Simple Steps You Can Take for a Smoother Mortgage Experience

Mortgage season is definitely here, with the real estate market in full swing and interest rates poised to rise, making it the perfect time to refinance an existing loan. To help you make optimal decisions about your mortgage options, we’re featuring  this “Closing Thoughts” guest post from OSB’s Mortgage Lender, Kacie Eberenz (NMLS# 1458409).

If you think that applying for a mortgage loan is right up there with getting a root canal—you’re not alone. Many home buyers, and homeowners looking to refinance, find the mortgage application process frustrating—or even painful. At OSB, we strive to make your mortgage experience as simple as possible (see the infographic below for a complete picture of our mortgage process). In addition, taking the steps below can make your mortgage experience even smoother:

Step 1: Choose the right lender. If you’re not working with the right lender, securing a mortgage loan can be a painful process. It’s important to be comfortable with your lender. For example, if you want to have someone to guide you through the process and be able to answer your questions in a timely manner, an online mortgage option is probably not for you.

At OSB, we work to streamline your mortgage application and make getting a mortgage as easy as possible with personalized service to help you feel as comfortable and confident as possible.

Step 2: Provide your financial information promptly. Buying or refinancing your home requires that you provide significant amounts of financial and personal information to your lender. From bank statements to pay stubs your lender should let you know exactly what they need from you in order to process your mortgage application. To avoid delays, make sure you provide the specific items requested in a timely manner.

Step 3: Tackle your taxes. You will need to provide current tax returns as part of the mortgage application process and you must have your taxes filed for the past two years. If you have any delinquent tax payments or unfiled taxes, you’ll need to ensure that they are taken care of so the processing of your mortgage application can proceed.

Step 4: Manage your account balances and credit. Your bank balances and credit score will be evaluated by your lender as part of the mortgage loan decision so it is wise to make sure they are in good order.

Tip: When it comes to your bank account, it’s best not to make large deposits during your loan application, as it may affect your loan decision. In addition, avoid taking on any new debt during the loan process (e.g. Hold off on buying new furniture and appliances until after your mortgage closes.), since all of your debt will influence your debt-to-loan ratio which is a critical aspect of any mortgage loan application.

Let OSB help you smooth out the mortgage application process.

Applying for a mortgage shouldn’t be a burden. OSB is dedicated to making your loan process simple and streamlined—and these tips can help you take the right steps to make your mortgage experience even smoother! Need help with a mortgage loan? Contact me at 517.592.1058 and we’ll get started!

mortgage path to the american dream

 

 

 

Behind Every Successful Business Loan is a Great Customer Relationship

In celebration of National Small Business Week,our commercial lending team is sharing how OSB helps local small business owners find flexible financing so they can take advantage of new growth opportunities. John Spiedel, Senior Vice President of Commercial Lending at OSB shares his thoughts below.

“While many banks focus on solely the dollars and cents of a commercial loan transaction, at OSB we look beyond the numbers to learn about the amazing people who have a real passion for building our community.

True community bankers are intensely focused on their community, but they also recognize that a community is defined by people—not just by lines on a map. A perfect example of this philosophy in action is the relationship that OSB has formed with a mid-1980’s University of Michigan alumna who lives in California and has an extremely successful consulting business there. Even though she lives far away, she has always stayed connected to her hometown, Ann Arbor, including making investments in student rental properties in the city.

Recently, this customer decided to purchase additional student rental properties in Ann Arbor, but none of the other “local” banks wanted to lend to someone living outside of Michigan. She was referred to OSB by another local business owner (who has since become our customer as well). Instead of dismissing her request on a geographic basis, we looked deeper, taking the time to learn about her goals and to understand her keen business sense and conservative, disciplined nature. We also noted that she flew in each month to visit each of her Michigan investments in person. She was hardly an absentee owner, which made her an even better potential customer.

By working to understand not only the financial situation but the person behind the numbers as well, we saw that this scenario held not only manageable risk, but a great potential customer relationship. Her investments in property renovations have been carried out by local workers using materials bought locally. This customer’s satisfaction with OSB’s small business loans and our way of doing business is evident in her willingness to recommend us to her many other Ann Arbor business contacts. This is proof that behind every successful business loan is a great customer relationship.”

