Home Mortgage Loans

Home Mortgage Loans

Whether you've got one foot out the door of your old house, or dream of renovations that will transform your old home into an Eden worthy of magazine spreads, Sutton Bank is here to help. We live and work where you do, so we have all the answers specific to home loans in North Central Ohio.

Due to extended terms from 15-30 years, monthly payments are affordable. And with a fixed rate your payments remain low-risk and predictable. Find competitively low rates for home purchase, refinance, or construction. Available for primary residence, second homes, vacation homes, or investment properties.

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Home Mortgage Loans
  • Competitively low rates for home purchase, refinance, or construction
  • Available for primary residence, second homes, vacation homes, or investment properties
  • Fixed rate mortgages
  • Construction Loans
  • Helpful lending experts with in-depth knowledge of North Central Ohio real estate
  • Free pre-qualification for extra confidence when it comes to securing financing
  • Refinance your current home to potentially lower your rate
  • Repayment terms tailored to fit your needs
  • Local decision-making and processing
  • Attentive, friendly service from start to finish

The following home loan toolkit provides a step-by-step guide to help you understand the nature and costs of real estate settlement services, define what affordable means to you, and find your best mortgage. The toolkit features interactive worksheets and checklists, conversation starters for discussions between you and your lenders, and research tips to help you seek out and find important information. This toolkit is a great resource for consumers navigating the home-buying process, and will help you make well-informed decisions about the biggest financial transaction of your life.

Your Home Loan Toolkit

Financing Options

15, 20, & 30-Year Fixed-Rate Loans

A fixed-rate mortgage offers a straightforward, predictable monthly payment. With fixed-rate mortgages, your interest rate--and your total monthly payment of principal and interest will stay the same for the entire term of the loan. That predictability makes it easier to set your budget.

What Will My Mortgage Payment Be?

Here are some handy sample scenarios to give you an idea of how the process works once you plug in the numbers.

  • For a 15-year loan on a $100,000 mortgage
  • With a rate of 3.00% (APR 3.201%)
  • A 20% down payment ($25,000)
  • On purchase price of $125,000 with no points
  • You would have a monthly payment of $690.58 (principal & interest).*

  • For a 20-year loan on a $100,000 mortgage
  • With a rate of 3.625% (APR 3.787%)
  • A 20% down payment ($25,000)
  • On the purchase price of $125,000 with no points
  • You would have a monthly payment of $586.40 (principal & interest).*

  • For a 30-year loan on a $100,000 mortgage
  • With a rate of 3.75% (APR 3.867%)
  • And a 20% down payment ($25,000)
  • On purchase price of $125,000 with no points
  • You would have a monthly payment of $463.12 (principal & interest).*

*Stated rates and terms intended as examples only.

Call (800) 422-3641 or contact us for the most current rates and terms.

Construction Loans

Can't find your dream home? Looking for something more practical than the market seems to offer? Sutton Bank will help you build it.

We get the process in motion so you'll only pay interest on the loan during construction. Upon completion, convert your construction note into permanent financing with your choice of fixed or variable rates.

  • Competitively low rates for your home construction project
  • Available for primary residence or second home construction
  • Payments are interest-only during construction phase
First Time Homebuyers

FannieMae's My Community™ Mortgage Program may be your ticket to home ownership!

This program has many similarities to the traditional FHA loan program. Currently the MyCommunity™ program requires only 3% down payment, and FNMA is also flexible on the source of down payment. It can be the borrower's cash on hand, gift from a relative, or even from the employer. It also provides additional advantages for nurses, paramedics, fire fighters, and police officers as well as anyone who works in an educational institution. However, the one and primary restriction with the MyCommunity program is that it does carry income limits, meaning that buyers must fall within these limits in order to be eligible and qualify for this program. For more details on how the income restrictions work, give us a call.

The MyCommunity™ Mortgage program is ideal for first-time home buyers with limited funds for down payment and closing costs and those needing flexibility on credit, income sources, or access to special options, and with FHA Mortgage Insurance Premiums on the rise, and becoming permanent for the life of the loan, this is a great program to compare, to see if the overall total cost would be lower than using an FHA loan. Here are some of the program highlights of the MyCommunity™ Mortgage:

- Up to 97% financing

- No minimum contribution from the buyer's own funds (gift funds allowed at any credit score)

- Fixed rate loans available

- Loan terms up to 30 years

- Reduced mortgage insurance requirements to help keep payments affordable (great alternative to FHA)

In addition to these program highlights, the My Community™ Mortgage program also allows the use of part-time income to qualify for the loan for the following professionals:

- Teachers & educational institution employees

- Police officers and firefighters

- Health care worker

Am I eligible?

Each type of Fannie Mae mortgage has its own eligibility rules. For most Fannie Mae MyCommunityMortgages®, you must:

• complete an approved homebuyer training course

• plan to live in the home you buy

• meet the borrower income limits

For more information, contact one of our Mortgage lenders.