LOANS TO BE OFFERED BY HERITAGE BANK & TRUST

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Consumer/Installment Loan
Home Equity
Credit Application Insurance Disclosure
Mortgage Loan
Financial Statement

Installment Loans
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 and the customer’s entire credit history 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 or equity in personal residence.

Personal Lines of Credit
These lines may be used for almost any personal need or as an overdraft protection facility 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 facility and typically have a one to three year maturity.

Home Equity Loans
You can take advantage of the equity they have accumulated in their personal residence (up to 100% of the net equity). These loans may be used for almost any purpose and could be tax deductible. A Home Equity Loan provides the customer with a fixed rate term note. These will be a fixed rate term note. Typically, the term will have a five-year maturity with a fifteen to twenty year amortization.

Home Equity Lines
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 (up to 100% of the net equity) 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 is at five or ten years.

Home Loans
Buying a home may be the single most important investment that a consumer shall make. Heritage Bank and Trust will offer a variety of home loans either in-house or secondary market which they may choose from:

In-house first mortgage loans
Purchase or refinance up to a seven-year balloon (maturity) note with up to a thirty-year amortization. The interest rate is typically fixed until the maturity of the note and the payment is usually lower. You would choose this type of product if you anticipate trading-up or moving within a few years. Also, you will have the option of refinancing upon maturity.

In-house Adjustable Rate Mortgages(ARM)
Typically first mortgages, give the consumer the opportunity to secure a lower interest and smaller payments. However, the interest rate may change and rates are usually based on the current one-, three-, or five-year Treasury bill index. A change in rate will affect the monthly payments but Heritage Bank and Trust will offer the protection of periodic and lifetime interest rate caps.

Construction Loans
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. Also, a construction/permanent loan package will be available which will only have only one application to complete and one closing to attend.

Secondary Market Mortgages
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, ARM, and interest-only mortgages. For more information contact our Mortgage Loan Officer at (931) 388-1970. Use the link from our Homepage or Mortgage Loan page to apply for a Mortgage Loan or download an application using the link above.