Achieve Your Goals with Smart CD Savings Strategies

An OSB certificate of deposit (CD) account is a great savings tool, providing the opportunity to earn interest and shelter your money. When used wisely, a certificate of deposit can save you in a financial pinch, or even fund your future. Here are two strategies for putting the financial power of a CD to work for you:
 
Consider using CDs for a “rainy day” fund

In a regular savings account, a “rainy day fund” can be too easily tapped for other things. To help you remain disciplined about saving, a certificate of deposit may be a better choice because your money is secured for a predetermined term and is off-limits.

Use your CD for financial goal setting

If you have a long-term financial goal, a CD is the perfect vehicle to be assigned to helping you realize it.  If you want to buy a house, for instance, you can put money into a CD and when it matures, you can roll it into another CD until your savings goals are met. Seeing that interest accumulate can help you stay motivated reach your goal!

OSB CDs also keep your money working in our local community, consider taking advantage of one today!

Why Community Banks are Different…in a Good Way!

All banks are the same, right? They’ve all got tellers and lenders, they cash checks and write loans, they have ATMs. They all do the same things, because they’re all the same—or are they?

It’s a fact: Community banks are different. Different…in a good way. For example, community banks do more than just cash checks:

They’re helping businesses grow.

U.S. Small Business Administration statistics show that small firms employ just over half of the private-sector workforce and created nearly two-thirds of nation’s net new jobs over the past decade and a half. Community banks are natural partners to small businesses because they understand them so well and are committed to their success. As such, the funding, expertise and opportunities small businesses receive from community banks helps them grow and keeps dollars in our community – making it an even greater place to live

They’re creating jobs.

Community banks employ more than 700,000 Americans across more than 52,000 locations nationwide, according to Independent Community Bankers of America (ICBA). In addition to their own employees, community banks help create employment locally by improving the economic infrastructure of the communities they serve and enabling businesses to get the financing they need to grow and add more employment opportunities.

They’re supporting the local economy.

ICBA statistics also show that community banks fund nearly 60% of small business loans under $1 million – reinvesting their deposit dollars back into their community. As a small business themselves, community banks are passionate about ensuring that the communities they share are thriving.

They’re helping local farmers.

Consistently the largest provider of agricultural credit, community banks provide $57 billion in agricultural loans (ICBA data). This comprises more than 70% of commercial agricultural loans in America.

They’re doing more than writing checks.

Communities banks, like OSB Community Bank (OSB) give back to the communities they serve, providing financial and in-kind support to organizations in their communities. Reinvesting back into the community is a central part of the community banking philosophy. OSB employees volunteer many hours to local community organizations – serving on boards for Hospice of Lenawee, Kiwanis, Cascades Humane Society, Jackson Enterprise and many more. Plus, our team is always ready to get involved in community events that foster stronger relationships.

They’re here for the long haul.

A community bank isn’t just another bank. Community banks are different and making a difference to the businesses, individuals and communities they serve. They strive to develop long-term relationships and are committed to supporting the local community through employment, reinvestment and volunteerism. Despite the uncertainty facing other financial institutions community banks are here for the long haul, so you can feel confident that working with (or for) a community bank is a decision you can feel good about over the long-term.

The Spirit of Community Banking

OSB
The OSB Team is proud to serve our community.

With Thanksgiving literally right around the corner, it’s the perfect opportunity to reflect on the abundance that we have in our lives and how we might make things better for those who are not as fortunate as we are.

Family, friends, having a means to make a living and being part of a caring community…these blessings are easily taken for granted in our fast-paced lives, yet for some people these things are out of reach. As a community bank, we strive to do what we can to help improve the opportunities available to those in the communities we serve during the holidays—and throughout the rest of the year.

This past year, we have proudly supported area schools and students through our back to school drive, the Dr. Fish scholarship awarded to Lenawee and Jackson County high school graduates, and additional financial support. We have also been fortunate to have many opportunities to work with a diverse group of community organizations and to participate in their fundraising efforts to make our community stronger.

Helping our local business community thrive is an integral part of OSB’s mission. Our Small Business Summits and Business After Hours events are key parts of our commitment to helping businesses succeed by providing education and networking opportunities. Our leadership team is also dedicated to making a difference in our community by lending their time and talents to local nonprofit organizations including HOPE Community Center, Hospice of Lenawee, Lenawee County Mission, and Cascades Humane Society.

OSB is thankful for the opportunity to serve the residents and businesses in our local area. We look forward to sharing the spirit of community banking during this holiday season and all year long and we encourage you to consider how you can make a difference, too.