So that we may celebrate with our families, The Cecilian Bank will be closed on Christmas Day, Wednesday, December 25 and will reopen on Thursday, December 26.
For your banking convenience, our Online Banking, Mobile Banking App and ATMs are available all day, every day!
Are you thinking about building or buying a home? Or, perhaps, you want to renovate your current home. Whether you're a first-time homebuyer, looking to expand, or ready to settle into your dream home, see us first! Throughout the loan process, we're with you from start to finish! We can pre-approve your loan and supply you with a list of approved builders in your area.
The Cecilian Bank Loan OfficersYour new home could be just a click away when you save time and apply online!
Apply online for a mortgage loan in as little as 20 minutes – it’s fast, convenient and safe! Submit your online application, and one of our expert loan officers will call you to complete the process.
If you are interested in a mortgage loan or for more information about our options, don’t hesitate to contact any expert loan officers. You may also consider preparing the necessary documentation when you meet with your loan officer.
Home equity is your property’s market value minus the amount you owe on any liens, such as your mortgage. Most homeowners first gain equity by putting a down payment on their property. Your equity fluctuates over time as you make monthly mortgage payments and your home’s market value changes. Renovations and repairs to your home or changes to property values in your community may also impact your home equity. You can use the equity in your home to borrow money with advantages such as higher loan amounts, lower interest rates, and even tax benefits.
What is a Home Equity Loan?
A home equity loan, also known as a second mortgage, is a debt secured by your home. Generally, lenders will let you borrow no more than 80% of the equity you have put into your home. With this type of loan, the borrowed funds are available at the beginning of the contract and have a fixed interest rate, a set repayment term, and fixed monthly payments.
What exactly is a HELOC Loan?
A home equity line of credit, also called a HELOC loan, is also secured by your home. A homeowner applies for an open line of credit and then can borrow up to a fixed amount on an as-needed basis. The borrower only pays the interest on the amount borrowed. The interest rate can fluctuate over the course of the open line of credit. Typically, a HELOC will remain open for a set term, perhaps 10 years. When the draw period ends, the loan is amortized, and the borrower begins making fixed monthly payments for a set term.
If you have any questions about these types of products, don’t hesitate to contact one of our friendly lenders today. We are here to help and love to assist our customers in their financial journey. You may also consider preparing the necessary documentation when you meet with your loan officer.
Home Equity Loan/HELOC Loan Checklist
Home Equity Loan/HELOC Loan Application
* Source: Equifax.com
If you have questions or need additional information regarding the servicing of your personal loan or mortgage loan with The Cecilian Bank, please contact Loan Operations at (270) 982-4TCB (4822), or you may write to:
The Cecilian Bank
Attn: Loan Operations
1808 North Dixie Avenue
Elizabethtown, KY 42701