First Robinson Savings Bank offers fixed rate mortgages allowing you to lock in your interest rate for the entire term of your loan. The advantage to a fixed-rate mortgage is that your monthly payment never changes. Typically, the shorter the loan term the lower the interest rate. Payments are always due on the first day of the month. First Robinson Savings Bank retains the servicing of these loans so your payments will be made locally. Decisions on loans are made locally.
We also offer adjustable rate mortgages (ARM) that start with a rate good for an introductory period - typically 6 months, 1 year or 3 years - after which the rate adjusts based on a predetermined index (i.e. One year U.S. Treasury bill). Payment due dates are flexible. An ARM can be a good choice if you are expecting to live in your home for less than five years and can also help you qualify for a larger loan. First Robinson Savings Bank retains the servicing on these loans so your payments will be made locally. Decisions on loans are made locally.
First Robinson Savings Bank offers Home Equity lines of credit allowing you to put the equity you have in your home to work for you. Equity is simply the difference between the current market value of your home and the total debt obligations against the property. A standard home equity loan (also called a second mortgage) is paid off over an extended period of time. This line of credit is accessed through a checkbook so the funds are available to you whenever you need them. Once the line is established, you control the advancement of funds against it. Monthly payments are based upon the amount borrowed on the line. It is calculated as 2% of the average daily balance. Interest rates are variable and tied to the Prime rate as published in the Wall Street Journal from time to time.
We offer USDA Guaranteed loans to customers who may not have a downpayment on a home. We can finance up to 100% of the purchase price of the home plus closing costs subject to qualification for the program. These are 30-year fixed rate loans. First Robinson Savings Bank retains the servicing of these loans so your payments will be made locally. Decisions on loans are made locally.
Escrow accounts are available on both fixed rate and adjustable rate mortgage loans. This allows you to set aside your real estate taxes and/or homeowner's insurance on a monthly basis rather than having to come up with the entire amount at once. Escrow payments become part of your regular monthly house payment and the bank takes care of paying your taxes and homeowner's insurance when it comes due.
