| Residential
Lending
In our most recent Community
Reinvestment Act (CRA) performance evaluation, administered by the FDIC
in June 2004, Union Bank scored an "Outstanding" overall rating, and was
cited for excellent performance in residential lending to borrowers of
all income levels, especially low-and moderate-income residents. Click
on the Personal Lending Team button to the left to contact us today!
Go to Loan Application Packages
Special
Programs
We participate in several
affordable housing programs, and offer a number of state and federally
guaranteed programs which provide an easier route to home ownership for
low-and moderate-income residents. Union Bank is involved with the
Vermont Housing Finance Agency (VHFA) in a number of programs geared to
Vermonters with modest incomes. Under these programs, the Bank can offer
up to 100% financing with a Rural Development guarantee, as well as expanded
debt-to-income ratios and down payment assistance for eligible applicants.
We recently partnered with the New Hampshire Housing Finance Authority
(NHHFA) to offer similar affordable programs to customers in New Hampshire.
Fixed
Rate Mortgage
Whether you're looking to
purchase or refinance, the most popular type of home loan is a fixed rate
mortgage. Available in terms to suit your personal needs, fixed rate mortgages
offer assurance that your interest rate and payment will remain constant
for the life of the loan. Fixed rate mortgages are available to applicants
who wish to purchase a primary residence, a vacation home or a 1-4 family
investment property.
Adjustable
Rate Mortgage
An adjustable rate mortgage
(ARM) offers the flexibility of a lower initial monthly payment, allowing
some applicants to obtain a larger mortgage than they would otherwise qualify
for. Adjustable rate mortgages offer flexible terms and generally feature
an initial fixed rate period. Once the fixed rate period expires, the rate
may increase or decrease depending on index, margins and caps. (Please
consult with one of our helpful lenders for details.) Adjustable rate
mortgages may be used to purchase a primary residence, a vacation home
or a 1-4 family investment property.
B.U.I.L.D.
Loan Program
Union Bank's popular and
innovative B.U.I.L.D. (Borrowers Using Interim Loan Dollars) program is
designed to finance new home construction, renovations or additions to
an existing home or small business. A B.U.I.L.D. loan allows you to "pay
as you go" and can help you organize payments to contractors and service
providers, keeping your project streamlined and up-to-date. B.U.I.L.D.
rates are always competitive and there are no points. Interest is paid
monthly based on the outstanding balance from the prior month. Reasonable
terms are available to accommodate your construction project. When the
project is completed, the outstanding loan balance may be refinanced through
a variety of Union Bank programs.
Home
Equity Loan
A home equity loan is useful
for home improvement projects, paying for your children's education or
purchasing a vehicle. Borrow a specific amount based on the equity available
in your home for a fixed period of time. Budgeting is simplified with a
fixed interest rate and fixed monthly payment. The interest you pay may
be tax deductible. Please consult your tax advisor to see if you qualify.
Home
Equity Line Of Credit
A variable rate home equity
line of credit allows you the flexibility to tap into the equity you've
earned in your home when you need to. By simply writing a check, you can
access your credit line when you want—for whatever you want; whether you're
remodeling your kitchen, adding a deck or splurging for that vacation you've
been putting off for so long. Flexible rates and terms are available. The
interest you pay may be tax deductible - please consult your tax advisor
to see if you qualify.
Adjustable
Rate Land Loan
Union Bank's adjustable
rate land loan program is designed for people looking to purchase a building
lot for future use as a primary residence or vacation home. The program
features a low introductory fixed rate for the first year, followed by
a rate adjusted annually, which is tied to the one year treasury bill index.
The land must have the necessary state and local permits to allow a home
to be built on the lot. (Applicants seeking a loan to be used to develop
raw land would not be eligible for this program.)
Loan Application Packages
Union Bank, operates 13 full-service offices in northern Vermont, and a full-service office in Littleton, NH. With headquarters in Morrisville, VT, Union Bank has been serving the financial needs of local communities since 1891.
For your convenience, we have provided downloadable loan application packages in standard PDF format. PLEASE NOTE MANY OF THE APPLICATIONS REQUIRE LEGAL-SIZED PAPER FOR ACCURATE PRINT OUT.
These packages contain both instructions and the actual applications, which feature "field fillable" boxes (type into) to save time. Once completed, please print out, sign, and deliver (or mail) to any of our 14 local offices.
Also, please note that Vermont and New Hampshire application packages are separate, we ask that you use the package appropriate to your place of residence.
If you have questions, contact us at your convenience.
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