Home Starts Here: Get a Home Loan from TS Bank
Home sweet home mortgage loan? When you finance a home with TS Bank, you'll be surprised at how sweet it is.
Our expert lenders will make sure you get personal service, from application to closing.
- Finance your own home and build up equity
- Competitive rates
- Different mortgages for various needs
- Flexible terms for affordable payments
- Easy application process
- Friendly service from experienced lenders
- Subject to credit approval
What types of mortgages do you offer?
Through our correspondent partner we can offer a variety of mortgages:
A conventional mortgage is a good fit for borrowers who have a five to 20% down payment or are looking to purchase a second house or investment property. Since conventional loans aren't guaranteed by the government, they generally have less restrictions than the other three loan types. With this particular loan, PMI (private mortgage insurance) is no longer necessary once 80% loan-to-value is reached, which in turn will drop your monthly mortgage payment. Conventional lending is also typical for those who want to refinance their current property. Current equity in the house can be utilized to lower the interest rate, decrease loan term and even provide cash-out for debt consolidation or home improvements.
A Federal Housing Administration loan, or FHA loan, typically requires a down payment of 3.5% of the purchase price. This loan is backed by the government, and because of this, there are stricter guidelines on the appraisal of the property (i.e. no peeling paint, no structural issues, etc). Credit score requirements may be lower and DTI (debt to income) ratios may be higher than what conventional financing allows. If loan-to-value is not as least 80%, the borrower will pay PMI for the life of the loan.
A VA home loan is guaranteed by the United States Department of Veterans Affairs. There are many perks to this loan, including a 0% down payment, a limit on the amount of closing costs and PMI is not required. There are certain eligibility requirements that must be met before this loan type can be considered as an option. A funding fee, which can be rolled into the loan amount, may also be applicable depending on your eligibility status. You can make sure you are eligible by visiting the VA website.
A USDA (United States Department of Agriculture) loan, otherwise known as rural development, features 100% financing. This means a down payment is not required. This program is favorable to a lot of first-time home buyers who may not have the funds to put aside a large down payment. The property must be located in an eligible area and there is a required 1% guarantee fee that can be rolled into the loan. A rural development loan may also have private mortgage insurance added to the monthly payment.
What is the mortgage process?
Here is our seven-step mortgage process:
Application. Whether you apply online, over the phone or in person, this is where we start. Please be as accurate as possible when filling out your loan application, as it will need to be verified and helps us guide you into the most beneficial program.
Pre-Processing. Once we receive your signed paperwork and your supporting documents, it's go time! We order your appraisal, title commitment and verifications to then create your electronic file. We comb through your file to see if anything is missing, which may prompt us to ask for an additional round of paperwork at this point.
Processing. Processing means we are preparing your file for underwriting. Once the appraisal, title commitment and verifications are complete and received, the processor will plug in the numbers and may ask you for explanation of any inconsistencies. Don’t worry, the processor is looking out for you.
Underwriting. The underwriter's job is to make sure everything on your loan application has been verified and your loan meets bank and program eligibility requirements.
Conditional Approval. Once your loan has cleared underwriting, there are always loose ends, or conditions, the underwriter will want tied up. Know this: sometimes conditions spur conditions. If what we ask you to provide fails to clarify the underwriter’s question, we’ll need to ask you for further documentation. We aren’t giving you a hard time, we are just doing our best to get your loan to the closing table. Please try to get conditions back to us as soon as you can.
Final Approval. Once all of your conditions have been received and the underwriter has signed off on them, your loan is considered "clear to close".
Closing. Closing means "signing all of your loan papers". Generally, your closing will be held at a title company, and you will need your driver’s license. If there is money due at closing time, you will need to bring a cashier’s check from your bank made out to the title company.
Frequently Asked Questions
If you’re considering applying for a mortgage to buy a home, we know it can seem like a daunting task – but it doesn’t have to be. Here are some answers to common questions about mortgages as you start your home ownership journey.
How much can I afford?
This is the number one most-asked question we get when starting a mortgage application, and the answer? It varies on your current debt-to-income ratio and previous credit history. We want to make sure we wouldn’t be giving you too large of a loan that would make your current financial position tight.
How do I calculate my DTI?
Your debt-to-income ratio (DTI) is calculated by taking your gross monthly income divided by your monthly liabilities (mortgage payments, auto payments, credit card payments, rent, etc). This ratio does not typically include items that are not reported to the credit bureaus, such as cell phone or insurance payments or utilities. When we look at DTI ratios before processing a mortgage, we’re generally looking for under 50% DTI.
What will my monthly payments be?
Monthly payments will depend on the purchase price, down payment, loan term, interest rate, property taxes, homeowner’s insurance and PMI (private mortgage insurance). Call a TS Bank representative with any questions.
What is the typical turnaround time between applying for a mortgage and closing on a new house?
Here at TS Bank, we strive to make closing happen within one month (30 calendar days), but the average time frame is 30-45 calendar days.
I don’t have a 20 percent down payment, what do I do?
When you initially apply for a loan at TS Bank, we review the information you’ve provided us and suggest a mortgage product that would best suit your needs. There are options that do not require a down payment, such as USDA (United States Department of Agriculture, otherwise known as a rural development mortgage), while other options, FHA (Federal Housing Administration) or conventional mortgages, may require as little as 3 to 3.5% down.
Conventional mortgages are unique because they are not guaranteed through the government. Conventional, otherwise known as conforming mortgages, adhere to specific guidelines put in place by Fannie Mae or Freddie Mac.
What if I don’t have great credit?
Give us a call or stop by any location. We will take a look at your whole picture before approving or denying any mortgage application. At the end of the day, we are here to help you!
What documents should I bring with me to my initial appointment?
In order to start the pre-approval process, we will ask for the following documents: current unexpired driver’s license or legal ID, most recent 30 days of paystubs, two most recent years of complete tax returns including W2 documents and the most recent month’s bank statements showing balances and account numbers.
What’s the difference between a pre-qualification and a pre-approval?
A pre-qualification is a basic first step to take. It will give you an idea of how much you can afford based off of the information you provided in your application. A pre-approval, on the other hand, is taking into consideration the paystubs, tax returns, W2 documents and bank statements you have provided your mortgage lender.
I hear rates are really good right now and I want to shop around for a property, what can I do?
Our Lock and Shop product would be a great fit for you! This tool allows you to lock in your interest rate for 100 days while shopping around for your dream home. The mortgage would then need to be closed on within that 100-day time frame. Simply contact us to submit an application, get pre-qualified, lock in your interest rate and shop without any added stress!
How do I get the process started and apply for a mortgage loan?
If you’re interested in applying for a mortgage loan at TS Bank, simply fill out the short form below and a lender will contact you.
Additionally, once you complete the form, you will be able to download our mortgage loan application documents. There, you will find the instructions needed to complete the forms. Please start with the Borrower Application. If you have an additional borrower with whom you have combined finances (i.e spouse) use the Additional Borrower form for their information. If you have a co-borrower that you DO NOT have combined finances with, please use (2) or more Borrower forms to capture the information. If you need additional space to answer any of the application questions, download the Continuation Sheet. And if you are unmarried, please fill out the Unmarried Addendum. One of our lenders will be in touch soon, should you have any questions.
Our lenders are available to guide you through this process. Feel free to give us a call, send us an email or stop by one of our locations to get the process started.
DO MORE with your money at TS Bank
At TS Bank, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at TS Bank. TS Bank has eight locations in central and southwest Iowa. For more information visit tsbank.com or call 844-487-3030. #igniteprosperity
Subject to credit approval.