Mortgage Loans

Looking for a new home? We have the money you need and the integrity and experience you want. Our mortgages offer flexible options and competitive rates.

Details

Blissfield State Bank offers mortgage loans to our primary market upon qualification for the following types of property at the corresponding Loan-to-Value:

• Residential owner-occupied - 80%
• Residential non-owner-occupied - 70%
• Commercial - 75%
• Farm - 75%
• Raw land - 65%
• Construction - 70%
• Development - 70%
• Condominiums - 80%

Owner occupied will be given preference in order to assist in meeting the housing needs of our community. If a second mortgage is involved, the combined first and second owner occupied loans cannot exceed 80% of the current appraisal without Loan Committee or Board approval. We reserve the right to sell mortgages on the secondary market along with the servicing. Normally, second mortgages will not be made when the first mortgage is held by another lender without Officers Loan Committee approval.

At least one year employment with the current employer is required. Applicants who have been engaged in the same industry or profession for over one year, but who recently changed employers, will also be considered. The borrower must have an acceptable financial condition and good credit history. Written verification of income may be required.

Residential owner-occupied loans may exceed 80% up to a maximum of 97% loan-to-value ratio with appropriate credit enhancement in the form of either mortgage insurance or readily marketable collateral.

All real estate containing improvements will require a flood determination by either the bank or its third party prior to placement of a mortgage security interest. Ongoing determination of flood hazard status for the life of a loan is required per 60FR53962 (10-18-95) National flood Insurance Reform Act of 1994 (the Act). Any mortgage structure(s) determined at any time to be located within a special flood hazard area will require sufficient flood insurance coverage. The mortgagor will be required to furnish proof of such insurance within 45 days of notification. Failure of the mortgagor to provide such proof will result in the banks forced placement of flood insurance at the expense of the mortgagor as required by contract and the Act. A reputable third party that will guarantee flood determination may be used for this purpose. The bank will maintain current flood maps in order to confirm or originate determinations whenever so deemed appropriate by the CEO or CLO.

Mandatory escrow of flood insurance premium is required if other items such as property taxes or hazard insurance is being escrowed.