Mortgage Products and Services

• Purchase
• Refinance 
• Construction
• Investment
• Jumbo
• Second Mortgages

• Low-Closing-Cost Option
• Discount / Delivery Fees
• Streamline Refinance
• Points
• Seasonal or Homes with Excessive Acreage

 Purchase   

Heartland Bank Mortgage offers a wide variety of purchase financing options to suit your needs. One to four unit residential property, manufactured homes and almost everything else in between.

We offer long term financing.

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Refinance   

Refinancing is the process of obtaining a new mortgage loan on a property already owned. This process often replaces existing loans on the property.

Heartland Bank Mortgage provides many options allowing you flexibility when it comes to refinancing your home. We offer you the ability to refinance your Primary, Secondary or Investment properties.

In addition, you have the ability to apply to pay off the First, Second and/or Third mortgage(s) (home equity loans) on your home, rolling it into one monthly payment.

Regular Refinance
Heartland Bank Mortgage may lend up to 85% of the final appraised value on a one- to two- unit Primary residence or Second home, and 70% on a three- to four- unit Primary or Second home.

Cash-Out Refinance
You also have the ability to apply for cash-out. A Cash-Out Refinance is the refinancing of a residential property where the borrower either receives cash at closing, or pays off any other debt other than a residential mortgage on the subject property (such as credit cards, or other liabilities). Cash-Out refinances may be subject to additional fees due to the additional risk a cash-out refinance mortgage presents.

Heartland Bank Mortgage may lend up to 90% of the final appraised value on a one- to two-unit Primary residence or Second home, and 75% on a three- to four-unit Primary or Second home with a cash-out refinance mortgage.

For Investment properties, see below.

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Construction   

If you’re planning on building a new single-family, primary residence home, whether it be a stick-built, modular or manufactured home, you’ve come to the right place. Here at Heartland Bank Mortgage, we specialize in making construction loans by offering flexibility in the mortgage process. Just have your plans, complete estimates, survey, construction agreement and building permit in hand, and you’re ready to apply.

Construction: a 1% Delivery Fee* of the loan amount will apply (1% of the construction costs for a rehabilitation loan). You may borrow a maximum of 90% of the final value of the property or acquisition costs.

Four to six months are given to complete the construction. Non completion fees beyond your construction period will apply if the construction is not completed by the date specified.

Download the following documents to prepare for your construction mortgage:

Construction Loan Checklist
Construction Lending Disclosure

* Delivery Fees are a percentage of the mortgaged loan amount and are payable at closing.

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Investment and Rental Property*   

Heartland Mortgage offers loan programs for residential investment property up to 4 units.

Purchase and No-Cash-Out Refinance Investment:

1-2 Units: You may borrow a maximum of 90% of the value of the property.
3-4 Units: You may borrow a maximum of 75% of the value of the property.

Cash-Out Refinance Investment:

1-2 Units: You may borrow a maximum of 85% of the value of the property.
3-4 Units: You may borrow a maximum of 70% of the value of the property.

* Delivery Fees apply to investment, multifamily homes as well as to cash-out refinance loans.

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Jumbo Loans   

Jumbo loans are mortgages that exceed the maximum purchase/refinance limitation of the secondary market.  Loans that exceed $417,000 for a 1 unit; $533,850 for a 2 unit; $645,300 for a 3 unit; and $801,950 for a 4-unit Primary or Secondary residence.  Jumbo loans require special attention. If you require a mortgage in excess of these limitations, please contact us for custom rate quote and a representative will be in contact to further assist you.

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Low-Closing-Cost Option   

The Low-Closing-Cost option will assist the borrower in covering a large portion of the closing costs otherwise normally incurred in a mortgage transaction. Borrowers will be responsible for the required down payment, survey (if required), all reimbursements to the sellers, per diem interest, all taxes, all insurances, escrow funding amounts, points and discount or delivery fees (if applicable).

In turn, the bank will absorb the cost of the application fee, underwriting fee, title insurance, abstract update, flood determination fee, credit report fee, appraisal, construction inspections, tax monitoring service fee, and government recording fees. This greatly reduces the amount of funds the borrower needs to close the mortgage loan. Please Note:

0.50% added to the interest rate for Purchase and Refinance loans

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Discount / Delivery Fees  

Discount fees (otherwise known as delivery fees) are secondary market fees associated with the risks a mortgage transaction presents. Factors such as the type of property, the amount borrowed against the value of the property, credit history, debt-to-income ratios and other similar items create a certain level of risk with each mortgage. These fees are finance charges and are incorporated in the Annual Percentage Rate. Discount (Delivery) Fees are payable at closing.

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Streamline Refinance  

Do you currently have a First Mortgage on your home here with Heartland Mortgage?

If so, and you would like to lower your interest rate and/or change the term on the remaining balance of your mortgage, you may apply for a Streamline Refinance.

Using the calculator section of this site, you can calculate your new monthly payments and use the refinance calculator to learn how much money you can save by streamlining your current Heartland Mortgage.

To calculate a change in interest only, you will need to know the remaining number of payments due on your mortgage and your current principal balance along with our current interest rates. To calculate payments based upon changes in the term and rate of your mortgage, enter the new term of the loan with the current rate and the principal balance remaining on your mortgage.

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Seasonal Homes / Homes with Excessive Acreage  

Heartland Mortgage, unlike many lenders, offers financing for residential properties such as Seasonal Homes, Mixed Use and Excess Acreage properties. These types of mortgages require special attention, and discussion, and may include additional pricing and fees. If you seek financing for property that falls into this category, please contact us for custom rate quote and a representative will be in contact to further assist you.

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Points   

You have the option to buy down your initial interest rate by paying points. Each point represents 1% of the mortgage loan amount and will reduce the current advertised zero-point interest rate an average of 0.25% (or one-fourth of a percent) up to a maximum of 0.75% (or three fourths of a percent). ^†

For example: 1 point (1.00%) of a $50,000.00 mortgage (equivalent to $500.00) may buy down an interest rate of 6.25% to 6.00% for the fixed term of the loan.

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Second Mortgages   

A fixed or adjustable rate Second Mortgage is a great option for those looking to purchase a home. The benefit to this type of mortgage is a reduced down payment and/or the reduction or elimination of private mortgage insurance.

Second mortgages are available in conjunction with purchase money mortgages. We offer a variety of loan terms. Title insurance is not required on this type of loan. The borrower is responsible for any applicable recording fees, mortgage tax, transfer tax and delivery fees.

A Bridge Loan can be the perfect solution to get you in your new home before your current home sells. We have both a fixed and interest only option and 3 programs to choose from.

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