Mortgages

Mortgage Loans-
Generations 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 –
Generations 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 –
Generations 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 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.

Generations 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 office in Overland Park, Kansas   The Bank welcomes other lending opportunities outside the identified area 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.

Generations 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

Generations 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 Generations 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.

Generations Bank originates fixed rate and 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.

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.

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.