BEST SMALL BANK IN ARKANSAS! Since 1898, we've focused on putting you first. From our humble roots in 19th-century Arkansas, we have grown, becoming a mortgage powerhouse with offices in over 40 states. This growth is driven by our client first attitude and making decisions based on what is in your best interest.
CORONAVIRUS UPDATE Like many of you, we have become increasingly concerned with how the evolving coronavirus (COVID-19) situation could affect our community. Please know that the health and well-being of our employees and community continues to be our organization’s top priority.
PREVENTING IDENTITY THEFT Each year, millions of Americans have their identity stolen. BOE Mortgage wants you to have the information you need to protect yourself against identity theft. While there are no guarantees about avoiding identity theft.
Freshen up your House for the Market The peak time to buy and sell homes is in the summer months. When fall arrives people want to start settling down getting ready for school and the holiday season. But this doesn’t mean there are plenty of people still wanting to sell.
For borrowers that plan to stay in their homes for a long time, Bank of England Mortgage offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs.
They are ideal for you if you are looking to build equity, through the purchase of a stable, traditional mortgage. Our loan team can develop a comprehensive spreadsheet that illustrates the difference in payments among the fixed-rate mortgage options. They will be discussed with the consumer to help determine the choice that best meets their needs.
Fixed Rate Mortgage Options
This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment, that will never change. However, the interest rate is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower.
20-, 15-, and 10-Year Fixed
Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as a 20-, 15-, or 10-year fixed-rate mortgage programs, pay higher monthly payments, but the interest rate is lower on these mortgages than on 30 -year mortgages
Rest assured, a Bank of England Mortgage loan specialist will walk you through the options and help you select the mortgage that fits your needs.
We are pleased to announce that we have lowered our minimum credit score standard on all FHA loan products. There are countless reasons why an FHA loan might be right for you, but here at Bank of England Mortgage, we believe that these four features are what really sets FHA loans apart.
Great Rates and Low Monthly Mortgage Insurance
A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed loan.
FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA loan.
Safest ARM Currently Available on the Market
FHA guidelines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a one year ARM that has the lowest adjustment caps of any ARM in the industry.
Variety of Property Types Allowed
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.
Streamlined Refinance and Assumable Loans
One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment.
FHA Loan FAQs
If you're in search of information on FHA loans, we can help! Here are our most frequently asked questions about FHA home loans.
Here you'll find long-term insurance-free VA home loans that are guaranteed by the United States Veterans Administration.
Bank of England Mortgage offers affordable, easy-to-understand VA Home loans in recognition of the contributions and sacrifices veterans have made for America. Whether you're buying your first home, refinancing your existing mortgage, or thinking of building your one-of-a-kind dream house, Bank of England Mortgage is your ultimate Veteran's Affairs loans information center.
We'll compare VA home loan interest rates and negotiate the very best deal. We'll also explain important factors to consider, such as the option to prepay your VA mortgage loans without penalty, and how a lack of mortgage insurance premiums can lower your monthly payments. We can even show you how to get VA home loan funds to improve your home's energy efficiency! Did you know your VA benefits can be used again even if you used it in the past?
Our highly trained professionals make applying for VA loans online a breeze! At Bank of England Mortgage you'll discover super low fixed-rate interest options, up to 100% financing, and you may not even need a down payment! Call us now and let us help you find the perfect VA home loan to suit your individual needs.
We Make Qualifying For A Large Loan Straightforward, Fast, Easy. At Bank of England Mortgage, our specialty is funding the dream of homeownership - no matter the size of the loan or dream - for that matter.
That's why we created our jumbo mortgage lending program - a full suite of offerings designed with the needs of borrowers that seek larger loan amounts than were available through traditional lending options.
It's as simple as it sounds. We call it a jumbo mortgage because it is larger than other more "typical" home mortgage loans. To determine if a jumbo mortgage is right for you, please contact your local branch for more information.
Why would I need a jumbo mortgage loan?
If you are seeking a loan amount in excess of $726,200, then you need a jumbo mortgage loan. Each year, Fannie Mae and Freddie Mac , two government sponsored enterprises, set loan maximums. When loan amounts exceed their limits - the borrower is purchasing a jumbo mortgage loan.
