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Residential Lending Opportunities

Flexible Mortgages

Federated Bank has a range of options available to the prospective home-buyer. Our flexible solutions enable us to address the unique financial and personal situation of each borrower. We offer conventional mortgage products, including fixed-rate loans, adjustable-rate mortgages (ARM’s), and traditional balloon loans, as well as specialty mortgages, such as USDA (Rural Development), FHA, and VA mortgages. If you are looking to buying a home, we will work with you to find the right residential loan for you.

Specialty Mortgages

With specialty mortgages, we offer options (USDA, FHA, and VA) that enable us to serve potential home owners who do not qualify for traditional financing. Some of the benefits of these products include low down payment or no money down, no required monthly mortgage insurance (PMI), and the ability to finance closing costs in the loan. Some of these products even offer relaxed credit requirements. We are one of just a few lenders in the Ford, Iroquois, and Kankakee county area to offer these specialty products.

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Finding the Right Loan for You

In addition to offering you this diversity of choices, we also provide the expertise to help you find the best alternative for you. We understand the benefits and requirements of each of our products and can help you evaluate your particular situation and see which of our products will best meet your needs. Our branch managers are always available to answer your questions, or you can talk with our mortgage expert, Andrea Eldert, aeldert@federatedbank.com about your particular situation and what options are available to you.

Federated Bank is an equal housing lender, NMLS Number: 768496.

Mortgage Lending Officers:

Andrea Eldert, MLO# 1094715
Nancy Gerdes-Hibsch, MLO# 462259
Domitila Garcia, MLO# 1961810
Sarah Andreina,MLO#1919462
Cindy Cabbage, MLO# 794021
Steve Wedig, MLO# 1390259

Home Construction Loan

In addition to mortgages, Federated Bank also provides home construction loans. A home construction loan is a loan used to finance the construction of your personal residence, or maybe a second home. Construction loans vary significantly between lenders. Come in to talk with us and learn more about the benefits offered by Federated Bank’s construction loans.

Home Equity Line of Credit (HELOC)

Federated Bank also offers Home Equity Line of Credit (HELOC) to homeowners. A HELOC is a loan where you can use the available equity in your home to secure a line of credit loan. A line of credit generally allows the borrower to draw funds from the loan, pay it back, and then borrow it again as needed. This type of loan provides a very flexible financing option, allowing the borrower to borrow only what they need when they need it, without the hassles of getting a new loan for each occasion. You decide what you need and when you need it, and all you are required to pay back is the interest monthly. These loans are generally written on a variable rate basis and are tied to a national rate index.

While the above description may make HELOC loans sound complicated, they really are not. Please let us help you understand this very flexible product and how it might benefit you!

HELOC loans can be tax deductible. (Contact a tax professional to discuss issues of deductibility.)