Loan Products
- Conventional Mortgages
- Construction Loans
- Lot Loans
- Adjustable Rate Loans
- Home Equity Line of Credit (HELOC)
- Share Loans (Passbook Loans)
***Due to the many programs and fluctuation of rates, please call Nancy L. Gerling or Kitty Gerling with your questions at 410-377-4330.
General Information about Loans
Wondering how much you can afford?
Use this handy Mortgage Calculator to get an idea.
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Conventional Mortgages
THESE ARE LOANS COMPLETELY SERVICED BY MIDSTATE
- Can lend 80% of purchase price or appraisal, whichever is less
- Rate, points and term to be determined
- We allow you to choose “Escrow” or “Pay Own Expenses”
- Purchases, refinances, investment (1-4 family), rehab, over 5 units and small commercial loans accepted
Conventional Mortgage with PMI (see glossary)
- Requires as little as a 5% down payment
- Must be approved by “Mortgage Insurance Company”
- No investment or commercial properties
- Required to escrow for expenses
- Rate, points and term to be determined
Construction
With Permanent Loan:
- 12 month term followed by amortized loan program
- 20% down payment
- Can lend 80% of completed house and lot value
- Money held in trustee escrow
- Draws are disbursed as work is completed and inspected
- Inspection fees are based on the number of draws
- Customer is responsible for first year taxes and insurance. Escrow can be established after house is complete
- One settlement – construction loan will be converted to an amortizing loan with rate and points to be determined
Without Permanent Loan:
- 12 month Term
- Rate and points to be determined
- 20% down payment
- Can lend 80% of completed house and lot value
- Money held in trustee escrow
- Draws disbursed as work completed and inspected
- Inspection fees based on number of draws
- Customer is responsible for payment of taxes and insurance
- After 12 months the house must be completed and the loan paid off
- Requires a 25% down payment
- Can lend 75% of purchase price or appraised value, whichever is less
- Term can be a maximum of 10 years (can amortize over a longer period i.e. 25 or 30 years)
- Must have well and perk test, if applicable
- Requires a 20% down payment
- Can lend 80% of purchase price or appraised value, whichever is less
- Term is 30 years with adjustments either 1 or 3 years (see glossary)
- Rate and points to be determined
- We allow you to choose “Escrow” or “Pay Own Expenses”
Adjustable Rate Mortgage (ARM) with PMI (see glossary)
- Requires as little as a 5% down payment
- Must be approved by “Mortgage Insurance Company”
- No investment or commercial properties
- Rate, points and term to be determined
Home Equity Line of Credit (HELOC)
A Home Equity Line Of Credit is a floating-rate mortgage on your home. It is a revolving line of credit, like a credit card account, except that you access your loan funds by writing checks drawn on your credit line. You will receive a monthly statement that shows all of the checks you wrote, any payments you have made, the interest you were charged, and a minimum payment for that month.
Share Loans (Passbook Loans)
A loan may be taken against any savings, money market or certificate account, except IRA’s, at a rate of 2% above the deposit account. There is no fixed term or repayment schedule and the only requirement is to pay the billed interest due each month. The book or certificate is held at Midstate for collateral and the amount of the loan is deducted from the withdrawable balance of the deposit.
