Legends Bank of Missouri - Home Mortgage

Legends Bank of Missouri
Mailing Address
P.O. Box 888
Linn, Mo. 65051
Physical Address
200 E Main St
Linn, Mo.
Hours
M-Th 8:00 am to 3:00 pm
F 8:00 am to 6:00 pm
Sat 8:00 am to 11:00 am
Contact information
phone: 573-897-2204
fax: 573-897-4202
contact: Thomas P. Klebba

Legends Bank offers a full line of real estate mortgages, from "in house" low cost mortgages with a great deal of built-in flexibility, to conventional fixed and adjustable rate home loans with up to a 30 year amortization. We also offer construction financing at very competitive rates and without many of the fees generally charged by other banks.

Best For
Our "in house" product is especially popular for properties which do not meet uniform property standards for conventional mortgages, such as rural properties with larger acreage, and mobile homes unattached to the underlying real estate. It is also popular for borrowers who may not meet conventional mortgage underwriting standards, because of past credit status or other reasons, or who want additional flexibility in loan terms such as other than monthly payments. Conventional mortgages offer customers an opportunity to purchase properties with lower down payments and longer amortizations than generally available with the "in-house" loan.

Features
Legends Bank's "in-house" mortgage loans generally have lower fees than conventional mortgages, with the bank charging only for certain document preparation fees and out of pocket expenses such as filing fees and title insurance. The borrower typically saves paying for an outside, independent appraisal, since those are usually required only when the loan amount exceeds $250,000. Loans may be in amounts up to 80% of the value of the collateral, and for amortization periods of 15 to 20 years, depending on the type of real estate. Legends Bank also can attach a type of home equity feature to these loans, allowing the customer to borrow additional amounts against their property in the future without additional fees. Conventional mortgages can be for repayment periods of up to 30 years, and may be made for up to 95% of the value of the collateral. Certain borrowers may qualify for special programs such as first time homebuyer programs and low to moderate income programs offered in conjunction with the Missouri Housing Development Commission. Both fixed and adjustable rate mortgages are available. Special programs are also available for those who may not qualify for standard conventional mortgages. Legends Bank, member FDIC, is an equal housing lender.