Mortgage Loans

30 Year Fixed—Of the fixed rate choices, this loan will have the lowest monthly payment. The principal and interest will remain the same for 30 years.

15 Year Fixed—The payment will be higher than a 30 year fixed rate, but the interest rate will be lower. It will save a considerable amount of interest over the life of the loan. It builds equity in your home faster.

Fixed rate loans are also available in 10, 20, and 25 year terms.

Adjustable Rate Mortgage (ARM) - This is a 30 year loan with payments that change from time to time depending on the market rate. The rate can go down as well as up. ARM loans have limits on how much the rate can change at each adjustment.

Federal Housing Administration (FHA) Loan Basics

• Low down payment –usually 3.5%
• 30 or 15 year fixed rate or ARM loans
• There are maximum loan limits by county, but there are no maximum income limitations
• More flexible qualifying guidelines than Conventional Loans
• FHA loans are for owner-occupants – they cannot be used to purchase investment properties.

Veterans Administration (VA) Loan Basics

• No down payment required for qualified veterans up to the limit as established by the Veterans Administration
• 30 or 15 year fixed rate or ARM loans
• More flexible qualifying guidelines than Conventional Loans
• VA loans are only for owner-occupants – they cannot be used to purchase investment properties

Home Equity/ Home Equity Line of Credit (HELOC)

• A HELOC is a revolving line of credit using the equity in your home as collateral. This loan can be either a first mortgage or a second mortgage.
• Fixed rate second mortgages are also available

New Construction

Are you considering building your home? Grand Valley Bank offers new construction and permanent financing. GVB is among the best when it comes to financing construction of your new home.

• In addition to the home loan products presented here, GVB offers a wide variety of other loan programs and features, including:
• Interest-Only Mortgages
• Complete Selection of Adjustable Rate Mortgages

What do I need to get ready for my Mortgage Loan?

Mortgage Loan Checklist

At Grand Valley Bank, we try to make your mortgage loan application as convenient as possible. By providing the items indicated on the checklist below, you will help us process your application quickly and efficiently. If you have any questions about what documents to provide with your loan application please give us a call at 1-877-859-6040.

1. Copies of most recent pay stubs for the last 30 days and W-2's or 1099 Forms for the last two tax years.
2. If you are self-employed, earn commissions, are retired, or receive rental or note income, complete Federal Income Tax Returns, with all schecules, for the last two (2) years. (Three (3) years for CHFA loans.)
3. Information/Verification of your liquid funds: Copies of the last two months statements for the following types of accounts: Checking, savings, moneymarket, mutal funds, certificates of deposit, stocks, bonds, or other securities. If you have sold a home or purchased land in the last year, a copy of your settlement statement.
4. Complete Information on your residences for the previous two (2) years. This will include your mortgage holder's name, address, and loan number for all residences owned, and your current mortgage statement. Name, address, telephone number of Landlords for all residences rented.
5. A listing of all credit card and installment loan account numbers, payments and balances. If your application is to consolidate debts, most recent statements for all accounts to be paid off with this loan.
6. A copy of your purchase or Real Estate Contract, signed by all parties to the transaction.
7. Bankruptcy petition, schedule of debts, and discharge for any bankruptcy within the last seven (7) years.
8. Divorce Decree and Property Settlement/Separation Agreement, if applicable.
9. VA Loans - Name and address of nearest living relative and your original Certificate of Eligibility or DD-214.
10. Name and telephone number of homeowner's insurance agent.
11. For home construction loans, copy of plans and specifications, materials list, and cost breakdown. Land acquisition documentation may also be applicable.