We recognize that not every borrower has spotless credit. In some cases, even individuals with good credit can find the approval process difficult. (For example, if you're self-employed, you will need to provide more documentation of income than the average borrower). Regardless of the challenges you face, we'll work with you to obtain approval whenever possible. Our bank affiliation gives us more flexibility than the typical mortgage broker, allowing us to find creative ways to finance your mortgage.
For instance, if you don't have much money set aside for a down payment, you may qualify for a low down payment loan. This means that you may be able to put down as little as 3% of your own money. The additional 2% required down payment can be gift money with or without verification. The closing costs can also be covered by gift or by increasing your interest rate to cover them.
Foreclosure and Loan Modification Services
If you are struggling to make payments on an existing loan or are already in foreclosure, there are still options available to help you get back on track and either refinance you loan or qualify for a loan modification service. KCB bank works with multiple lenders and loan processing services that can assist you with getting your past due loan back into good standing. We work with several providers including Clarity to assist you in refinancing and processing your loan modification loan.
If you're looking to build a new home, make it easy by applying for both construction and mortgage loans with KCB. We can pre-approve you for a mortgage, while one of the bank's lending officers helps you with your construction loan.
Home Equity Line of Credit
After obtaining your permanent mortgage, you can also apply for a Home Equity Line of Credit (HELOC). As the name implies, it is a revolving line of credit that allows you to borrow against the excess equity in your home. You can use it for any reason, including home improvement, debt consolidation or purchasing an automobile, to mention a few. The rate is 1% over prime and a statement is sent monthly for payment information. Also, for most individuals, interest paid on the loan is tax deductible (ask your tax professional to verify that this applies to you). If you're interested in this kind of loan, we will refer you to a lending officer to begin the process.