Personal Mortgage and Home Loans

OUR DIFFERENCE

Prospect Bank has played a key role in the growth and development of Central Illinois since 1873. At Prospect Bank, we take great pride in providing our friends and neighbors with personal, one-on-one service throughout the entire home-buying process.

  • With us, shopping for a mortgage is never stressful. We understand you have questions and concerns, and we’re to help.
  • Not only will we work to get you pre-qualified for mortgage loan, we’ll sit down with you, ask the right questions, help you identify a budget and advise you on next steps.
  • Our loans are written locally by people who understand the communities we serve.
  • We provide local loan servicing – your loan isn’t sold off to a giant bank in a faraway place.
  • We offer convenient payment options, including automatic debit.
  • We invite you to visit us when you have questions so that we can answer them directly.
APPLY ONLINE HERE

PAY FOR YOUR HOME WITHOUT THE HEADACHES.

Buying a home is a huge moment in anyone’s life. Paying for it, though, is a major financial commitment. Our whole process is built around providing stellar customer service – our Loan Officers are dedicated to serving you throughout the process of finding the best possible mortgage to fit your unique needs.
WHAT YOU GET

  • Fixed and adjustable rate mortgages available
  • Loans for everything from construction to home improvement
  • Convenient payment options, like automatic debit from checking account
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HOME LOANS

FIXED RATE MORTGAGE

This Mortgage Is Best For You If: You want a straightforward and predictable monthly mortgage payment that won’t change over the term of the loan.

A fixed-rate mortgage has the same mortgage payment for the full term of the loan. With fixed-rate mortgages, your mortgage interest rate – and your total monthly payment of principal and interest – will stay straightforward and predictable. That predictability makes it easier to set your budget.

Requirements

All new account applications are subject to approval; a review of your credit history may be used.

What You Need to Apply:

  • Two recent year W-2s
  • Two recent year tax returns
  • One month of recent pay stubs (if applicable)
  • Two months of recent bank statements
  • Signed purchase contract (if available)
  • Additional documentation upon request
ADJUSTABLE RATE MORTGAGE

This Mortgage Is Best For You If: You want a mortgage payment that will reflect changes in the market, and a lower initial monthly rate than a fixed rate mortgage might allow.

Adjustable-rate mortgages have an interest rate that will follow the market, and may rise or fall which means your payment will fluctuate over the term of the loan. The rate stays steady – and typically lower than a fixed-rate mortgage – for an introductory period, so it’s perfect for those who plan to move in a few years, or believe the market may fluctuate to give you a better rate.

Requirements

All new account applications are subject to approval; a review of your credit history may be used.

What You Need to Apply:

  • Two recent year W-2s
  • Two recent year tax returns
  • One month of recent pay stubs (if applicable)
  • Two months of recent bank statements
  • Signed purchase contract (if available)
  • Additional documentation upon request
RURAL DEVELOPMENT LOAN

This Loan Is Best For You If: You’re looking for property in an eligible USDA Rural Development area, and meet certain income qualifications.

A USDA Rural Development loan can help you purchase your dream home with little to no money down. The property must be in an eligible USDA Rural Development area and certain income qualifications apply. You can use a USDA Rural Development loan to build, rehabilitate, improve or relocate a dwelling in an eligible rural area, or simply to purchase an existing home.

Requirements

All new account applications are subject to approval; a review of your credit history may be used.

What You Need to Apply:

  • Two recent year W-2s
  • Two recent year tax returns
  • One month of recent pay stubs (if applicable)
  • Two months of recent bank statements
  • Signed purchase contract (if available)
  • Additional documentation upon request
CONSTRUCTION/PERMANENT LOAN

This Loan Is Best For You If: You’re interested in designing and building a custom home from the ground up.

When you’re building your own home rather than buying an existing one, you can customize it to make it exactly what you’ve always dreamed. But building a home costs money too, and one way to pay for it is with a construction loan. Construction loans are typically short term with a maximum of one year, and have variable rates that move up and down with the prime rate. But once construction is completed, the loan can roll into your permanent mortgage easily and without a hassle.

Requirements

All new account applications are subject to approval; a review of your credit history may be used.

What You Need to Apply:

  • Two recent year W-2s
  • Two recent year tax returns
  • One month of recent pay stubs (if applicable)
  • Two months of recent bank statements
  • Signed purchase contract (if available)
  • Additional documentation upon request

Personal Mortgage and Home Loans

*Rates, terms, and conditions effective for loan applications submitted between 4/18/16 and 6/30/16. Subject to credit approval. Automatic Payments & Property insurance required. New loans only. Other restrictions or qualifications may apply. See bank for details. This offer available on Mortgage applications submitted during period of eligibility. The credit is provided for loan applications that are closed and transaction is complete. Limit one offer per household.