Mortgage Rates

Rates Effective Week of: 01/17/2014
Product
30 Year Fixed
Interest Rate
4.50%
Points
0.00%
Annual Cost (APR)
4.706%
 
15 Year Fixed
Interest Rate
3.50%
Points
0.00%
Annual Cost (APR)
3.845%
 
Mortgage Calculator ›
 
 

Residential Loans

Mortgage Classroom

Preparation and organization are the key elements necessary when applying for a mortgage loan. Given the difficulty of the current lending environment, we cannot stress the importance of having your income, asset and property documents in order prior to applying for a mortgage loan.

Below is a guideline of what you can expect us to ask you to gather during the processing of your loan. Other items may be requested but those mentioned below are the most important.

 

Home buyers

 
  1. Two months of bank statements and/or asset accounts to verify cash to close, closing costs and the required reserves. Any large deposits have to be “sourced”. That means you have to explain where it came from.
  2. Copy of purchase contract with all addendums.
  3. If you are a renter, we will need the name, phone number and address of landlord.
  4. Be ready to provide us with 2 years of W-2's and 2 current pay stubs and the previous years' tax return. If you are self employed have two years worth of personal and corporate tax returns and a current quarter profit and loss statement available. If you have investment properties make sure that you have current leases available so that we can use the income to offset the debt service.
  5. If you are receiving a gift, the donor must sign an affidavit that the funds are a gift and no repayment is due. Plus we have to make sure that they have the ability to give the gift so we need a current bank statement from your donor showing the funds available to give and ready for transfer.
 

Re-financing borrowers

 
  1. A copy of your prior title policy. This will save you money when we arrange for title insurance. For your information, all new mortgage loans must be accompanied with a brand new title insurance policy. Even if you just bought the property 6 months ago.
  2. Copy of your hazard/flood insurance policy(ies) or your insurance agents' phone number so that we can change the endorsement
  3. Copy of your current mortgage coupon or statement so that we can arrange a payoff.
  4. Be ready to provide us with 2 years of W-2's and 2 current pay stubs and the previous years' tax return. If you are self employed have two years worth of personal and corporate tax returns and a current quarter profit and loss statement available. If you have investment properties make sure that you have current leases available so that we can use the income to offset the debt service.
  5. Two months of bank statements and/or asset accounts to verify reserves
 

What are the general underwriting guidelines for both our conforming and our Portfolio products?

  • Property type: Single family, 1 – 4 family, NO-Condominiums, Townhouses – CONDOMINIUMS ARE PERMITTED UNDER THE IFB PORTFOLIO PRODUCT ONLY.
  • Credit requirement: Middle credit scores of 680 are generally a requirement, with a 720 credit score or greater needed for loan to values exceeding 80% of the purchase price or value if you are refinancing. All collections, liens and judgments must be paid from proceeds
  • Occupancy: Owner occupied, 2nd homes and Investment properties are eligible with differing rates and loan to values.
  • Debt ratios: Generally 42%. You calculate this ratio by taking your total debt payment including the new mortgage payment with taxes and insurance, plus car loans, student loans, credit lines and any other credit charge and dividing this number by your monthly gross income.
  • Asset requirement for purchases: 10% down payment is the lowest allowable under the IFB conforming loan). Loan closing costs can be provided through a gift of a family member only. Otherwise the down payment, closing costs and reserve must be in a banking or asset account for at least two months prior to submission. For non-owner occupied transactions a 20% down payment is a requirement
  • Asset reserve: 2 months of your new monthly housing payment
  • Cash out for re-finances: allowed to 80% of property value. In order to use appraised value, you must have owned the property for over 1 year otherwise we base value on purchase price.
 

(other qualifications may apply upon formal application)

How much of a loan can I afford

The general rule across the industry is a debt ratio of 42%. For those applying for a conforming loan there are circumstances wherein a debt ratio of 45% is allowable. We cannot stress enough that when borrowing, don't borrow up to the highest allowable limit, but borrow to an amount that you are comfortable in paying on a monthly basis.

We encourage you to use our Mortgage Calculator to see what monthly payment you can expect, given a loan amount.

Purchase Calculator

Sales Price of Home:
Percentage Down: %
Length of Mortgage: years
Annual Interest Rate: %
 

 
 

What loan is right for me

Choosing the mortgage program to best fit your needs and lifestyle is our only concern. Consider how you imagine your future and your family in your new or existing home of your dreams and let an IFB mortgage make that a reality.

 
  AVAILABLE PROGRAMS ADVANTAGES DISADVANTAGES
Fixed Rate Fixed Payments and Interest Rate remain the same for the life of the loan. Borrowers are protected should rates increase. Can refinance if rates decrease Rates are priced higher with a fixed rate loan versus the adjustable rate loan. Higher monthly payments than the adjustable rate loan. Rates do not decrease if rates drop
Adjustable Rate Mortgages (ARM) 3/1 ARM 5/1 ARM 7/1 ARM Lower initial monthly payment. Rates and payments may decrease if rates drop. Usually assumable with qualifying. Higher payments in the future are possible. Payments may increase over the life of the loan. New buyer must comply with the contractual obligation should rates increase.
 

Apply for the mortgage loan that's right for you!

 

To Get Started ›

 

Contact our Residential Mortgage Department for additional information concerning any of our mortgage programs. Any of our loan advisors is ready to help you through the process of financing your family's home. Contact Information: info@IFBbank.com, or click here To Get Started.

