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Home Loans

HOME FINANCING OPTIONS

PREQUALIFY FOR A MORTGAGE

Have us contact you to see how much you may be able to borrow. Starting a relationship now will also help you save time down the road.

CONTACT A LENDER

Adjustable Rate Mortgages

Affordable Rates with a Variety of Terms

Adjustable-rate mortgages (ARM) have fixed monthly payments with flexible maturity options up to 30 years, and adjust at predetermined intervals based on the 1 year Constant-Maturity treasury rate (CMT).  The interest rate and monthly payment may increase or decrease depending on the CMT rate at the end of the initial fixed rate period.

 

  • Fixed-rate options of 1, 3, 5, 7, and 10 years
  • Competitive rates for owner-occupied, second homes, condominiums, manufactured homes and doublewides affixed to permanent foundations
  • Up to 90% loan-to-value
  • .25% rate discount if your payment is automatically deducted from a Citizens Bank checking or savings account
  • Annual and lifetime caps
  • Use down payment assistance* and gift funds
  • Available for new home purchase or refinance

 

*Assistance with the down payment may be provided to qualified applicants through a program with the Home Ownership Center in Elkins. Contact a mortgage lender for details.

Apply Now

FIXED-RATE MORTGAGES

Get the Stability of Equal Monthly Payments For the Life of Your Loan

Fixed-rate loans allow you to lock in a rate for the life of your home loan.  If you prefer to know exactly how much your monthly payment will be and what you will owe in interest over time, a fixed rate loan is a good option.

  • 10, 15, 20 and 30-year terms
  • Predictable payments – protected from the possibility of rising rates
  • Fixed interest rate
  • Use down payment assistance* and gift funds
  • Borrow up to 95%
  • Available for new home purchase or refinance

 

Apply Now

FIRST-TIME HOMEBUYER

Take Advantage of Special Incentives to Buy Your First Home

Our first-time home buyer loan is available to residents who have not owned a home in the previous three years or who have never owned a home. The property must be an owner occupied single family unit; manufactured housing is eligible as long as you own the lot it is placed on.

  • 10% cash down*
  • $850 origination fee to cover appraiser, attorney, credit report, recording fees and flood determination expenses
  • No closing costs
  • No PMI (Private Mortgage Insurance) required
  • .25% rate discount with an auto debit loan payment from a Citizens Bank checking account
  • Adjustable rate mortgage loan with fixed rate options of 1, 3, 5, 7, and 10 years.
  • Use down payment assistance* and gift funds

*Assistance with the down payment may be provided to qualified applicants through a program with the Home Ownership Center in Elkins. Contact a mortgage lender for details.

Apply Now

 

FIRST FRONT DOOR

Through First Front Door (FFD), if you qualify, Citizens Mortgage Corp. will match your contribution 3-to-1. For every $1 you contribute, you can receive $3 in grant assistance, up to a maximum of $5,000.* Funds are available on a first-come, first-serve basis until they are gone, so please don’t delay.

*Subject to credit approval

 

Who qualifies for First Front Door funding?

To Qualify, You Must:
Be a first-time homebuyer (which means you haven’t owned a home within the past three years, or you owned a home only while married but not as a single person within the last three years – this includes a married couple if either has not owned a home in the past three years).
Secure a first mortgage through a participating lender.
Have an income at or below 80 percent of the area median income.
Not be a student working less than 30 hours per week.
Complete at least four hours of homeownership counseling prior to purchasing the home.
Agree to maintain the home for five years to retain the full amount of the grant. If a sale occurs before the five years expire, a portion of the grant may be required to be repaid.
Citizens Mortgage Corp. will review these and other program requirements with you.

How to apply for a First Front Door grant?

First Front Door grants are provided by FHLBank Pittsburgh and Citizens Mortgage Corp.

Schedule an appointment with our First Front Door specialist, Missy Channels for details.

CONTACT MISSY

MANUFACTURED HOUSING

We’re the area’s premiere lender for manufactured & modular homes.

