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Waterman Bank

Loan Options

See all of Waterman’s loan options and decide the best one for you.

Types of Loans

Fixed Rate Mortgage

With a Fixed Rate Mortgage, your interest rate stays the same for the life of your loan. This gives you the peace of mind knowing that the Principal and Interest portion of your payment will never change. While your monthly payment could still change if your taxes or insurance rates change, you will be protected from possible interest rate changes.

Adjustable Rate Mortgage

With an Adjustable Rate Mortgage, or “ARM”, your interest rate will periodically change as mortgage rates change. Your interest rate will be fixed for an initial period (typically the first 5, 7 or 10 years), after which it will will be adjusted periodically (typically every 6 or 12 months) to reflect current mortgage rates at that time. Since the initial rate is often lower than the current rate for fixed-rate mortgages, this can be a great option if you only expect to own your home for 5-10 years.

FHA Loan

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. For this reason FHA loans lower minimum requirements relating to credit scores, down payments and debt to income limits, making it an attractive option of first time homebuyers.

VA Loan

A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs for service members, veterans, and their surviving spouses. They offer several advantages traditional loans, including lower interest rates, more lenient borrowing requirements and no down payment due at closing. VA loans also never have monthly mortgage insurance.

Jumbo Loan

A jumbo loan is a mortgage that exceeds the conventional loan limit as determined by the Federal Housing Finance Agency, currently $726,200 in most counties. If you need to borrow more than this amount to purchase or refinance your home, you will need a Jumbo Loan.

Renovation Loan

If you can dream it you can finance it. A renovation loan allows you to purchase or refinance a home and pay for future renovations or repairs by wrapping the all those cost into one loan. What can make a renovation loan especially attractive is that you can borrow based on the expected value of the property after the renovation is complete. This allows you to pay for your home improvements through your loan, rather than having to pay out of pocket for the work.

Bridge Loan

A Bridge Loan allows you to bridge a financial gap in a circumstance where you might otherwise not be able to qualify for a conventional loan. These loans are interest-only so your monthly payments are lower, and are structured to be refinanced into a conventional loan as soon as your situation allows.

Specialty Loans

Does your application not fit the box? Whether its 4+ units or unique income situations, we have an array of products to help you close your loan.

Types of Loans

Fixed Rate Mortgage

A fixed rate mortgage is designed to lock in your interest rate for the entire duration of the loan’s term. Common fixed rate terms are 30-year, 20-year, or 15 year. Although US mortgage rates will increase or decrease over the years, you’ll still pay the same interest rate as you did on your first mortgage payment.​

Adjustable Rate Mortgage
An adjustable-rate mortgage (ARM) is loan program that is split into two parts. The rate is fixed in the beginning of the loan (typically 5-, 7- or 10-year options) and variable for the rest of the loan, adjusting each year (typically once each year or every 6 months). This can be a great option for homeowners because it can offer an introductory fixed rate that’s lower than a typical fixed rate mortgage before the variable rate period kicks in.

An example would be a 5/1 ARM or 5/6 ARM, the first number “5” would stand for the length of the initial fixed rate period of the loan (5 years of a fixed interest rate) while the second number “1” or “6” would stand for how often the loan will adjust after the fixed rate period is over. “1” for once every year or “6” for every 6 months.
Renovation Loan

If you can dream it you can finance it. A renovation loan allows you to purchase or refinance a home and pay for future renovations or repairs by wrapping the all those cost into one loan. What makes a renovation loan extra special is that the loan is based on the properties after repair value, that way the buyer can finance the home improvements rather than having to come out of pocket for those costs.​

Bridge Loan

Interest only product with no prepayment penalty, can be used for a plethora of circumstances to “bridge” a gap in time for borrowers to be able to complete transactions in a timely manner. This product is structured to be refinanced into a normal rate and term mortgage as soon as the borrower’s situation is ready/capable of doing so in accordance with conventional lenders

FHA Loan

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. For this reason FHA loans lower minimum requirements relating to credit scores, down payments and debt to income limits, making it an attractive option of first time homebuyers.​

VA Loan

A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs for service members, veterans, and their surviving spouses. They offer several advantages traditional loans, including lower interest rates, more lenient borrowing requirements and no down payment due at closing. VA loans also never have monthly mortgage insurance.​

Jumbo Loan

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $647,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.​

Specialty Loans

Does your application not fit the box? Whether its 4+ units or unique income situations, we have an array of products to help you close your loan.​

Questions or concerns? Contact us via phone, email, or send us a message.