How much money can I be qualified for with a jumbo mortgage?
Depending on the borrower's financial profile, you can qualify for $726,200 to $2,000,000.
What kind of credit score do I need in order to qualify for either an interest-only jumbo mortgage or jumbo mortgage?
That depends on the type of loan. Credit scores for jumbo mortgages are similar to conventional credit score requirements.
Our Loan Specialists are trained to work with you to determine if you qualify for a jumbo mortgage.
Bank of England Mortgage's Vacation-Second Home Mortgages offer a broad array of fixed, adjustable, and interest-only options. We work together with our clients to identify the ideal mortgage for your vacation home.
Get your Bank of England vacation home mortgage loan and make your dreams a reality - backyard barbeques and sunsets by the lake. Fun-filled relaxing fishing trips with children and grand children. Exciting family skiing vacations. A lifetime of memories.
It's time to buy your vacation home - and that means a vacation home mortgage loan from Bank of England Mortgage.
If you're in need of a mortgage for a vacation home, we eliminate the hassles and the headaches from the process.
Why is it called a vacation home mortgage?
We call it a vacation home mortgage to eliminate the confusion between a second mortgage and a home equity loan.
What's the difference between a second mortgage and a home equity loan?
A second mortgage loan covers the costs of a second home, for example, a vacation home. The result is that the borrower has two mortgages and two homes. A home equity loan, on the other hand, allows the borrower to refinance their existing mortgage to get cash - or equity - out of their home. It's still one mortgage, but it's been refinanced.
Are interest-only vacation home mortgage rates available?
Yes! You can choose to pay a fixed, interest-only rate for a period of 10 years or 15 years with our interest-only vacation home mortgage.
How much money can I be approved for with a Vacation Second Home mortgage?
Depending on your income and expenses, you may qualify for a loan of $453,100 to $1.5 million. we are committed to working with you to help make your vacation home mortgage dreams come true.
A home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
A USDA home loan is different from a traditional mortgage offered in the United States in several ways.
USDA loans require no down payment, you may finance up to 100% of the property value.
You must meet the income restrictions for the County you are interested in. Each county has a maximum Income Requirement. The USDA Home Loan Program does allow for considerations for expenses like Child Care.
To be eligible, you must be purchasing a property in a rural area as defined by the USDA. Often times the eligible property is just outside city limits.
The home or property that you are looking to purchase must be owner-occupied, investment properties are not eligible for USDA loans.
Refinancing your current USDA loan is also available.
Type of USDA Loan
Guaranteed USDA Loans USDA partners with local lenders to offer guaranteed loans. Guaranteed means USDA insures a portion of the mortgage in the event you default on your loan. Therefore, these lenders tend to feel comfortable offering modest loan terms to low-income individuals with less-than-favorable credit scores. These types of loans typically suit low- or moderate-income borrowers. To be eligible for a guaranteed USDA loan, your adjusted household income can’t exceed more than 115% of the median family income in the designated rural area you wish to live in. Household income generally includes the combined income of the loan applicant and every adult in the household, regardless if their names are on the loan application.
Direct USDA Loan USDA funds the borrowers of these loans directly. In other words, your lender becomes USDA instead of a bank. These loans usually favor low-income and very-low-income Americans who can’t access any other type of financing for an adequate residence. Qualifying borrowers’ income must fall at or below the low-income limit in a designated area as defined by USDA. In some areas, the limit falls below $17,000.
USDA Home Improvement Loans These loans help low-income Americans repair or enhance their homes. Depending on your circumstances, USDA may combine these with grants you don’t have to pay back.
A reverse mortgage is a non-recourse loan, which means the borrower (or the borrower's estate) of a reverse mortgage will not owe more than the future loan balance or the value of the property, whichever is less. If the borrower or representatives of his or her estate choose to sell the property to pay off the reverse mortgage loan, no assets other than the home will be used to repay the debt. If the borrower or his or her estate wishes to retain the property, the balance of the loan must be paid in full.
Let Your Home Take Care of You with a Reverse Mortgage/ Home Equity Conversion Mortgage
Reverse mortgages were created specifically for senior homeowners, allowing them to make the most of the equity they have acquired in their homes.
