Purchasing a home should be fun and exciting, a dream come true. We believe that financing the home of your dreams should be a comfortable and friendly experience. Our goal is to guide you through this exciting time of your life by helping you feel comfortable every step of the way. Not sure how much of a house you will be able to afford? Use our Mortgage Qualifier Calculator to help you determine the right amount for your needs. Ready to get started? Call a mortgage officer today at 608-372-BANK (2265)!
Fixed Rate Mortgage Loan
A fixed rate mortgage may be just what you are looking for if you like the idea of stability. It can be a lot easier to budget your money when you know your mortgage interest rate isn't going to change every year. Plus, Timberwood Bank offers you a lot of options to customize a fixed rate loan to your need. Timberwood Bank Lenders are available to help you determine which term is best for you.
Adjustable Rate Mortgage (ARM) Loan
Timberwood Bank offers Adjustable Rate Mortgages. Our programs offer an attractive alternative for many home buyers. The loan is fixed for the initial adjustment period and then adjusts based on an index. ARM loans have annual and lifetime caps in case of an extreme change in the indexed rate. You could save a substantial amount of money by choosing an ARM loan that fits your specific situation. Ask a Timberwood Bank Lender whether an ARM loan is right for you.
USDA-Rural Development Loan (No Down Payment Loan)
Homeownership is a dream. This dream may seem out of reach for those who cannot meet traditional credit requirements or do not have the funds for high downpayment requirements. USDA-Rural Development provides an avenue for us to fulfill these customer’s dreams. Mortgages are given at a 30-year fixed rate at current market interest rates. Loans may include funds for closing costs, guarantee fee, legal fees, title services, cost of establishing escrow and other prepaid items, if the appraised value is higher than the sales price. Income limits do apply for this program.
Federal VA Loan
The more you know about Timberwood Bank’s home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any downpayment at all. The application process is not much different than any other type of mortgage loans. Lenders are also able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process.
A home equity line of credit (HELOC) is an excellent opportunity to take advantage of the equity in your home. It is an excellent alternative to high interest rate consumer loans and credit cards. Are you looking to make repairs to your home, college expenses, purchase a new car, family vacation, etc.? A HELOC is just the tool you need to accomplish these items. How does a HELOC work? Qualified applicants receive approval for a specific amount of credit. This credit limit is the maximum amount that you may borrow at any one time under the plan and is figured by taking a percentage of the applicant’s home value and subtracting the balance owed on the existing first mortgage. We also look at your income, debts and other financial obligations as well as your credit history when determining the amount of your approved line. A HELOC approval establishes revolving credit in which your home serves as collateral. For more information about Timberwood’s HELOC program, please contact one of our mortgage lenders.
Timberwood Bank’s “Construction Only” financing allows home buyers the flexibility to explore permanent loan options while their home is under construction. During the construction period, you pay only interest on the funds that have been advanced. When your construction is complete we convert your loan into permanent financing with a product of your desire. Achieving your dream home begins before you break ground. Timberwood Bank plays an important role in your construction project. We will answer your questions and provide guidance to save you money and keep things moving smoothly so that you can concentrate on what really matters: cabinets, flooring, hardware, light fixtures, etc.
A Timberwood Bank loan is the perfect solution to keep your dream of building a home alive. If you find the lot of your dreams to build your future home, please stop in and apply for a lot loan. With our help, you can purchase the land you want to build your home on and take the time to plan and design the home of your dreams. When your plans are finished and you have selected your contractor to build your home, we will pay off the remainder of your lot loan with a no-hassle construction loan.
All loans are subject to credit approval. Timberwood Bank is an Equal Housing Lender
CONFORMING LOAN PAYMENT NOTICE
In order for your loan payment to be considered conforming, payments must be made in US dollars and be accompanied by the account number, payment coupon provided or loan payment notice.
Mailed payments must be sent to: Timberwood Bank, PO Box 880, Tomah, WI 54660.
Payments can also be made by the phone through 24/7 TeleBank System: Call 1-877-358-6552, or our website www.timberwoodbanks.com through Online Banking.
Loan payments may also be made in person at: Timberwood Bank, 110 W. Veterans St, Tomah, WI 54660. These payments will be posted and credited to the account as of that business day if received by our cut-off time of 5:00pm, Monday through Friday, except bank holidays.
All other payments, including payments by telephone banking, online banking, or payments received on Saturday, will be credited as of the next business day or as otherwise permitted by law.
Payments received by wire are considered non-conforming. Non-conforming payments may take longer to process and will be credited within 5 days of receipt.
Please contact your lender with any questions at 608-372-2265.