E-mail transmission is not secure or error-free, information could be intercepted, lost or delayed and we cannot guarantee the confidentiality of any information sent through the internet. We very strongly discourage you from sending any confidential information, such as account names, numbers, balances or any description of any transaction. We shall not be liable for any damages suffered by anyone as a result of any wrongful dissemination or misappropriation of information.

Residential Loans That We Offer

IFB offers a full range of competitive Residential Mortgage programs designed to meet the requirements of all of our customers, whether US residents or foreigners. We have loans customized for all of your needs: new home purchases, refinancing an existing mortgage, or making home improvements.

Discover the IFB Residential Mortgage option that's just right for you.

Our conforming Loan Program For those that qualify, this program provides for some of the lowest fixed rates available in the market. Whether you are buying your first home, or are buying a second home or investment property, our residential experts are able to walk you through the process to secure the best possible loan given your personal credit and income situation.

 
  • None of our conforming loans carry prepayment penalties or call options.
  • Minimum loan amounts of $75,000 to a maximum loan amount of $417,000
  • Loan to values up to 90%
  • We offer loans for those interested in purchasing a property or refinancing their existing mortgage(s)
 

I.F.B. Portfolio products: We strive to provide every mortgage borrower with the best possible solution given their respective qualifications. One reason we have become so successful in helping our clientele is by providing portfolio mortgage loans when borrowers simply could not qualify for a conventional loan. We offer a full range of products to include a very aggressively priced Jumbo Product, a foreign national loan for those people who don't have verifiable U.S. income, and a whole host of products that can be custom tailored to suit your needs.

Non Conforming Loans: This loan is designed for those borrowers who don't qualify for a conforming residential loan. As Fannie Mae and Freddie Mac continue adjusting their conforming loan guidelines, we at IFB pride ourselves in filling the needs of borrowers when other options don't exist.

Jumbo Loan Programs: Jumbo mortgage program options are available for financing large purchases or refinances designed for mortgages that exceed the current maximum conforming amount of $417,000.00. We offer a fixed and adjustable rate loan up to $2,000,000 at various terms and rates. Call us for details.

Foreign National Loan Program: When a borrower has income derived from oversea sources and cannot verify U.S. income, our Foreign National Program may be the right program for you. Please call one of our Loan consultants for more information as restrictions apply

To Get Started

 

Fill in your details below, and start your application with a free consultation.

Required Fields *

*Your mortgage: Purchase Refinance
Your goals:
 
*Your expected purchase price: .00
*Your estimated home value: .00
*Your desired mortgage amount: .00
*How would you rate your credit?:
*The location of your property:
*First Name:
*Last Name:
Phone Number: - -
*E-mail Address:
*Confirm E-mail Address:
Please enter the following code bellow:
 
  submit ›

Why Choose Us

Being a local bank has afforded us with several advantages when it comes to our lending. With your home being the biggest single investment that you will make, who better to trust with your biggest investment than a bank that has seasoned veterans running the division.

Experience: Unlike some banks, where recent college graduates handle mortgage transactions, we at IFB have people who have been in the mortgage business for well over 20 years watching your loan as it moves through the process. With thousands of closed loans, these Loan specialists are experienced in every facet of lending and are capable of reaching solutions when others have failed.

Loan Pricing: Our pricing structure allows us to discount our conforming loan rates and even allows us offer all of our conforming loans without charging a customer loan points.

Processing efficiency: All of our loans are pre-qualified to insure that those loans submitted to underwriting have a reasonable probability of closing. With this system in place we are able to avoid processing bottlenecks and move loans quickly through the system.

Our promise to our client: We know who you are, and our team is familiar with each loan in the pipeline, regardless if they are assigned to your transaction or not, an answer to your question is an email or phone call away.

Refinance Calculator

Loan Amount Request: $
Length of Mortgage: years
Annual Interest Rate: %
 

 
 
 

What loan is right for me

Choosing the mortgage program to best fit your needs and lifestyle is our only concern. Consider how you imagine your future and your family in your new or existing home of your dreams and let an IFB mortgage make that a reality.

 
  AVAILABLE PROGRAMS ADVANTAGES DISADVANTAGES
Fixed Rate Fixed Payments and Interest Rate remain the same for the life of the loan. Borrowers are protected should rates increase. Can refinance if rates decrease Rates are priced higher with a fixed rate loan versus the adjustable rate loan. Higher monthly payments than the adjustable rate loan. Rates do not decrease if rates drop
Adjustable Rate Mortgages (ARM) 3/1 ARM 5/1 ARM 7/1 ARM Lower initial monthly payment. Rates and payments may decrease if rates drop. Usually assumable with qualifying. Higher payments in the future are possible. Payments may increase over the life of the loan. New buyer must comply with the contractual obligation should rates increase.
 

Apply for the mortgage loan that's right for you!

 

To Get Started ›

 

Contact our Residential Mortgage Department for additional information concerning any of our mortgage programs. Any of our loan advisors is ready to help you through the process of financing your family's home. Contact Information: info@IFBbank.com, or click here To Get Started.

E-mail transmission is not secure or error-free, information could be intercepted, lost or delayed and we cannot guarantee the confidentiality of any information sent through the internet. We very strongly discourage you from sending any confidential information, such as account names, numbers, balances or any description of any transaction. We shall not be liable for any damages suffered by anyone as a result of any wrongful dissemination or misappropriation of information.