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Eva Bank
Loan officer discussing paperwork with clients

Residential Property Loans

Your First Step Towards Securing Your Dream Home

Ready to take the leap and purchase a residential property for your personal or investment needs? At EvaBank, we make it easy to know where you stand on the property ladder with a straightforward application process and interest rates based on your personal circumstances.

As an independently owned bank, we strive to see the bigger picture of your finances. This is why as a lender, we’re committed to understanding your entire financial situation and basing loan decisions on more than just your credit score.

Find a financial rhythm that works for you.

A Residential Property Loan You Can Count On

Because EvaBank loan approval isn’t based on your credit score, our lenders naturally invest time into understanding your unique position as a customer. If purchasing a home is what you want to do, we’ll do our very best to support this process with our lending services.

At EvaBank, we can offer site built home and land loans with terms ranging up to 360-month amortization, based on a 5-1 ARM (Adjustable Rate Mortgage). With flexible and competitive repayment options to investigate with your lender, your best approach to residential property loans is to start with EvaBank.

Want a headstart on your pre approval?  Why not complete our pre-qualification worksheet?

No Prepayment Penalties on Your Loan

We understand that life can be unpredictable. This is why we have no prepayment penalties on any of our loans. If you happen to be able to pay off your loan earlier than expected — we’re not the type of lender to stand in your way!

Another unique benefit of EvaBank is that you only need to pay interest on the amount outstanding on your residential property loan, and only for the length of time you have the loan.

Interest Rates Tailored to You

For most of our residential loan approvals, interest rates are determined by credit score and down payment. 

Even though your credit score won’t automatically impact the type of loan you can secure, the higher your credit score, the lower your rates and down payment can be.

That said, if you happen to have a bad credit rating, it’s always worth reaching out to our team to discuss your options. We offer a range of loan options that can be adapted to your financial standing — just get in touch to find out more!

Your Loan Application Process

Applying for any kind of loan can be a daunting process, but luckily our team of lenders are here to support and guide you along the way.

Step 1:

After reaching out to our team and submitting some important details, our lenders will check your credit score and get to work on evaluating the full scope of your financial situation.

Step 2:

Once we have a clearer picture of where you stand, we’ll be able to provide you with additional details about the type of loan you qualify for and the type of rates you can expect.

Step 3:

Once we’re all on the same page about the terms of your loan, it’s time to prepare your down payment. For residential property loans, your lender will provide more information on the minimum down payment  during the approval process.

Step 4:

Now comes the fun part! Once you have the finer details of your loan pre approval in order, it’s time to decide on the type of property you want. Once you’re ready to proceed further — we’ll be on hand to help!

Frequently asked questions

Will I automatically be refused a loan because of a bad credit score?
Absolutely not! At EvaBank, we see your financial future as being about more than just your credit score. Even though a good credit score is definitely beneficial, our team will also take other financial securities into account.
What is the minimum loan down payment amount?
Your minimum loan down payment amount will depend on the bigger picture of your loan application but in some cases, the amount can be as low as 5%. All of these details can be discussed with your lender during the application process.
What are the repercussions of paying off my loan early?
At EvaBank, there are no prepayment penalties on any of our loans. This means you’re free to pay off your loan early if that’s what you choose to do!
Do I need to be an existing member of an Alabama branch to get a mortgage?
While you don’t need to be a pre-existing member of our bank to apply for a mortgage, our banking services offer significant benefits to personal and business customers. You can find full details of our services on our website or by contacting our team.

Partner with an independent Alabama bank that’s invested in your future.

Complete the Real Estate Prequalification worksheet today to get started on your loan.  For all other inquiries, see links below.

Please contact the main EvaBank office located at 1710 Cherokee Ave SW., Cullman, AL 35055 for HMDA disclosure statement requests.