Home Loans

Eagle Bank works hard to ensure you get the right home loan product, rate, and term to meet your financial goals. We offer a variety of home loan options and strive to make the process easy and seamless for you.

Eagle Bank Home Financing

Eagle Bank offers a variety of loan options to fit the unique home finance needs of home buyers. Borrowers may choose from:

  • Home Ownership Initiative
  • Adjustable Rate Mortgage (ARM)
  • First Time Homebuyer
  • Credit Booster

Eagle Bank's Loan Process

Our experienced mortgage professionals make the loan process easy from pre-qualification to closing.

Step 1: Pre-Qualification
Pre qualification helps both you and our mortgage bankers know what you can afford in a monthly mortgage payment. To prequalify we look at your income and asset information to decide what loan amount you could qualify for, and a pre qualification letter is then generated for you to use in your new home hunt.
Step 2: Application Process
An Eagle Bank Mortgage application can be taken over the phone, in-person or by fax. You will need to know the following information about yourself and any co-borrower: Subject property address, sales price, loan amount, current market value of home, the year purchased, amount of house payment, and current address Full name(s), social security number(s), home phone number, date(s) of birth, marital status, dependents and their ages. Previous addresses for borrower(s) who have been at their current address for less than two years Names and addresses of all employers within the past two years for borrower(s) Borrower’s gross monthly income (including bonuses and/or commissions). If you decide to move forward with the loan process, you will need to provide the following information to verify the data provided in your application.
Step 3: Loan Processing
An Eagle Bank loan processor will verify the information provided in the application process, as well as running credit, ordering appraisal and title work, and finally verifying your employment and its history.
Step 4: Appraisal
An appraisal helps us to understand the subject property's market value and to make sure that the property is worth the amount of the loan.
Step 5: Underwriting
There are 4 criteria that our underwriters are looking for in your application:
  1. Your ability to repay the loan based on your total income and expenses.
  2. Your payment history and credit score.
  3. The source of funds you are using.
  4. The value of the property.
After the underwriter has reviewed the entire loan package, there can be four outcomes: Approval, Approved with conditions, Suspended, or finally Denial.
Step 6: Closing
Eagle Bank Mortgage Bankers will walk you through the final paperwork, and make sure you understand your payment, loan amount, rate and terms, as well as go over any closing costs . A representative from the Title company will also be present to go over details of the transaction.
  1. What is a closing? At your closing you will review the paperwork with your Eagle Bank Mortgage Banker, carefully going through each detail of the loan process, and finally signing the documents. Eagle Bank Mortgage Bankers then will give funds covering the loan to the closing agent, and a new escrow account will be set up. At the end of the closing if you are purchasing a new home, you will receive the keys to your new home. Please come to the closing with proof of homeowner's insurance as well as proof of any needed inspections. Please come with a certified or cashier's check for down payment and closing costs
  2. What am I signing? HUD-1 Settlement Statement. Truth-in-Lending Statement- This document is a full written disclosure of the terms and conditions of the mortgage, including APR and other fees. Deed of Trust.
  3. Closing Costs Closing costs are fees directly associated with the purchase of real estate. Typically, you can expect to pay about 3% of the total loan amount in closing costs, although that number will depend on the state you live in and the type of mortgage you choose. If you don't want to make a large cash payment at closing, there are things that you and your loan officer can consider: Some lenders offer small fixed-fee or no-fee mortgages, so you'll pay little to nothing out-of-pocket at closing.
Step 7: Post Close
Here at Eagle Bank and Trust we appreciate your business, we want to amaze you. After you finish closing your loan with us, we will send you a first payment letter, and notification of your account transfer. In addition, we are constantly watching the market and will keep you posted about changes and trends in the market that might benefit you as homeowner.

Home Loans

  • Home Ownership Outreach Initiative

    This loan program is designed to promote liquidity in the underserved markets in the St. Louis area. Borrowers will attend education and counseling and loans will be underwritten to secondary market guidelines.

  • Adjustable Rate Mortgage (ARM)

    ARMs offer low initial rates with planned rate and payment adjustments. Market conditions directly impact these rate changes; built in rate caps and margins will help to limit increases over the life of the loan.

  • First Time Homebuyer

    Missouri Housing Development Commission (MHDC), First Time Home Buyer, and Down Payment Assistance programs exist to help with down payment or closing costs.

  • Credit Booster Loan Program

    For applicants that have low credit scores or need to build credit history, the Eagle Bank and Trust Credit Booster Loan Program may be a solution. This product allows the applicant to secure a $500 loan, payable in structured, monthly payments, that may boost an applicants credit score and borrowing potential. The Credit Booster alone cannot boost a credit score, but Eagle Bank does report payment history to major credit reporting agencies. That fact, in conjunction with other factors may affect a score.

    This program is offered to all individuals regardless of credit score. It simply requires they demonstrate an ability to repay the debt. A loan officer will consider the new payment against current disposable income and/or potential to afford the new payment.

    To learn more or apply, please call 636-282-9000.
  • Contact Us

    Interested in what our Mortgage Loan Officers have to offer? Fill out the form below and you will be contacted by someone on our team!