Personal Banking

Loans

Home Loans

Purchasing, refinancing or improving a home can be one of the most exciting and stressful times for a family. That's why everything we do for our home mortgage customers is built around making the important decisions easy and straightforward. The best way to begin that relationship is by explaining to you some of the many options available for our customers.

A loan that's right for you.

Our loan officers are experts at helping you decide which mortgage loan will work best for you. Here are the different loan options you can choose from at Mountain Community Bank.

To request a loan application, please contact us.

423.543.2131

loanoperations@cartercountybank.com

Please remember that email is not secure. Confidential and sensitive information,
such as account numbers, should not be communicated via email.

Conventional Fixed
Adjustable Rate
Residential Construction
Refinancing
Home Equity
Home Improvement

Conventional Fixed

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The long term, fixed rate mortgage has traditionally been the way most prefer to finance their home. While interest rates remain low, you may wish to lock into a fixed rate mortgage that can be an important hedge against potential increases in interest rates. Fixed rate mortgages are especially attractive to those on fixed incomes or families who desire a predictable home payment each month, for the life of the loan.

Adjustable Rate Mortgages

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Adjustable Rate Mortgages (ARM's) offer an initial interest rate which is lower than the available rate on a conventional fixed rate loan. This means your initial monthly payment would, most likely, be lower and home ownership may be more affordable for you. As with any ARM, rate and payment amounts are subject to change based on the terms and conditions of the loan. Mountain Community Bank offers Adjustable Rate Mortgages with amortizations up to 20 years.

One Year ARM - with a rate and payment that adjusts annually
Three Year ARM - With a rate and payment that adjusts every three years

Each of the ARM's have a maximum increase of 2% annually and lifetime cap of 6%.

For more information on an Adjustable Rate Mortgage, please contact us to speak with one of our knowledgeable Loan Officers.

Residential Construction

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For some families, it may be difficult to find the perfect home in the location they desire. To help these families realize their dreams, Mountain Community Bank offers residential construction loans.

If you are wanting to build your own home and would prefer to handle the construction financing yourself, we are ready to help you. In fact,our Residential Construction loans can be rolled over to one of our Conventional Mortgage loans. This means you only have to pay closing costs one time.

Refinancing

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Home loan rates are at an all time low. Refinancing your home through Mountain Community Bank makes sense for homeowners who:

want a lower interest loan
want to change to an ARM with a lower rate of interest
want to build equity more quickly based through a shorter term loan
want to draw on existing equity to fund a major expense or purchase

Take advantage of lower interest rates as well as the knowledge and experience Mountain Community Bank loan officers have achieved.

Home Equity

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If you don't think that you have enough credit to be able to get the loan you need, Mountain Community Bank can assist by offering you a Home Equity loan.

Home equity is the difference between the market value of your home and what you owe on your mortgage. Today, the equity you currently have in your home is a value that can be used to meet a variety of your needs such as:

Home improvements and renovations: Increase the value and comforts of your home by adding a room or replacing carpet with hardwood flooring.

Debt consolidation: Stop paying high interest rates, consolidate your payments in to one, and pay off your credit card debts.

Personal purchases: Get that brand new car or boat you've always wanted.

Dream vacation: You deserve a break! Don't worry about saving up for many months just to take that well deserved vacation.

How does a Home Equity Loan work?
In most cases, a long term, first mortgage will exist on the home being improved of which will be used to determine the customer's equity position.

Here is an example of a customer's Home Equity.

Appraised Value	$100,000
80% of appraised	$80,000
Balance of First Mortgage	$60,000
Customer's Equity	$20,000

In this example, the customer could borrow up to $20,000 for whatever financial needs they have.

* Carter County Bank is not a professional tax advisor. Please consult a professional tax advisor on information concerning tax deductions.

Home Improvement

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As with any home, there always seems to be something that needs repair work or updating. Is it time for a new roof or would you like to add a new room to accommodate your growing family? Home improvement loans can be taken out for a variety of reasons.

Improvements such as adding a detached garage or adding a sun room do more than just raise the comforts of your home, they can also increase the value of your home.