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For more than 129 years, Best Hometown Bank, formerly known as Home Federal Savings & Loan, has focused on serving the financial needs of the people of Collinsville, Illinois and neighboring communities.. For a company that emphasizes the personal contact, they have a pretty up to date website that provides loan shoppers with digital tools to calculate their financial situation but their description of any of their loan products is sparse. Doing your loan with a local bank can reduce the borrower’s  concerns to the singular contractual relationship with one service provider. However, loans are at best difficult to compare without the borrower’s specific financial situation, let alone when they are so meagerly described as they are by this website..

Loan Options and Types

Best Hometown Bank divides their loan products into fixed rate mortgages, balloon mortgages, refinancing services, construction loans for which they offer to be your contractor and lot loans. When any lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Next they will consider your monthly “Debt to Income” ratio which consists of your total income, minus monthly credit payments and other debts will also be considered.The paperwork you will need to gather will include pay stubs, tax forms and bank statements at minimum.

What Isn’t Discussed is A Lot

Although this company may very well be totally on the up and up, it is difficult to assess from the limited amount of data about the loans that they sell. Most obviously, there is no explication of the price of the loan application process all the way through to loan approval and closing that the bank itself will be charging the client. Even the specific types of mortgage loans are not articulated, just the categories of loans that they offer.