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Consumer loan requests will be reviewed and approved subject to adequate financial information being provided to the Bank. All information provided must be acceptable to the Bank in the Banks sole discretion.
Recreational/RV/Boat Loans The Bank will consider loans for the purposes of Recreation activity, loans to purchase RV’s and Camper Trailers as well as Boat Loans for recreational use. These type loans are subject to review and approval based on satisfactory credit history and an acceptable “Debt to Income ratio” combined with a satisfactory job history and definitive income stream.
The Bank will consider vehicle loans to customers of the Bank for the purpose of purchasing new vehicles and may provide financing for the purpose of purchasing used vehicles up to 7 years of age.
The Bank will consider financing for the purpose of purchasing home furnishings in the form of furniture and large appliance type needs.
The Bank will consider financing under the Homestead Laws of the State of Texas for the purpose of allowing applicants the opportunity to borrow against the “Equity” contained in their residential homestead. This type of borrowing is limited to 80% of the value attributable to the residential homestead which can either be determined by the “tax assessed valuation” of the property or by virtue of a “real estate appraisal” ordered from a licensed Texas General Real Estate Appraiser acceptable to the Bank. In this type of loan situation, the appraisal must be ordered by Gladewater National Bank and addressed to the Gladewater National Bank. The Bank will not be able to use an appraisal by a licensed Texas General Real Estate Appraiser if the appraisal is addressed to the property owner.
The Bank will consider financing under the Laws of the State of Texas for the purpose of allowing applicants the opportunity to borrow money for the purpose of “home improvement”. This type of borrowing is limited to 80% of the value attributable to the residential homestead with the additional “home improvement” taken into consideration in the determination of value. This value can be determined by virtue of a “real estate appraisal” ordered from a licensed Texas General Real Estate Appraiser acceptable to the Bank. This type of borrowing requires that the applicant provide satisfactory bids acceptable to Gladewater National Bank in its sole discretion and may require an appraisal of the property to determine the viability of the loan request associated with the intended “home improvement request”. In this situation, if an appraisal is required, the appraisal must be ordered by a financial services institution and must be addressed to a financial services institution if not ordered by and addressed to the Gladewater National Bank. The Bank will not be able to use an appraisal by a licensed Texas General Real Estate Appraiser if the appraisal is addressed to the property owner.
The Bank will consider a permanent mortgage loan request by an applicant. The requests are for the purpose of purchasing a single family residential home. In these situations, the Bank would not loan an amount greater than the lower of (1) the cost or (2) “as completed” appraised value not to exceed 80 % on non-owner occupied property and 85% of the value of the real estate and any improvements existing on the real estate on owner occupied property. The value of the real estate and the improvements would generally be determined by an appraisal of the property and the respective improvements. In this situation, if an appraisal is required, the appraisal must be ordered by a financial services institution and must be addressed to a financial services institution if not ordered by and addressed to the Gladewater National Bank. Maturities for these type of Mini-Perm loans vary from 1 to 5 year terms at variable rates based on amortizations acceptable to the Bank for these type of loans tied to a particular index established by the Bank. In certain situations, the Bank may extend a 15 year term loan at a variable rate tied to a particular index. The Bank will not be able to use an appraisal by a licensed Texas General Real Estate Appraiser if the appraisal is addressed to the property owner. |
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