance recurring expenses. It's like having an emergency source of cash. To access your line-of-credit, all you do is write a check from your credit line account.
Our Mortgage Loan Department is staffed with experienced and competent officers who are ready to help you get into your first or your next home! MNB is committed to helping you find the right mortgage products for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straight forward by offering you the latest in financial tools that enable you to make sound financial choices.