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Buy or Build a Home
For many people, buying or building a home is the single most significant financial step of a lifetime. First National Bank offers competitive interest rates, low closing costs, and fast, convenient closings. We take pride in the quality products and services we provide:
- Fixed Rate Mortgage Loans
- Variable Rate Mortgage Loans
- Refinance existing Mortgage Loan
- New Home Interim Construction Loan with option to rollover into permanent mortgage financing.
- Home Improvement Loan
- Home Equity Loan
- Raw Land Purchase
- USDA Loans
- Rural Living Loan Product for larger acreage with home
Visit any of our branches in Bastrop, Cedar Creek, Elgin, or Smithville for more information. All loan applications subject to credit approval. Certain restrictions apply. First National Bank's NMLS# 403250.
Refinance Your Mortgage
If you're interested in refinancing a home, our loan officers can help you find potential ways to:
Lower your monthly mortgage payments
Switch to a fixed-rate mortgage
Shorten the term of your mortgage loan
Get cash out of your home
Mortgage Calculators Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule. Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford! Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven! Rent vs. Buy Are you better off buying your home, or should you continue to rent?
Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
Q : How is an index and margin used in an ARM?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. The index rate is the Wall Street Journal U.S. prime rate on corporate loans posted by at least 70% of the 10 largest U.S. banks.
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. First National Bank of Bastrop can help you evaluate your choices and help you make the most appropriate decision.
Q : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
- Principal: Repayment on the amount borrowed
- Interest: Payment to the lender for the amount borrowed
- Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
Q : How much cash will I need to purchase a home?
A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
- Earnest Money: The deposit that is supplied when you make an offer on the house
- Down Payment: A percentage of the cost of the home that is due at settlement
- Closing Costs: Costs associated with processing paperwork to purchase or refinance a house