With a reverse mortgage, you borrow against the equity you have established in your home and do not need to repay the loan for as long as you live in the home as your primary residence, maintain your home in good condition, and pay property taxes and insurance. You can live in your home and enjoy making no monthly principal and interest mortgage payments.
Depending on your financial situation, a reverse mortgage has the potential to help you stay in your home and still meet your financial obligations.
We realize that reverse mortgages may not be right for everyone, give us a call so we can help walk you through the process and answer any questions you may have.
Reverse Mortgages vs. Traditional Mortgage or Home Equity Loans
A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage, you borrow money and make monthly principal and interest mortgage payments. With a reverse mortgage, however, you receive loan proceeds based on the value of your home, the age of the youngest borrower, and the interest rate of your loan. You do not make monthly principal and interest mortgage payments for as long as you live in, maintain your home in good condition, and pay property taxes and insurance. The loan must be repaid when you pass away, sell your home, or no longer live in the home as your primary residence.
Home Equity Conversion Mortgage (HECM)
A Home Equity Conversion Mortgage, or HECM, is the only reverse mortgage insured by the U.S. Federal Government, and is only available through an FHA-approved lender.
If you're age 62 or older, a Home Equity Conversion Mortgage (HECM) for Purchase from Bank of England Mortgage may be a smart choice for financing a new place to call home.
Rather than having to seek conventional financing, borrowers age 62 and older can purchase a new residence while eliminating mortgage payments* through a reverse mortgage (Of course, they’ll still be responsible for paying property taxes and required homeowners’ insurance). This may help them more comfortably afford an upgrade, or spend less money out-of-pocket. Retiring Boomers are choosing to maintain a comfortable lifestyle in a home that better fits their needs. You own the home, with your name on the title and the home purchase and a reverse mortgage closing are rolled into one, making your process simpler.
How Much Can Be Borrowed?
In general, the more your home is worth, the older you are, and the lower the interest rate, the more you will be able to borrow.
The maximum amount that can be borrowed on a particular loan program is based on these factors:
The age of the youngest borrower at the time of the loan
The appraised value of the home
Current interest rates
Initial Eligibility Requirements for Reverse Mortgages
The initial eligibility requirements are quite simple.
Homeowners must be 62 years of age or older and occupy the property as their primary residence
The property may be a Single family or a 2-4 Unit property, Townhome, or FHA-approved Condominium
The home must meet minimum FHA property standards
Borrower cannot be delinquent on any federal debt
Completion of HECM counseling
All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. A reverse mortgage is a loan that must be repaid when the home is no longer the primary residence, is sold, or if the property taxes or insurance are not paid. This loan is not a government benefit. Borrower(s) must be 62 or older. The home must be maintained to meet FHA Standards, and you must continue to pay property taxes, insurance and property related fees or you will lose your home.
Renovation loans give you flexibility. Whether you are building, buying, or refinancing your home, a renovation loan allows you to add a room, remodel, and upgrade. Save by financing renovation costs into your mortgage rather than racking up credit card bills or dipping into your savings.
With one loan, there's only one application, one set of fees, one closing and one monthly payment. Improvements may include repairs and renovations that adds value to your home, including a garage, swimming pool and energy-efficiency upgrades.
At Bank of England Mortgage, the Section 203(k) program enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
Section 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment.
However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the property may offer adequate security.
For less extensive repairs/improvements, a Limited 203K is available.
The types of improvements that borrowers may make using Section 203(k) financing include:
structural alterations and reconstruction
modernization and improvements to the home's function
elimination of health and safety hazards
changes that improve appearance and eliminate obsolescence
reconditioning or replacing plumbing; installing a well and/or septic system
adding or replacing roofing, gutters, and downspouts
adding or replacing floors and/or floor treatments
major landscape work and site improvements
enhancing accessibility for a disabled person
making energy conservation improvements
HUD requires that properties financed under this program meet certain basic energy efficiency and structural standards.
With so many programs to choose from, deciding between a home equity loan a line of credit can seem like a daunting task. Whether you want to consolidate debt, pay tuition or make home improvements, the experts at Bank of England Mortgage have the information you need to make a decision and achieve you financial goals.
