Mortgages

Mortgage Loans-
Brooke Savings Bank offers a variety of loans for consumers that want to purchase or finance their primary home, second home, or vacation home. 

Home Purchase Loans –
The Bank offers loans for the purchase of your first home, a move up home, and a second or vacation home.   Fixed rate and adjustable rate loans are available with a variety of loan terms.

Home Refinance Loans –
Brooke Savings Bank offers loans that refinance your home loan from another lender, as well as refinance loans that can use available equity in your home to consolidate debts.  Fixed rate and adjustable rate loans are available with a variety of loan terms.

Home Construction Loans –
We offer loans for the construction of your primary home or your second or vacation home.  Fixed rate and adjustable rate loans are available with a variety of loan terms.

Home Construction and Permanent Loans –
The Bank offers loans where the construction and permanent financing can be done with one loan closing for a loan that will cover the construction of the home and then provide permanent financing for the purchase of your home.   The loans can be used for your primary home or your second or vacation home. Fixed rate and adjustable rate loans are available with a variety of loan terms for the construction of the home and the permanent financing of the home.

Fixed Rate Mortgage Loans –
A fixed rate mortgage loan is the type that most people are familiar with and is the most popular of home mortgage loan.  As the term for this type of loan implies, the fixed rate mortgage loan carries a fixed interest rate throughout the term of the loan.  Since the interest rate doesn’t vary, the monthly payment for principal and interest stays the same.

Adjustable Rate Mortgage Loans –
Brooke Savings Bank has available a range of terms on ARM loans.  Interest rates are adjusted at a specific time each year, and four terms determine adjustments on ARM loans.  1). The index, 2) the margin, 3) rounding of the index and margin, and 4) the annual and lifetime interest rate caps.  The index is the base interest rate that is used to calculate each interest rate adjustment.  The index used can vary upon the lending program.  But, the index will typically be tied to the U.S. Treasury Constant Maturity or Wall Street Journal prime interest rate.

Loan Inquiry Form –
To inquire about our available mortgage loan products and services, please contact a Bank Agent at the nearest location to your or click this link to complete our Loan Inquiry Form.   At the end of the Loan Inquiry Form, you may choose to submit the Form online or print the information you have entered and mail or fax the Form to our Overland Park, Kansas Office.

Brooke Savings Bank Mortgage Loan Website –
If you prefer to inquire about our available mortgage loan products and services, please click here to link to our dedicated Mortgage Loan Website that will enable you to complete a Loan Inquiry Form and submit the Form online to our office in Overland Park, Kansas.   Our Mortgage Loan Website includes various calculators and other useful tools that can help you shop for a home in your price range and provide information regarding the mortgage loan process from application to loan closing. 

The Bank’s primary lending areas are in and around the geographies served by our offices in Overland Park, Kansas and Phillipsburg, Kansas, and the geographies in and around our Bank Agent locations.  The Bank welcomes other lending opportunities outside the identified areas on a case-by-case basis.

Loan Underwriting Standards –
To inquire about our loan underwriting standards, you may view or print from your personal computer by clicking this link to our Loan Underwriting Standards.

Brooke Savings Bank
Loan Underwriting Standards

Fair Lending Statement

Credit is made available on a fair and consistent basis to all applicants who meet our lending standards without regard to race, color, religion, national origin, sex, marital status, familial status, handicap, age (providing the applicant has the capacity to enter into a binding contract), source of income, or the exercise of rights under the Consumer Protection Act.

Mortgage Loans

Brooke Savings Bank desires to provide a wide rage of mortgage-related services.  We choose to originate and hold many loans to maturity.  However, certain loan applications are approved and originated by or sold to other investors (lenders).  This allows Brooke Savings Bank the ability to provide you with the most attractive financing alternatives.  This process may require the use of a third-party mortgage loan originator and/or broker that may pay us a fee.

Brooke Savings Bank currently only originates and retains adjustable rate mortgage (ARM) loans, and the Bank requires a credit score of 680 or higher and a 42% or lower debt to income ratio.  The Bank may loan up to 90% of the value of a property in a first mortgage.  The Bank may also loan up to 100% of the equity in a residential property in the form of a home equity line of credit or a second mortgage.

Through other investors (lenders) and brokers, Brooke Savings Bank may be able to provide applicants with underwriting terms that are less restrictive, but generally require a credit score of 500 or higher.

Unsecured Consumer Loans

The general requirements for an unsecured consumer loan are a credit bureau score of 680 or more, a debt to income ratio of 42 % or lower, no current delinquencies and no bankruptcies within the prior two years.  Interest rates range from 11.25% to 14.25% and are primarily determined based upon credit bureau scores.

Secured Consumer Loans

Secured consumer loans, including auto loans, can be made up to 100% of the purchase price or retail value, whichever is less.  Retail values are determined by using Kelly’s Blue Book or other similar industry resources.  Rates are determined by the length of time and the age of the asset being financed.  The general requirements for a secured consumer loan are a credit bureau score of 680 or more, a debt to income ratio of 42% or lower, no current delinquencies, and no bankruptcies within the prior two years.

Commercial Loans

Commercial loans generally require collateral and the Bank may originate loans secured by this collateral in varying proportions (ratios), depending upon the type and quality of the asset.  In addition, commercial loans require financial statements and tax returns, along with ratios of capital to assets, and profitability and cash flows.

Unsecured commercial loans are generally underwritten in the same manner as unsecured consumer loans (see above) and require the personal guaranty of the principal(s) of the business.