Whether you are looking for finance a singlewide or doublewide manufactured or modular home, we have a mortgage with low rates and flexible terms.

Finance your manufactured or modular home with an adjustable-rate mortgage (ARM) with fixed monthly payments and flexible maturity options up to 25 years; ARM loans adjust at predetermined intervals based on the 1 year Constant-Maturity treasury rate (CMT).  The interest rate and monthly payment may increase or decrease depending on the CMT rate at the end of the initial fixed rate period.

 

  • Fixed-rate options of 1, 3, 5, 7, and 10 years
  • Competitive rates for owner-occupied manufactured homes and doublewides affixed to permanent foundations
  • Up to 90% loan-to-value
  • .25% rate discount if your payment is automatically deducted from a Citizens Bank checking or savings account
  • Annual and lifetime caps
  • Special incentives for first-time home buyers
  • Available for new home purchase or refinance

 

Apply Now

JUMBO LOANS

Designed for Borrowers Seeking Financing Above $510,400

Jumbo Loans are higher balanced loan amounts that exceed the conforming loan limit, currently $510,400 for a single-family home.  They are fixed rate loans available for primary residences, second or vacation homes, and investment properties.

 

  • Higher purchase limits
  • Competitive rate
  • Fixed interest rate
  • Available for new home purchase or refinance

 

Apply Now

CONSTRUCTION

Build the Home of Your Dreams

A construction loan allows you to finance the construction of your new home.  During construction, disbursement is made to cover the cost to build, and interest is paid only on the outstanding balance.  When construction is complete, the loan converts to a permanent mortgage.

  • Draws based on a schedule between you, your builder and Citizens Bank.
  • Inspections may be performed to assure work is completed
  • Covers all phases of work from start to finish

 

Apply Now

TITLE INSURANCE

Provide the Security You Need for Your Home Purchase

Title insurance provides protection against financial loss in case a defect in the title turns up at some future date. Possible defects include:

  • Flawed information in deeds or mortgages, like an incorrect name
  • Liens or claims against the property or the property owner such as unpaid taxes or bills for water service
  • Claims to ownership from a former owner or spouse
  • Invalid deeds from a past sale or transfer by a party who didn’t actually own the property

Additional information available at wvtitleexpress.com

Request A Quote

REFINANCING OPTIONS

Consolidate Debt/Cash-Out  – A cash-out refinance replaces your current home loan with a new mortgage for more than you currently owe.  You may withdraw the difference between the two home loans in cash to use the money for debt consolidation, remodeling, or other financial goals.

If you need to free up money in your monthly budget, refinancing with a lower interest rate or extending your term can lower your monthly mortgage payment.  The lowered payment allows for more immediate needs.

Refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage is a strategy you may use is you’re concerned about the prospect of rising interest rates.   Before refinancing to a fixed rate loan, you will want to take into consideration if your home is a forever home or how long you plan to stay in your house.

 

WE MAKE HOME BUYING CONVENIENT

Citizens Bank is your local resource for home loans, home equity lines of credit or loans, refinances, and first time home buyers. Start your application online or meet face-to-face with a mortgage loan officer. We will help you every step of the way!

Apply Now

MAKE A PAYMENT

Access your current account information and make loan payments 24/7. You may pay by credit card or ACH payments.

MAKE A PAYMENT

CURRENT MORTGAGE RATES

LoanTERMInterest RateAPRPayment Stream*
ADJUSTABLE RATE MORTGAGE (ARM)

no

no

no

no

no

1/1 ARM2.50%2.579%12 payments of $395.23 360 months amortization

no

3/1 ARM3.25%3.333%36 payments of $435.35 360 months amortization

no

5/1 ARM3.50%3.589%60 payments of $449.20 360 months amortization

no

7/1 ARM4.00%4.087%84 payments of $477.60 360 months amortization

no

10/1 ARM4.75%4.841%120 payments of $521.88 360 months amortization
FIXED RATE MORTGAGE

no

no

no

no

no

15 Year Fixed2.875%3.174%180 payments of  $684.59

no

30 Year Fixed2.875%3.037%360 payments of  $414.89
HOME EQUITY

no

no

no

no

no

Home Equity Line of Credit2.25%2.25%billed monthly at 1% of balance

 

Mortgage Rates effective as of August 25, 2020 and subject to change at any time. The following additional terms and disclosures should be reviewed in conjunction with the information provided above.

