Mortgages
Conventional Mortgages - Monthly Payments
Conventional Mortgages with a monthly payment of principal and interest would be used for the customer purchasing a house or refinancing an existing debt.
This loan would entail a "bond and mortgage" closed by the Bank's closing attorney. Real estate must be located within our market area of Western New York. From application to closing this process will take approximately 4 - 6 weeks.
Decisions are made locally and mortgage servicing is maintained in-house. In other words, no mortgage has ever been sold to another financial institution. Your payments will be sent to Bank of Holland.
Escrows for taxes and insurance are not required. However, we will help
you set up a direct deposit or savings plan to help you pay those large
bills when they come due.
Conventional Mortgages - Bi-weekly Payments
The basics of this mortgage are comparable to our conventional mortgage - monthly payments (see above) except for the following:
Your payment can be made every 2 weeks instead of once per month. By repaying a portion of your loan every 2 weeks, you save interest AND reduce the term of your mortgage by 10-20%.
Payments made bi-weekly can be accepted by Direct Debit from your account at the Bank of Holland. It is a great idea to set up a direct deposit from your employer to a separate account to handle your mortgage payment. Additional accounts can be set up for direct deposit at no additional cost to save for taxes and insurance.
Construction
Construction Financing is available for those people having a home built or who want to be their own general contractor, this would include modular homes.
One closing prior to the start of construction will handle both the construction phase and the permamant mortgage. "Draws" are given as construction is completed and inspected by a Bank Officer per building loan agreement. Interest only is paid during the construction phase, only on moneys disbursed to date.
Home Equity Loan
Home Equity Loans can be used for almost any purpose. All costs related to the closing of this loan are paid by the Bank of Holland*. From loan application to closing expect 2 - 4 weeks.
*If you should payoff your loan prior to four years after it is opened, you will have to reimburse us for any fees paid to third parties which we incurred in opening the account. These fees generally total between $300 and $4,000, based on loan amount.
Home Equity Line of Credit
Home Equity Line of Credit is ideal for the person who will pay back the loan more quickly than required or who wants an available line of credit for other purposes. This line of credit can be used over and over again.
There is a $25.00 annual fee for the line of credit. Rate is variable, minimum and maximum rates are disclosed on agreement. If applicable, balloon payment will be due at maturity. Closing costs are paid by us. (If you terminate the line prior to four years after it is opened, you will have to reimburse us for any fees paid to third parties which we incurred in opening the account. These fees generally total between $300 and $4,000, based on loan amount.)
Vacant Land
Vacant land loans are not offered at many banks, but the Bank of Holland will help you finance vacant property.
If you plan on building your home on this land in the near future a construction mortgage may work for you as well. Contact a loan representative for more information.
Personal
Mobile Homes
Mobile Home loans are for those customers purchasing a mobile home which will be located in a mobile home park. Application and closing can be arranged in a number of days.
Recreational Vehicles
Favorable terms for financing are available, depending on the age of the collateral.
Auto
Auto loans for cars and trucks can be quickly arranged at Bank of Holland. Rates are competitive and vary with the age and value of the collateral.
Commercial
Commercial Mortgages, Business Line of Credit, and Installment Loans are based upon the last 2 years of income, a current balance sheet and borrower income.
All commercial loans require the personal guarantee of key principals/owners.
The Bank of Holland services those businesses that take their banking relationships seriously and personally.