Home Loans

Fixed Rate Loans

Fixed-rate loans are the most common loan for many homebuyers because the monthly payments (of principal and interest) are stable. The interest rate you lock-in at the time of application will be the same interest rate you pay for the life of the loan. Clay County Savings Bank offers a 15-year, 20-year or 30-year mortgage. The maximum loan amount for our fixed-rate loans is $766,550. If the loan amount exceeds $766,550, we also offer adjustable-rate jumbo loans.

A fixed-rate loan is typically advantageous if you plan on owning your home for five or more years. If interest rates increase, your monthly payment of principal and interest will not be affected. However, it is important to note that your monthly payment may increase as tax and insurance costs go up over time. Further, because of the long-term nature of fixed-rate loans, the interest rate is generally higher than other types of mortgage loans.

Our fixed-rate loans are typically sold to Freddie Mac, but Clay County Savings Bank retains the servicing.

Term	Interest Rate	Annual Percentage Rate (APR)
15-Year Fixed	6.875%	6.935%
20-Year Fixed	7.375%	7.424%
30-Year Fixed	7.375%	7.413%

Interest rates and annual percentage rates quoted above are as of April 24, 2024, and are subject to change without notice. APR on home loans is based on a loan amount of $150,000 with a 30-year amortization. Interest rate and APR quoted are based on a minimum credit score of 740 and an 80% loan-to-value (LTV). Loans are available up to 95% LTV with private mortgage insurance.

Please call Clay County Savings Bank’s loan department at (816) 781-4500 during normal business hours for current interest rates on loans.

Adjustable Rate Loans

Adjustable-rate mortgages, commonly known as ARMs, are loans in which the interest rate can change during the life of the loan. Clay County Savings Bank offers 1-year, 3/1 and 5/1 ARMs. The interest rate on the 1-year ARM adjusts annually. The interest rate on the 3/1 and 5/1 ARM is fixed for the first 3 or 5 years, respectively, and then adjusts annually thereafter. At the end of the initial period and at every adjustment period, for owner-occupied home loans, the interest will adjust to 2.75% (the “margin”) over the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year (the “index”).

Why Choose an ARM Loan?

ARMs usually start with a lower interest rate and a lower monthly payment than a fixed-rate loan. The lower rate (and lower monthly payment) may allow for a higher loan amount. ARMs are popular for those who do not plan on living in their home for the entire term of the loan. This will allow you to capitalize on the initial lower payments. You may also want to consider an ARM, if you plan on your income increasing, which will offset the impact of potentially higher payments should the interest rate increase.

If you choose an ARM loan, you need to remember that the interest rate can adjust during the life of the loan, which means that your monthly payment may change. However, Clay County Savings Bank has rate caps (“ceilings” and “floors”) on all ARMs for each adjustment period and over the life of the loan. Typically, for owner-occupied home loans, the interest rate will not increase or decrease more than 2.00% during any change or adjustment period and no more than 6.00% from the initial interest rate during the lifetime of the loan.

Term	Interest Rate	Annual Percentage Rate (APR)
1-Year ARM	7.50%	7.945%
3/1 Year ARM	7.00%	7.708%
5/1 Year ARM	7.50%	7.778%

Interest rates and annual percentage rates quoted above are as of April 23, 2024, and are subject to change without notice. APR on home loans is based on a loan amount of $150,000. ARM is an adjustable-rate mortgage loan and the APR is based on a 30-year amortization. CMT is the one year average on U.S. Treasuries adjusted to a constant maturity. Loans quoted are based on a minimum credit score of 740 and an 80% loan-to-value (LTV). Loans are available up to 95% LTV with private mortgage insurance.

Please call Clay County Savings Bank’s loan department at (816) 781-4500 during normal business hours for current interest rates on loans.

First- Time Home Buyer Loan

First-Time Home Buyer? No problem. Our friendly loan officers will guide you through the loan process. We understand that purchasing a home is one of the biggest decisions of your life and we want to be there for you every step of the way.

No-cost prequalification in assisting you to determine your eligibility.
Up to 95% financing available.*
Financing is available, even if you have no credit score.**
First-Time Home Buyer counseling is available.
Fixed-rate or adjustable-rate loans are available with terms of up to 30 years.
We service all our loans, so you will always deal with us!

*Loans greater than 80% loan-to-value will require Private Mortgage Insurance (PMI).
**Subject to required alternative verification.

Construction Loans

Fixed Rate construction loans are available to individuals or builders. Clay County Savings Bank also provides permanent financing options at a guarenteed rate. The following services are included with our construction loans.

Bill Paying Service
- Generally, invoices are paid the same day and are guaranteed to be paid within 3 days of receipt.
1099 Processing
- We obtain W-9 information and complete the 1099 annual reporting.
Lien Waivers
- We will obtain lien waivers for title insurance requirements.
Unlimited Draws
- Monthly Loan-In-Process Statements