How to Apply for a Home Loan at The Harvard State Bank

Financing a home? You need to make sure you choose the correct loan for your situation—which means you need to find a bank that has your best interests in mind.

Since 1866, The Harvard State Bank has been an integral part of our community by helping people and families realize their dreams of homeownership. We understand that applying for a home loan can be intimidating. But with Your Friends In Banking, you’ll have a team working for you that’s committed to making the process as easy as possible.

If you’re interested in applying for a home loan at The Harvard State Bank, here’s what you need to know!

Why Choose The Harvard State Bank for Your Home Loan?

We know you have plenty of options when it comes to lenders. So, what makes us different?

The Harvard State Bank is a local bank that understands the unique needs of our community. We live here, we work here, and we’re invested in helping our neighbors succeed! When you choose us for your home loan, you get a team of experienced professionals who are committed to guiding you through the entirety of the process.

Not only does The Harvard State Bank offer a wide range of loan options, but we also underwrite them in-house. That means faster approvals and more flexibility for you.

Is a Home Loan Right for You?

Before we get into the loan application process, it’s important to consider whether a home loan is the right move for you. Here are a few things to think about:

• Financial stability. Do you have a steady source of income? Lenders want to ensure that you have the means to make your monthly mortgage payments.
• Down payment. While down payments can vary, it’s a good idea to have at least 10% to 20% of the home’s value saved up. This can also help reduce the overall cost of the loan.
• Long-term commitment. Make sure homeownership aligns with your long-term personal and financial goals before moving forward.

Still unsure? Our loan officers are here to help you evaluate your financial situation and offer advice on whether it’s the right time for you to buy a home.

The Loan Application Process

Applying for a home loan doesn’t have to be complicated! We’ve broken it down into a few simple steps to make it easier for you:

Initial Consultation

The first step is to meet with one of our loan officers. Whether it’s in person, by phone, or online, we’ll talk through your goals and financial situation to find the right loan for you. We’ll also answer any questions you have and explain what to expect during the process.

Submitting Your Application

Once you’ve chosen the loan that works best for you, it’s time to complete the application. You can fill it out online, or you can come by one of our branches.

Make sure to have key documents like your W-2s, bank statements, and recent tax returns handy.

We’ll give you a list of what you need in your initial consultation, but here’s a preview:

• Last two years of W-2s
• Recent payroll stubs
• Last three months of bank statements
• Information about your current mortgage (if applicable)
• Tax returns if you’re self-employed

Loan Review

After we receive your application, our team will get to work reviewing your financials. Because we do everything in-house, this process is quicker than you might expect! We’ll keep you updated along the way.

Approval & Appraisal

Once your loan is approved, we’ll arrange for an appraisal of the property. This is a standard part of the process to ensure the value of the home matches the loan amount. After that, you’re one step closer to closing.

Closing

Closing is when all the final documents get signed. At that point, you will officially be a homeowner! It’s the last step before you get the keys to your new home.

Home Loan Options at The Harvard State Bank

We offer several loan options to suit different financial needs. Here’s a quick look at what we provide:

• A fixed-rate mortgage’s interest rate remains unchanged for the loan’s entire term, giving you predictable monthly payments.
• Adjustable-rate mortgages (ARMs) start with a lower interest rate, which can change after a set period. They’re often a smart choice if you anticipate selling or refinancing your home before the rate adjustment takes effect.
• For high-value properties, our jumbo loans provide flexible terms and competitive rates.
• Building your dream home? We’ve got construction loans to help finance your project from start to finish.

Our loan officers can walk you through each option and help you choose the one that’s right for you.

Refinancing with The Harvard State Bank

If you’re a homeowner seeking to reduce your monthly payments or access the equity you’ve built up, you may want to look into refinancing. Here are a few ways we can help you with that:

• Lower interest rates. If current interest rates are lower than when you first took out your mortgage, refinancing could save you money on your monthly payments.
• Cash-out refinancing. Need funds for a major expense like home improvements or paying off debt? A cash-out refinance allows you to borrow against your home’s equity.
• Switch loan types. Want to move from an ARM to a fixed-rate loan? Refinancing gives you the flexibility to change your loan structure.

Our team can help you understand your options and determine if refinancing is the right move for you.

Schedule a Consultation or Start Your Application Online

The Harvard State Bank is here to help make homeownership a seamless process. Whether you’re a first-time homebuyer or looking to refinance, we’ll help you find the loan that fits your needs. Our local specialists and lending options ensure you have the expert support you need to realize your dreams.

We invite you to start your home loan application online or get in touch with one of our branches to schedule a consultation.

Harvard: (815) 943-4400

Hebron: (815) 648-2481

Oregon: (815) 732-3111

Rockford: (815) 397-3111