Often referred to as Consumer Loans. In general, an Installment Loan gives the customer a set payment and rate over a given period of time (usually no more than 5 years). Heritage will look at the security available, the customer’s credit history, and entire financial standing to determine the loan amount, repayment terms, and rate. Installment loans can be used for the purpose of purchasing or refinancing most consumer goods including vehicles, boats, or personal debt. Installment loans can be secured by the same goods or other personal assets such as stocks and bonds.
These lines may be used for almost any personal need or as overdraft protection attached to your personal checking account. The Line will have an established credit limit and will be available when you need it. It will be a revolving line and you will pay no interest until the line is used. Maturity will be established at the origination of the line and typically have a one to three year maturity.
This loan utilizes the equity accumulated in your personal residence. These loans may be used for almost any purpose and may be tax deductible. A Home Equity Loan provides the customer with a fixed rate term note. Typically, the term will have a three to seven year maturity with a ten year amortization.
We offer a variable rate line of credit for you to take advantage of the equity you have accumulated in your residence. These lines of credit have an established credit limit and will be available when you need it. It will be a revolving line and you will pay no interest until the line is used. These loans may be used for about any purpose and could be tax deductible. Typically, you may choose from a variety of payment options including interest only payments and the maturity can be set for one to 7 years.
Buying a home may be the single most important investment a consumer will make. Heritage Bank and Trust offers a variety of home loans to choose from including in-house and secondary market loans.
Purchase or refinance up to a 30 year amortization. The interest rate is typically fixed up to five years. A consumer might choose this type of product if they anticipate trading-up or moving within a few years. This loan has the option of being refinanced at anytime.
Construction Loans for the consumer’s primary residence will be available through Heritage Bank and Trust. With the builder in mind, the Bank will offer the traditional construction loan package. For more information contact a Heritage Bank & Trust Loan Officer at (931) 388-1970.
Heritage Bank and Trust will offer all the traditional secondary market home loan products such as conventional, FHA or VA mortgages. This includes fixed rate and ARM mortgages. For more information contact a Heritage Bank & Trust Loan Officer at (931) 388-1970.