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Answering 4 Frequently Asked Mortgage Questions

For many Americans, taking out a mortgage is still the easiest and most practical path to homeownership. However, the process of securing this type of loan can be confusing, especially for first-time homebuyers.

Nevertheless, getting a mortgage is very achievable when you have a firm understanding of the basic concepts. To help you with this process, listed below are answers to some frequently asked questions about taking out a mortgage loan.

Do I Need a Great Credit Score Before Taking Out a Mortgage?

Some people think that an average credit score will not be good enough to be granted a mortgage. This, however, isn’t necessarily true. You can get a mortgage with a FICO score as low as 620.

It’s important to remember, however, that a great credit score isn’t required, but it will certainly help. The higher your credit score, the lower your interest rates will be.

Do I Need an Appraisal?

A home appraisal is conducted to determine the actual value of a property that you’re eyeing. The valuation from the appraisal could be different from the asking price of the property’s seller.

A professionally-conducted appraisal is needed to let lenders know that the property you’re buying is worth what you’re asking to borrow. This process is important to banks as the property will become a collateral for your loan.

Should I Get an Adjustable- or a Fixed-Rate Term?

The answer to this depends on your financial capability and preference. If you’d rather play it safe, a fixed-rate term is right for you. But if you are willing to take a gamble that your payment could decrease over a period of time, you should opt for an adjustable-term mortgage loan.

What Are Discount Points?

Much like a down payment, discount points are money that you can pay up front in order to secure lower interest rates on your mortgage. Discount points are tax-deductible, meaning a property buyer can save in the long term by obtaining them.

Reach Out to Us

Are you planning to take out a mortgage to buy a property in Missouri? Look no further than Table Rock Community Bank. With our help, we can help you secure a mortgage or a business loan. Visit our branches in Branson West and Kimberling City.

Four Advantages of Getting a Mortgage

Having a home that you can call your own is the dream for many Americans. Achieving that goal, however, isn’t very simple as a house is a significant investment that some can’t pay for using just their savings.

Fortunately, aspiring homeowners can turn to huge and local community banks alike to make their dream into reality. With the help of a mortgage loan, property ownership is attainable. For your reference, listed below are the advantages of taking out a mortgage to obtain real estate.

Improve Your Credit Score

Obtaining a mortgage to purchase a home can significantly improve your credit rating as long as payments are made on time. A higher credit score translates to lower interest rates for borrowers. Meaning, the next loan you’ll take out will have terms that are more favorable to you.

Build Equity

Home equity is the difference between the market price of your property and how much you still owe on your loan. And because homes typically increase in value over time, your equity goes up as you pay down your mortgage. You’ll gain more than what you paid if you decide to sell the house.

Enjoy Tax Breaks

Homeowners are entitled to deductions on their annual income tax returns for the expenses of owning real estate. This includes mortgage interest and property tax on your primary residence or even a second home.

Easy to Repay

A mortgage loan is paid little by little every month. Depending on the interest rate, this type of loan could be cheaper than the cost you would pay for rent. Considering that you’re paying for a property that you’ll eventually fully own, taking out a mortgage is remarkably advantageous as opposed to renting.

Are You Planning on Taking Out a Mortgage?

Don’t hesitate to turn to Table Rock Community Bank if you’re looking for an organization you can trust in Stone County, MO. We provide mortgage loans, business loans, and consumer loans to help our clients achieve their goals. Give us a call today!

Coronavirus Emergency Loans


CORONAVIRUS EMERGENCY LOANS

The Coronavirus Aid, Relief, and Economic Security (CARES) Actallocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP),the initiative provides 100% federally guaranteed loans to small businesses that may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

 

Paycheck Protection Program (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

The Paycheck Protection Program will be available through June 30, 2020.

Am I eligible?

 

You are eligible if you are:

• A small business with fewer than 500 employees

• A small business that otherwise meets the SBA’s size standard

• A 501(c)(3) with fewer than 500 employees

• An individual who operatesas a sole proprietor

• An individual who operatesas an independent contractor

• An individual who is self-employed who regularly carries on any trade or business

• A Tribal business concern that meets the SBA size standard

• A 501(c)(19) Veterans Organization that meets the SBA size standard

In addition, some special rules may make you eligible:

• If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis

• If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply

 

REMEMBER: The 500-employee thresholdincludes all employees: full-time, part-time, and any other status.

 

How much can I BORROW?

 

Loans can be up to 2.5 x the borrower’s averagemonthly payroll costs, not to exceed $10 million.

 

Moreinformation can be found: https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

 

Ready to apply?

 

PPP Application


Small Business Customers

We know that the spread of COVID-19 is impacting many of our small business customers and small businesses are vital to our community.  If you are experiencing financial hardship as a result of COVID-19, we're here to help.  Please give us a call at 417-739-9300.


SBA.gov has officially recognized Missouri's disaster declaration and SBA loans will now be available to qualifying businesses in need of support.  Please visit https://www.sba.gov/funding-programs/disaster-assistance for more information.

Lobbies Closed due to COVID-19 will re-evaluate on 4/30/2020

The health and safety of ourcustomers, employees and community is highly important to us.  Therefore, we will be closing our lobbies effective Saturday, March 21, 2020 to help in the continued efforts to reduce the spread of COVID-19.


Rest assured, we are taking every precautionary step to protect our employees and customers during this time.  We have implemented our contingency plans for operating in an organized team structure with our employees to adhere to CDC guidelines and mitigate operational risks should anyone be exposed.

We are committed to serving you during this time and want to remind everyone of the convenient ways of accessing and managing your finances through the following options:

  • ATMs

  • Online Banking

  • Mobile App

  • 24 Hour Account Access Line:  866-448-0784

  • The drive-up window will continue to be open during normal business hours. Customers that need access to their safe deposit box may contact us to schedule an appointment.   

Please call us at the Kimberling City location at 417-739-9300 or Branson West location at 417-272-9300 if you have any questions.


Coronavirus Official Statement

Coronavirus Official Statement Click Here

Safari access and bill pay

For Customers who use Safari to access Table Rock Community Bank's Internet Banking


Subscribers who have updated to the latest release of Safari are experiencing an inability to use the bill pay product.  The last Safari release defaulted browser settings to NOT allow third-party cookies or cross-site tracking.  In addition, after changing browser settings to allow cookies and cross-site tracking, Safari is NOT saving the updated browser settings causing frustration for subscibers when logging in to their next bill pay session.


Until all patches have been released there are two temporary solutions:


    1)  Change browser settings to allow third-party cookies and cross-site tracking EACH time when logging in to bill pay.

    2)  Temporarily use another browser until the new Safari version is available.