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Lending

Home Mortgage Loans

Fairmount Bank offers a variety of mortgage programs featuring competitive rates, flexible terms and fast pre-approvals. No two houses are alike and no two people’s needs are alike. Our experienced lending staff will customize a mortgage solution to fit your needs.

  • Whether it is a Home Purchase or Refinance we can provide both Fixed Rate and Adjustable Rate loans.
  • For those building a home our Construction Loan is flexible and convenient. Only one settlement for both construction and permanent loan.
  • We also offer competitive rates for Jumbo Mortgages and mortgages to finance commercial and investor properties.

"Our commitment is to provide superior service"

To contact a Loan Officer for quotes, questions and to discuss what loan product will best fit your needs, call Bob Hopp on 410-866-4500, extension # 268, or click here to email us.

Email messages are NOT secure, DO NOT send any personal or confidential information via email.

Equity Loans

Home Equity Line of Credit – The cash equity in your home can be used over and over again. Once you are approved, you never need to apply again.

  • You access your line by simply writing a check on your line of credit account.
  • Low variable interest rate tied to Prime Rate as reported in the Wall Street Journal.
  • Closing costs may be waived, however if the account is closed within three years of opening, the waiver is rescinded and the closing costs (if waived) will be added to the balance of the account and due immediately.
  • Draw period of ten years with a repayment period of ten years.
  • Minimum Line amount is $10,000.
  • Owner occupied (Maximum 85% LTV).
  • Also, the interest may be tax deductible (consult your tax advisor for details).

Home Equity Loan – This loan allows you to use the cash equity in your home for any purpose including paying off high interest credit card debt, home improvements, college bills, new car or whatever.

  • 3 to 20 year term.
  • Low fixed interest rate with no points.
  • Closing costs may be waived.
  • Also, the interest may be tax deductible (consult your tax advisor for details).

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Refinance Loans

Currently have an adjustable rate mortgage? Have a substantial amount of equity? Decrease your monthly mortgage payments? Our Refinance Loan program is the solution for you.

  • 5 to 30 year term.
  • Fixed Rate with points.
  • Fixed Rate with no points.
  • Owner occupied (Maximum 90% LTV).
  • Non-Owner Occupied ( Maximum 60% LTV).

Construction/Permanent Loans

A loan to cover the purchase and construction of an owner occupied home is provided. One settlement is all that is needed to acquire a lot , build a home and provide permanent financing to qualified purchasers. If you own a lot, the equity in the land can be used as a down payment or to cover closing costs. A minimum downpayment of 20% is required with up to 30 yr fixed rate loans provided. Your rate is locked at the time of application.

Applications for construction loans must be accompanied by:

  • A Construction Agreement
  • Detailed specifications
  • Dimensional plans
  • Land sales agreement or copy of deed
  • Plot plan

Commercial Real Estate Loans

Commercial loans are provided on a case by case basis. The loans are determined by the intended use of the property and how it fits into the community.

  • Competitive interest rates and programs
  • No prepayment penalty
  • Loans remain in-house
  • Call for more details

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Land Loans

Loans for unimproved real estate are provided but are limited to size and intended use of the property.

  • 15 yr fixed rate loan with a balloon payment in 3 yrs.
  • Percolation test or sewer hook-up.
  • Well with minimum gal/minute according to county code.
  • Plot plan

Collateral Savings Account Loan

Need a new roof? Need a new car? Unexpected Medical Expenses?

Our collateral savings account loan is a fast way to have immediate access to funds.

  • Borrow up to 80% of the balance in your Passbook, Certificate of Deposit or Money Market account.
  • Interest rate is 2% above the interest rate on the collateral account.
  • 120 month term.
  • No penalty for early payoff.
  • Monthly statement.
  • This is a fixed rate term for the life of the loan.

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