A Quick Lesson in Applying for a Loan

A Quick Lesson in Applying for a Loan

Here at Central Federal, we believe that your goals come first. Are you saving for a project that’s not as affordable as you would like? There’s no shame in seeking financial assistance – in fact, it’s completely common! It just so happens that our bank has lending officers with over 70 years of financial experience. Not sure how to get started? Continue reading for a quick lesson in applying for a loan.

Assess Your Needs

When you work with us, we start by assessing your needs for a loan. Are you looking to buy or renovate a home, go back to school, or even build on property that you own? You should have a necessary dollar amount in mind, but our financial experts will help you determine which loan to choose. Make sure to stick to a price you can afford to pay back over time combined with your other expenses, too.

Choose a Loan

The next step is to choose what works best for you. Central Federal offers the following loans:

Real Estate – These include adjustable-rate mortgage loans, fixed-rate mortgage loans, and government home loans (VA, FHA, and Rural Development). They are available to you for purchasing a new home, building your dream house, or even refinancing your property.

Home Improvement – Our home improvement loan comes in a fixed-rate term in order for you to start on any project around the house. A major benefit of updating your current living space is to add value to what it’s already worth.

Construction – Short-term loans for construction allow you to pay for all materials and resources needed during the process. Saving you from one large payment, monthly interest will be due on the outstanding principal balance. After your project is complete, shift this loan into a fixed or adjustable rate mortgage.

Home Equity Line of Credit – Central Federal gives borrowers like you the option to use home equity as collateral when it comes to your credit. High interest rates can be stressful, but not when your lender is flexible.

Consumer (Secured & Unsecured) – Consumer loans include car loans, credit cards, mortgages, and personal loans. Some may require collateral (secured) while others do not (unsecured).

Research Prerequisites

Now that your needs have been clarified and you’ve picked a loan, make sure you meet our necessary prerequisites. Credit scores matter to us because higher ones are a good indication of reliability when it comes to you making payments on time. Your credit history is another important factor there as well. Understand that these, along with your annual income, may impact the interest rates we are able to offer.

Get Pre-Approved and Finalize

Once you gather all of the remaining documents, you can apply for the loan to get pre-approved. Here you’ll see what interest rate you’ll be expected to pay and how long your loan may last. The last thing to do is finalize everything with our team. You’ll soon be out the door, more confident in your purchasing power than ever before.

Are you ready to apply for a loan through Central Federal? Call us at (573) 364-1024 or stop by our location at 210 West 10th Street to chat with us today. Additional options at our bank include the brand-new Choice Checking and Choice Checking Plus accounts.