Home Loans

FAQs

• How can I get a mortgage loan?

  Getting a mortgage loan with Heritage Bank of the Ozarks is easy. Here’s how the process works:

  1. Connect with your Heritage Bank lender – Our experienced lenders will guide you through every step.

  2. Fill out an application to get pre-approved – Pre-approval lets you know the loan amount you can afford and shows sellers you're a serious buyer.

  3. Partner with a local realtor and start shopping – Once pre-approved, find a trusted local realtor and begin your search for the perfect home.

  4. Get under contract and start the mortgage loan process – Once you've found your dream home and signed a contract, we’ll take care of starting your loan.

  5. Allow 30-45 days for the process – From contract to closing, the process typically takes 30 to 45 days.

  We’re here to make the journey to homeownership smooth and stress-free. Let’s get started today.

  

• How long does it take to get a mortgage?

  The mortgage loan process typically takes 30-45 days from start to finish. While the exact timeline may vary depending on the loan program you're applying for; this estimate gives you a general idea of what to expect.

  Our team at Heritage Bank is committed to keeping the process as smooth and efficient as possible so you can focus on getting into your new home.

• How can I get a 2nd mortgage?

  The process starts with an application. You can:

  • Pick one up at any of our branch locations.

  • Request an application via email.

  • Schedule a time to go over the application with a loan officer.

  For a 2nd mortgage, a new appraisal will be required to determine your home's current value. The amount you can borrow is based on a percentage of the appraised value, minus what you owe on your primary mortgage.

  If you have any questions before applying, our team is here to help.

• What is the difference between a home loan and HELOC?

  A home loan is used to purchase or refinance a home, typically with a fixed loan amount and set monthly payments.

  A HELOC (Home Equity Line of Credit), on the other hand, works more like a credit card – but it's secured by your home. Because your home serves as collateral, a HELOC often comes with a lower interest rate and a higher spending limit compared to a traditional credit card. It allows you to borrow as needed, up to a set limit, and repay over time.

  Both options can be valuable depending on your financial needs. Our lenders can help you determine which is right for you.

• What is a home equity loan?

  A home equity loan allows you to borrow against the equity in your home. Your equity is calculated by taking your home's appraised value and subtracting any remaining balance on your primary mortgage.

  This type of loan is separate from your primary mortgage – it does not pay off or affect your current mortgage or its interest rate. Instead, it provides a lump sum of money you repay over time with fixed monthly payments.

  A home equity loan can be a great option for funding major expenses like home improvements, debt consolidation, or other financial needs. Our lenders are happy to help you explore your options.