Loans:
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Finding a place to call home, and then making the most of it.

That’s what matters most.

Whether you’re buying a home, refinancing, or wanting to use your home’s equity, Park Community can help you achieve your goals. Our low-rate mortgage and home equity products help keep your payments low and your wallet full.

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Purchase Mortgages

Conventional Loans

  • Wide range of mortgage financing options: your choice of 5-30 year terms*
  • Minimal out-of-pocket expenses: Financial available with as little as a 5% down payment
  • No prepayment penalty
  • Low closing costs

FHA Loans

  • Flexible mortgage financing options: your choice of 15 or 30 year terms*
  • Minimal out-of-pocket expenses: Financial available with as little as a 3.5% down payment
  • No prepayment penalty
  • Low closing costs
  • No gift restrictions

USDA Loans

  • Available to members whose property and income meet the USDA eligibility criteria
  • Flexible mortgage financing options: your choice of 15 or 30 year terms*
  • No down payment
  • No reserves required
  • 0.4% annual mortgage insurance (calculated in monthly payment)
  • One time 2% guarantee fee can be included in the loan amount
  • No maximum purchase price limit
  • Not limited to first-time homebuyers
  • No prepayment penalty
  • Low closing costs
  • No gift restrictions

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*Repayment example: $150,000 financed at 4.25% annual percentage rate with a term of 30 years would result in a  principle and interest payment of $765.41. Taxes, property insurance, and flood and mortgage insurance (if applicable) are not included in the monthly payment amount. Your actual payment amount may be higher. An escrow account may be required. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.


First Time Homebuyer Program

  • No down payment*
  • $800 towards your closing costs*
  • Fixed interest rate*
  • No PMI* (private mortgage insurance)
  • Local underwriting
  • Fast turnaround time

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*Based on 100% loan-to-value and detached property type. 15 and 30 year terms available. For example, a $100,000 30-year fixed rate mortgage loan with an Annual Percentage Rate of 4.962% requires 360 monthly payments of $529.21. Loan payment amount does not include monthly taxes and insurance and your actual payment may be greater. $800 credit will be given on your HUD-1 settlement as a promotional credit. $800 credit only for loans qualifying and closing under the First Time Homebuyer program. Offer and rates subject to change. Loan subject to underwriting and credit approval. Additional restrictions apply. Originator ID 421794. Equal Housing Opportunity.


Mortgage Refinancing

  • Wide range of mortgage financing options: your choice of 5-3o year terms*
  • No prepayment penalty
  • Cash-out options available
  • FHA and USDA financing options
  • Low closing costs

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*Repayment example: $150,000 financed at 4.25% annual percentage rate with a term of 30 years would result in a  principle and interest payment of $765.41. Taxes, property insurance, and flood and mortgage insurance (if applicable) are not included in the monthly payment amount. Your actual payment amount may be higher. An escrow account may be required. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.


Second Mortgages

  • Flexible mortgage financing options: your choice of 5-15 year terms*
  • Financing available up to 90% of market value, less first mortgage balance
  • Low closing costs

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*$5000.00 minimum loan amount. Repayment example: $50,000 financed at 4.99% annual percentage rate with a term of 15 years would result in a monthly payment of $359.29. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. Maximum LTV is 90% for loans $100,000.00 or less. Maximum LTV for loans over $100,000.00 is 80%. Home equity loans available in AL, IN, and KY. Owner occupied properties only. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.



Home Equity, HELOC, Highlands Credit Union

Home Equity

Flex Home Equity Line

  • FIXED RATE OPTION
    • Terms up to 10 years*
    • $2,500 minimum advance
  • VARIABLE OPTION
    • 10 year draw period*
    • 20 year repayment period*
    • Interest only payments available
    • $500 minimum advance
  • MULTIPLE-LOCK FEATURE
    • One credit line, with up to 4 loans
    • Lock in up to 3 fixed-rate advances at a time
  • Financing up to 90% of market value, less first mortgage balance
  • $5,000 minimum line of credit
  • Possible tax deductible**

Express Home Refi

  • Available on properties without a first mortgage
  • Fixed Rate
  • Terms from 5 to 15 years***
  • Financing up to 80% of market value
  • Loans from $5,000-$75,000

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 *Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval. Other restrictions and limitations may apply. Variable rate advances: variable rates based on the Prime Rate (index) as published in The Wall Street Journal and may be adjusted quarterly by applying the predetermined margin to the index published 10 days prior to the change date, rates based on credit score, minimum rate is 3.5% and the maximum annual percentage rate is 15% (as of March 1, 2014), $5000.00 minimum line, and $500 minimum advance. Fixed rate advances: payments separate from variable rate advances, maximum term is 240 months, 0.5% will be added to the qualifying rate with a minimum rate of 5.0%, maximum of 3 fixed rate advances at a time, and a $2,500 minimum advance. Maximum LTV is 90%. Repayment example: $20,000 financed at 5.00% annual percentage rate with a term of 7 years would result in a monthly payment of $282.68. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. Home Equity Line of Credit available in AL, IN, and KY. Owner occupied properties only. Subject to credit and property approval.

**Consult a tax advisor regarding the deductibility of interest and charges.

***Repayment example: $30,000 financed at 4.125% annual percentage rate with a term of 10 years would result in a  principle and interest payment of $305.59. Taxes, property insurance, and flood insurance (if applicable) are not included in the monthly payment amount. Your actual payment amount may be higher. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval.


Your Mortgage Specialists

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Stephanie Hester | Real Estate Loan Originator

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John Reinhart | Real Estate Loan Originator

 
 
 

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