Home Equity Loan FAQs
If you're in search of home equity loan information, we can help! Here are our most frequently asked questions about home equity loan refinancing.
Why choose Bank of England Mortgage for home equity loan refinancing?
Bank of England Mortgage is a reputable bank best known for its simple, hassle-free service. After more than 110 years in business, we have learned that its customers want the lowest possible rates and the highest level of customer service. Whether you're buying your first home or you need home equity loan information from a trusted source, we can help.
What exactly is home equity loan refinancing?
Home equity loan refinancing allows you to unlock money from the value of your home - its low interest rates help you consolidate debt, pay college tuition, make home improvements or even take a vacation. Let us help you choose the program that's right for you - contact your local branch today for more home equity loan information.
Is home equity loan refinancing the same as home equity line of credit?
Not quite. With a home equity line of credit, your monthly payment is based on the balance you presently owe, whereas the home equity loan locks you into predetermined monthly payments based on the original amount borrowed.
At any of our branches in your area, you can compare home equity loan rates quickly & easily!
Adjustable Rate Mortgages
Many homebuyers opt for Adjustable Rate Mortgages because they offer a low-interest rate and monthly payment. That's because they meet the needs of homeowners well, and here's why: Most borrowers stay in their homes just five to seven years, making 3-, 5-, or 7-Year ARMs excellent loan options for them.
Adjustable Rate Mortgages
Bank of England Mortgage's adjustable rate mortgages offer an excellent option for many homebuyers - a lower rate than traditional fixed-rate mortgages offer and the stability of longer-term fixed-rate mortgages. To be sure, the longer the rate is fixed and the more stability the borrower receives.
Interest rates on adjustable rate loans are attractive and fixed until they reset in 3, 5, 7, or 10 years.
Many borrowers, not surprisingly, prefer them, especially those who plan to move before interest rates on their loans reset.
The 3-year ARM loan is amortized over 30 years, and its rate is fixed for the first 3 years, and it becomes an adjustable mortgage for the remaining 27 years of the 30 year cycle.
The 5-Year ARM loan offers an interest rate that is fixed for 5 years, and it becomes an adjustable mortgage for the remaining 25 years.
The 7-Year ARM loan provides an interest rate that remains fixed for seven years, and it becomes an adjustable mortgage for the remaining 23 years.
The 10-Year ARM loan offers an interest rate that is fixed for the first 10 years, and it becomes an adjustable mortgage for the remaining 20 years.
Published: September 2019
Author: Bank of England Mortgage Staff
Money Saving Meals Meal prep! Every money saving list includes this but it still is true! You are more likely to pick something up if you have to come home and cook a meal after a long work day. During the colder months a Crockpot will be your best friend when meal prepping. Having a day that you make different crockpot meals and then freeze them for the next week or two can be a money and time saver.
Free Fall Activities Have a stockpile of free/cheap events that you can do with friends and family. Cheap activities that happen during the fall are apple picking, harvest festivals, pumpkin patches, farmers markets and corn mazes. Another fun Fall activity is a soup swap with friends. Everyone brings a soup that is enough for everyone. People can then take-home leftovers.
“Bad Day” Spending Avoid “bad day” spending by finding go-to fixes that aren’t costly. Wanting to go shopping? Hit up a few thrift stores in your area, you might be surprised what you find. Stressed from work? Listen to free podcast on your commute or while working at the office. Need some comfort food? Have an emergency frozen pizza.
Declutter your home and fill your wallet. Declutter your home and sell it in a garage sale, at resell shops or a resell app. With your earnings you can either put the money in savings or make a Holiday gift fund. Having the money as a gift fund is perfect way to make yourself stay on a budget. It is easy to get carried away buying special (expensive) gift for loved ones.
Prep you Home for the colder weather. Check the filters in your heating and air units, keeping them maintained could save you from having to replace them. Replacing either will easily cost you into the thousands. You should do annual maintenance and monthly filter changes to keep your systems running at their best. Another tip about keeping your units clean is cleaning the outside of any pollen, leaves, and other debris.