Loan Services

Conventional 15 Year Fixed

Conventional 15 Year Fixed Rate Mortgages offer a fixed initial interest rate that remains the same over the entire life of the loan. The monthly payments are amortized over a 15 year period. Many borrowers utilize a 15 Year Fixed Rate Mortgage to dramatically reduce the total interest expense they will pay over the life of their loan verses a 30 Year Fixed Rate Mortgage.

Conventional 20 Year Fixed

Conventional 20 Year Fixed Rate Mortgages offer a fixed initial interest rate that remains the same over the entire life of the loan. The monthly payments are amortized over a 20 year period.

Conventional 30 Year Fixed

Conventional 30 Year Fixed Rate Mortgages offer a fixed initial interest rate that remains the same over the entire life of the loan. The monthly payments are amortized over a 30 year period. The 30 year fixed rate mortgage is the most popular loan program as it allows borrowers to fix their interest rate for 30 years and provides the lowest monthly payment compared due to the longer amortization period.

FHA/VA Loans*

Federal Housing Administration & Veterans Association Loans are government guaranteed loans that provide flexible underwriting requirements. These mortgage loans often require less income to qualify than traditional loans and may require little or no down payment. You must be an eligible Veteran to qualify for a VA loan. On an FHA loan, your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.

  

*OakStar Bank  is not acting on behalf of or at the direction of HUD/FHA or the Federal government, but instead is an FHA approved lending institution.

Conventional 3/1 ARM**

The Conventional 3/1 ARM offers a discounted fixed rate for the first 3 years of the loan with a 30 year amortization. After the 3rd year, the interest rate may adjust up or down a maximum of 2% annually, with a cap of 6% over the life of the loan. OakStar Bank also offers a 3/1 ARM with annual and lifetime caps of 2% and 4%, respectively. Certain restrictions apply. The Adjustable Rate Mortgages at OakStar Bank do not have a pre-payment penalty.

Conventional 5/1 ARM**

The Conventional 5/1 ARM offers a discounted fixed rate for the first 5 years of the loan with a 30 year amortization. After the 7th year, the interest rate may adjust up or down a maximum of 2% annually, with a cap of 6% over the life of the loan. OakStar Bank also offers a 5/1 ARM with annual and lifetime caps of 2% and 4%, respectively. Certain restrictions apply. The Adjustable Rate Mortgages at OakStar Bank do not have a pre-payment penalty.

Conventional 7/1 ARM**

The Conventional 7/1 ARM offers a discounted fixed rate for the first 3 years of the loan with a 30 year amortization. After the 7th year, the interest rate may adjust up or down a maximum of 2% annually, with a cap of 6% over the life of the loan. OakStar Bank also offers a 7/1 ARM with annual and lifetime caps of 2% and 4%, respectively. Certain restrictions apply. The Adjustable Rate Mortgages at OakStar Bank do not have a pre-payment penalty.

Jumbo Loans up to 900,000

Offering the most experience and professionalism in the area in jumbo mortgage loan financing. OakStar Bank offers the most competitive Jumbo Loan interest rates including
5/1 and 7/1 ARMs as well as 15, 20, and 30 year Fixed Rate Mortgages up to $900,000.

USDA

The United States Department of Agriculture loan program allows financing of 100% of purchase price with a 3.5% Guarantee Fee financed into the loan. There is no monthly mortgage insurance and the borrower doesn’t have to be a first-time home buyer, but cannot own “adequate housing in the local commuting area.” The property needs to be a maximum of 5 acres and seller paid closing costs are acceptable.

Reverse Mortgage

OakStar Bank Reverse Mortgages use your home as security for a loan. This is just like a traditional mortgage. With a traditional mortgage you make monthly payments until the loan is paid in full. With a Reverse Mortgage you never make payments. The idea behind a Reverse mortgage is to convert the equity in your home to cash without having to sell the house. This provides money for improving the finances of many seniors.

Bridge Loans

OakStar Bank offers Bridge Loan Financing for buyers looking to purchase a new home without having sold their current primary residence. There are various ways to originate bridge loans. OakStar Bank will customize a loan to obtain the equity from a buyer’s current home and apply the equity as a down payment for the purchase of a new home. Certain restrictions apply.

Construction Loans

OakStar Bank offers construction loan financing to qualified borrowers looking to build their primary residence or vacation home. Construction loans are limited to OakStar Bank’s lending area. Please contact an OakStar Bank associate today for more information.

 

For example: a 30-year fixed rate loan of $150,000 at 3.50% will have principal and interest of $673.57 per month. This is a sample APR – the actual APR of your loan may vary.

Annual Percentage Rates (APR) quoted are for primary and secondary residences only with a minimum credit score of 720, 80% loan to value, 20% down payment. Loan amounts between $80,000 – $417,000 for standard loans, $418,000-$900,000 for Jumbo loans.

** This rate is subject to increase at a future date after consummation of the loan.