Adjustable Rate Mortgage: The initial interest rates for the 1 Year ARM, 3/1 year ARM, 5/1 Year ARM, 7/1 Year ARM, and 10/1 Year ARM is in effect for the first 12 months, 36 months, 60 months, 84 months, or 120 months respectively. Subsequent to the initial interest rate period, the APR is subject to change every 12 months. The interest rate reflects a 0.25% optional discount for an automatic payment from a Citizens Bank deposit account. The Annual Percentage Rates (APRs) disclosed above are based on a $100,000 loan amount, a $1000 origination fee, at least a 20% down payment, the payment of certain customary fees at loan closing, credit score of at least 740, and assumes a purchase of an owner-occupied one unit dwelling with no secondary financing for a property located in Randolph County, West Virginia. Give us a call at 1-800-797-5790 for terms available in your area. Higher interest rates may be required for loans that have less than a 20% down payment which will increase the APR and result in a higher loan payment. Interest rates and fees are subject to change without notice. Citizens Bank of West Virginia offers many different mortgage products; your APR may vary depending on the product for which you apply. All loans are subject to credit approval, appraisal demonstrating sufficient value, hazard insurance, flood insurance, if property is located in a special flood hazard area and a title search.

Fixed Rate Mortgage: These interest rates are available for loan amounts up to $510,400. The Annual Percentage Rates (APRs) disclosed above are based on a$100,000 loan amount, a $825.00 processing fee, a $500 underwriting fee, at least a 20% down payment, the payment of certain customary fees at loan closing, a qualifying credit score, and assumes a purchase of an owner-occupied owned unit dwelling property located in Randolph County, West Virginia. Give us a call at 1-800-797-5790 for terms available in your area. Mortgage Insurance maybe required for loans that have less than a 20% down payment which will increase the APR and result in a higher loan payment. Interest rates and fees are subject to change without notice. Citizens Bank of West Virginia offers many different mortgage products; your APR may vary depending on the product and terms for which you apply. All loans are subject to credit approval, appraisal demonstrating sufficient value, hazard insurance, flood insurance, if property is located in a special flood hazard area, and a title search.

Home Equity: The rate reflects a 0.25% discount for optional automatic payment from a Citizens Bank deposit account and a loan amount of at least $10,000 and an initial draw of $5000. Rates shown assume property will be owner-occupied. There is an annual maintenance fee of $50. The Annual Percentage Rate (APR) is variable and can change daily, but will never be higher than 12.00%. The APR is based on a credit score of at least 740 and prime minus a margin; “prime” means Wall Street Journal published prime rate, (if published in a range, the highest number in the range will be used). Use of the word “prime” does not mean that the rate is the best or lowest offered by any lender. The amount of savings realized with debt consolidation varies by loan. Since a home equity line may have a longer term than some of the bills being consolidated, there may not be a savings over the entire time of the line if you make only the minimum payments. The minimum payment requirement is 1% of the outstanding balance billed monthly for the first 10 years. When the loan reaches the 10 year mark, the line will convert to an amortizing loan to be paid in equal monthly installments over the remaining 10 year term. Offer is available for new Citizens Bank home equity lines only. Rates are subject to change at any time. All loans are subject to credit approval, appraisal demonstrating sufficient value, hazard insurance, flood insurance, if property is located in a special flood hazard area and a title search.

*The payment stream information represents only the monthly principal and interest of your payment. Payments do not include amounts for taxes and insurance premiums, and your actual payment obligation will be higher.

Citizens Mortgage Corp. is a division of Citizens Bank of West Virginia.

Loans subject to credit and collateral approval. Restrictions may apply. Terms and conditions subject to change.  Citizens Bank of West Virginia NMLS ID #509420