Real Estate Loans
Residential and Farm Residential
Residential real estate loans are secured by residential property. Residential properties include houses and condominiums. Farmland real estate loans are typically used to purchase residential properties in rural areas. If you’re looking to buy a home out in the country, our farm residential loan might be a good option for you. These mortgages are considered either single-family or multi-family.
A refinance loan may be used to replace a previous or existing loan using the same piece of real estate. A refinance loans allows you to:
- Take advantage of a better interest rate.
- Free up cash.
- Consolidate multiple loans into one loan.
- Reduce or change your monthly payments.
- Switch from a variable rate to a fixed rate or vise-versa.
- Use the equity in your home for home improvements, the purchase of an automobile or other investments.
You may use the equity in your home via a second mortgage or by refinancing your first mortgage. The proceeds from an equity loan may be used for needs such as school tuition, home projects, new vehicles, home appliances or even vacations. Our experienced loan officers will help you select a home equity loan that fits both your cash needs and your budget.
Home Equity Lines of Credit (HELOCs)
Unlike equity loans, a HELOC is a revolving loan, or line of credit, that allows you to draw monies as needed during the term of your loan. A HELOC may be a second mortgage or a refinance of your current mortgage and provides you with the freedom to use all or part of your line at any time just by writing a check or requesting an advance. A HELOC is a great way to consolidate debt, fund home improvements, pay school tuition or make major purchases. Pay interest only on what you use and put the power of cash management in your hands.
Residential construction loans are used to finance the building of a home. You draw funds from your loan to cover construction costs as they occur. With a residential construction loan, interest is paid monthly only on the funds disbursed. When the construction phase of a new home is complete, the loan is paid off with permanent financing obtained by a refinance.
Land and Land Development Loans
You may be looking to purchase some land now on which to build your future home. Whether you prefer a home out in the country or within city limits, Morgan Federal Bank can help you with a land loan tailored to your specific needs. Even if you’re looking to develop commercial properties for resale after development, we can structure a financing plan that fits your objectives. From a single house to a subdivision or a commercial development, we have the expertise to finance your project.
Commercial Real Estate
Work with professionals who recognize that real estate lending is different with every situation. If you’re looking to purchase, refinance or improve commercial real estate, we can customize a loan to your business plan. Our commercial real estate loans are designed for investors, developers, builders and even owner-occupants and fall into three categories:
- Construction and land development.
- Semi-permanent loans.
- Permanent loans.