From first time home buyers to those looking to purchase their dream home or refinance their current home loan, our team of experienced loan officers are ready to discuss your needs and prepare a loan best suited to your needs.

Visit Carrie at our Herrin branch or Ronnie at our Carterville branch to see how easy it is for us to help you meet your needs and still stay within your budget!

Types of Loans

The Bank of Herrin offers several loan options for prospective homebuyers. We offer both balloon and ARM loans. Our team will always try to find the one that works best for you.

• In House Mortgage

  • If budget flexibility, upsizing or relocating in the future is important to you, an adjustable rate is a great option to explore.
  • In House-5 year adjustable rate loans with payments. At the end of the initial 5 year term, the interest rate adjusts annually.
    • Loan serviced by a local bank.

• Secondary Market

  • If you want a reliable interest rate that still provides plenty of term options, check with one of our loan officers about a fixed-rate mortgage.
  • Due to the stable interest rate, customers can maintain their monthly budget without an unexpected increase in their payment. With multiple term options, you can select which time frame best suits you.
    • Variety of down payment options.
    • Enjoy payment stability despite increasing interest rates.
    • Avoid penalties for prepayment.
  • Choosing a shorter-term presents more benefits.
    • Accumulate equity even faster.
    • Benefit from lower interest rates.
    • Pay less in interest during the term of your loan.

• Federal Housing Administration (FHA) Mortgage

  • FHA mortgages may be assumed, making selling your home easier.
  • Lower down payment than many conventional programs.

• Rural Development Loans

  • Various down payment options available.
  • Income limits apply.
  • Fixed rate loan.

• Home Construction Loans

  • Build your dream home.
  • Interest only loan.
  • Construction to permanent financing options are available.

• Veterans Administration Loan

  • Eligible veterans and active duty personnel only.
  • No down payment required.
  • Fixed rate loans.
  • No income limits

• Refinancing

  • There are a multitude of factors that need to be considered when thinking about refinancing your mortgage.
    • If your payments are rising on an adjustable rate mortgage, if you want to consolidate or eliminate high-interest debt, or you want to repay a loan sooner by reducing the length of your mortgage, refinancing might be for you.
    • Generally, if the mortgage rate is at least one point lower that what a mortgage holder is currently paying, you should consider refinancing.
    • If your situation isn’t so clear cut, talk to our experts who will help you determine the course of action that works best for your objectives.