Regional Loan Experts

 

Wendy Chenaille

Vice President Loan Origination

Bennington, Main Branch

NMLS ID#: 485471

Ph: 802.445.7938
[email protected]

Nichole Babcock

Loan Originator

Manchester, Rutland

NMLS# 1784245

Ph: 802.362-4760 [email protected]

We Offer These Mortgage Options

USDA (Rural Housing)

With flexible requirements, USDA loans feature:

• 100% financing + required guarantee fee = 102% of the appraised value
• Competitive interest rates
• Reduced monthly mortgage insurance
• Gift funds can be used for closing costs
• 30-year, fixed-rate mortgage

USDA loan eligibility is based on the property size, location and condition along with income and other qualifying factors. Some of these requirements include:

• Property must be located in a USDA designated rural area
• Maximum loan limits vary based on location
• Household members can have a total income of up to 115% of the medial income for the area
• Household must be able to afford the mortgage payment, including property taxes, homeowners insurance and the annual guarantee fee payable on a monthly basis

Fixed Rates

Secure Your Financial Future Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Depending on the loan type you can select a loan term that best suits your financial goals, 10, 15, 20, 25 or more years. While the lower term typically is a lower interest rate the payment is higher which means you are building equity in your home faster.

Fixed-Rate Mortgage Highlights

If you plan on staying in your home for a long time, a fixed-rate mortgage might be the right solution for you. Fixed rate mortgages provide the following benefits:

• Consistent monthly principal and interest payments and interest rates
• Protection from rising interest rates
• Different term length options
• Mortgage tax interest deduction*
• Different term length options *This does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

Adjustable Rate Mortgages (ARM)

Providing Flexibility for Homeowners An adjustable-rate mortgage (ARM) is a term option with an interest rate that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are likely to increases or decrease based on market fluctuations, which can also impact the monthly payment.

Adjustable-Rate Mortgage Highlights An ARM might be a good fit for you if you do not plan on staying in the home for a long period of time. Consumers who plan on selling their home within 5-7 years take advantage of an ARM since the initial introductory rate tends to be lower.

Highlights of an adjustable-rate mortgage include:

• Lower initial monthly principal and interest payments
• Rates and Payments may decrease based on the index rate

Land Loans

Lots of Lots? Looking to purchase a piece of real estate to eventually build the home of your dreams on? Contact a mortgage specialist today to discuss our affordable land loan program.

Construction Loans

Building Your Dreams?

Whether you want to build a new home or add a new addition to accommodate your growing family, we have specific construction loans to make that dream a reality. Construction loans are unique and are not like standard mortgage loans. They require additional lender participation throughout the entire construction project. Let our experienced mortgage specialists assist you.

• Purchase Rehab loans with as low as 5% down
• Manufactured Homes
• Grant Funds for down payment and or closing costs as available

Renovation Loans

We see your vision! You have found a house that you can vision as your dream home with a little TLC. With a renovation loan, you can roll in the cost of renovations– saving you time and money. Getting you into your dream home sooner!

Grant Funds

Limited closing costs or down payment? No Problem. We have a solution through Housing Our Workforce, “HOW”, providing matching grants. Learn more at their website or contact our mortgage specialists.

Home Equity Loans and Lines of Credit

Use the Value in Your Home If you already own a home, Home Equity Lines of Credit and Home Equity Loans are two options for putting the equity in your home to work for you. The equity that you’ve built is a financing vehicle for such things as:

• Making Home Improvements
• College Education
• Buying a New Car
• Purchasing a Second Home
• Debt Consolidation
• Starting a New Business

Our Lending Specialists can explain the nuances of each loan but essentially, with a home equity loan, you get a lump sum. A HELOC provides you a revolving credit line, much like a credit card.

Medical and Legal Professionals Mortgage Program

The Bank of Bennington understands the unique financing needs of doctors, attorneys and pharmacists. We have mortgage options to accommodate those unique needs by utilizing expanded underwriting guidelines.

Jumbo Mortgages

GO Big! A jumbo loan, or non-conforming mortgage, allows you to purchase a more expensive home, whether it be your primary home or your dream second home with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $424,100.

Jumbo Loan Highlights A jumbo mortgage might be the right fit for you if you have a low debt-to income ration and a higher credit score. Highlights of non-conforming loans include:

• Higher purchase limits allow borrower to purchase more house
• Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
• Convenience of one loan for the entire loan amount
• Fixed-rate or adjustable-rate mortgages (ARM)
   

Due to the complexity of jumbo mortgages, please contact our mortgage specialist Wendy Chenaille directly for an accurate rate quote. [email protected]