Mortgage Loans 

As your community lender, we offer the best mortgage tools available online and in-person. Convenient pre-qualification and application tools, current and competitive rates, and direct access to mortgage originators to assist you with this often difficult and confusing process.

In addition to conventional mortgages we work with multiple types of programs to make financing easier. These services include:

Once your loan is finalized, we handle the servicing of payments and any questions you have can be answered at a branch near you!


Types of Mortgages

Fixed Rate

Adjustable Rate

Construction*

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.
In General....
A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Originator, it should be an efficient, pleasant, and ultimately rewarding experience.
Count On Your Real Estate Agent To:
  1. Preview available homes to weed out those that are overpriced, or undesirable in some other way.
  2. Present the homes that suit your needs as you've defined them.
  3. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
  4. Negotiate the best deal for you.
Count On Your Mortgage Originator To:
  1. Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
  2. Keep you informed of your loan status throughout the entire process.
  3. Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.
Count On Yourself To:
  1. Complete our pre-qualification form.  A pre-qualification is an easy and fast way to find out what mortgage loan amount you may possibly qualify for, however it is not a commitment to make a loan
  2. Keep your Real Estate Agent informed of any questions or concerns as they develop.
  3. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
  4. Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.

Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage originator who can answer questions is just a phone call away.

Here's an overview of the loan-application process:
STEP ONE -- Apply Now! Getting started is easy
When you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily through our website. To get started, select an application from the list above.

At the appropriate time we'll order a property appraisal for you.
STEP TWO -- Your Loan is Approved and Funded
You and your Real Estate Agent or the Seller will designate an Attorney/Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.

We will coordinate with the Attorney/Title Company and you'll sign the final papers at their office.

Simple, Straightforward, Cost Effective, and FAST!

-    Signed Sales Agreement (if applicable)
-    Most recent two months’ pay stubs for each borrower
-    W-2s for last year for each borrower. If retired, a copy of Social Security award letter or Retirement award letter.
-    If self-employed two years signed tax returns, including all schedules.
-    Last two years of tax returns with all schedules.  (We must have signed copies)
-    Copies of most recent two months’ bank statements for all bank accounts.  (Statements must be on bank letterhead)
-    Any statements for assets such as 401K, Annuities, etc.
-    Legal Description (Deed)
-    Name, address, and telephone number of Landlord, if currently renting
-    Copy of Homeowner’s Insurance policy (refinance) or binder (purchase)
-    Annual Real Estate Taxes – Amounts or copies of docs

Mortgage Loan Calculator

* Looking to build a new home?  Contact our Construction Loan Specialist!
Somerset Trust Company offers construction loans for stick built, modular and manufactured housing with a one-time loan closing. The interest rate is fixed over the entire term of the loan including the construction period. During the construction period of 9 months, interest is billed and paid monthly. Upon completion of the home, the loan is then converted to principal and interest payments.
Contact our construction loan specialist to discuss your new home plans today!