There is a mailer that customers are receiving that looks like it comes from “Bank of Clarke County”. The mailer asks customers to contact our office and lists a number. This is a scam.
Please do not give anyone who contacts you personal information. If you have any questions regarding a mailer that you have received, please call 800-650-8723.
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.