We will not be open Thursday, November 28th in observance of Thanksgiving. Our Digital Banking and ATMs are always available. Have a safe & pleasant holiday!
Personal, Local Home Loans
We take a personal approach to mortgage lending. From the first-time homebuyer to the seasoned buyer, our mortgage team works with you every step of the way with superior customer service. And we take care of your loan right in your neighborhood branch – you will never have to call a toll-free number or get a recorded message with “options”.
Bottom line: your mortgage loan receives local decision making, local underwriting, and local servicing. That’s how we do business.
Just Getting Started?
Buying your first home will likely be the biggest financial decision you make. CBK lenders are experts at guiding new homebuyers through the mortgage process – explaining the process and helping you from start to finish. So . . . take a deep breath and let’s start the process together!
Step 1: Start saving now for your first home
Most mortgages require a down payment – sometimes up to 20% of the home’s price – so starting your home buying nest egg is important! CBK offers various programs with lower down payment requirements such as VA loans or USDA loans. (See Types of Loans on this page.) And here’s a tip: CBK also offers a First Time Homebuyers Savings account which allows family members to contribute to the down payment (and get a tax credit, too).
Step 2: Check your credit score
Lenders use credit scores to measure your ability to borrow for a new home. You can request a free copy of your credit report at AnnualCreditReport.com
Step 3: Determine your budget for your new home
An easy rule of thumb is your total monthly debt (including the new home purchase) should stay below 40% of your gross income. CBK will help you set your housing budget; we also have a housing affordability calculator below.
Step 4: Get prequalified for a mortgage loan
CBK can provide you with a prequalification letter – just use the link on this page. This helps you in two important ways: evaluating the amount of money you can borrow and assist your real estate agent in negotiating your purchase contract.
Step 5: Start shopping for your new home
This is the fun part! With online websites like Zillow and Realtor.com, it is easy to start looking for your dream home. CBK recommends that you use a real estate agent to help you see homes and prepare documents for purchase. The good news here is that the Seller pays the costs of your real estate agent!
Ready to Jump In?
All mortgage loans are offered on a fixed rate, fixed term plan. Check with our mortgage lenders for current interest rates. They will help you make the right choice for you and your family.
More Useful Information
Our Mortgage Lenders Are Here to Help
Our mortgage lenders will help you choose the right loan for your situation:
Conventional loans
Conventional loans are loans that are not insured or guaranteed by the government. Down payments can start as low as 3%. These loans can be for a primary residence, second home or even investment property. Rules and restrictions related to each of those types. Conventional loans require private mortgage insurance (PMI) if the down payment is less than 20%.
Federal Housing Administration (FHA) loans
Veterans Administration (VA) loans are designed for Individuals who have been in the military or are a surviving spouse of veteran who passed away due to service-connected disabilities. VA loans require no down payment and must be used on a primary residence property. VA loans can be used multiple times. They can also be used to purchase or refinance a property. VA loans may require a funding fee as a part of the costs for the loan paid to the Veterans Administration.
Veterans Administration (VA) loans
Veterans Administration (VA) loans are designed for Individuals who have been in the military or are a surviving spouse of veteran who passed away due to service-connected disabilities. VA loans require no down payment and must be used on a primary residence property. VA loans can be used multiple times. They can also be used to purchase or refinance a property. VA loans may require a funding fee as a part of the costs for the loan paid to the Veterans Administration.
USDA/rural housing loans
USDA/rural housing loans are used to purchase homes in eligible rural areas, towns and cities outside of metro areas. USDA loans require no down payment. These loans are eligible for households that do not exceed 115% of the area median household income. USDA loans include a guarantee fee paid to USDA for guaranteeing the loan.
Home equity line of credit
Use the equity in your home for improvements, education, really anything you might need a personal loan for. We have great rates and easy terms.
Loan Calculator
Home Affordability Calculator
Mortgage Rates
| Program | Interest Rate | APR* |
|---|---|---|
| 30 Year Fixed | 6.750% | 6.834% |
| 20 Year Fixed | 6.500% | 6.607% |
| 15 Year Fixed | 6.250% | 6.382% |
| FHA 30 Year Fixed | 6.375% | 6.558% |
| VA 30 Year Fixed | 6.500% | 6.705% |
| Rural Development Fixed | 6.375% | 6.516% |