We have received calls from several customers saying they have received a text from “Bank of Clarke County Fraud” attempting to verify large purchases. This is a scam. We are also aware that our number 540-955-2510 is being spoofed to make the caller ID look like the call is coming from us. While that number is one we use, we will not ask you for any personal information if we call you directly. Please do not give anyone who contacts you personal information. If someone calling you requests personal information, please hang up and call one of the numbers listed on our website.
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.