Mortgage and Home Equity Loans

Are you looking to buy your first home? Do you want to re-finance or re-model your current home? Do you need a Home Equity line for a new purchase or debt consolidation? Check with our qualified and experienced lending team to guide you through the process and get the job done quickly.

As a leading mortgage loan provider in our area, Owen County State Bank offers experienced lenders, quick responses and flexibility for your individual home loan needs. With a variety of term options and real estate loan programs available you can choose the loan that works best for you.

Find your dream home - Homefinder - a service of the Bloomington Board of Realtors that lists area homes for sale.


First Mortgage

We offer in-house first mortgages, retained and serviced at our bank, as well as, secondary market products with nationally competitive rates. Our fixed rate mortgage provides a level payment for the term of the loan while an adjustable rate (ARM) allows your rate and payment to fluctuate with market conditions. We offer a wide variety of terms and programs to meet your home financing needs.

We can also provide financing for rental property funding, mobile & modular homes with real estate, construction loans, commercial real estate and farm financing.

Second Mortgage 

Our second mortgage loan program can be useful for small loan needs, refinancing, remodeling, and some types of debt consolidation and/or any one time personal borrowing where an on-going equity line does not meet your financial needs.

As a second mortgage is simply a security interest in real estate filed after a current first mortgage position, a second mortgage loan may be made behind an OCSB first mortgage. As with any mortgage, a level of equity and verified ownership interest is required.

When questions arise concerning the best way to borrow for your family's needs, please call on one of our loan officers for the loan choice that's best for you.



Choice Equity Line

$0 - Cost To Setup For Your Easy Access Convenience

Choice Equity Line is a preapproved line of credit secured by the equity in your home. You can finance a new car, make home improvements, take a well-needed vacation or use the money any way you see fit. Choice Equity Lines can provide a minimum credit line of $5,000 to a maximum of $50,000 based upon the equity in your home and your ability to repay the loan. Once approved, you draw from the Equity Line using special checks we provide for you.

Special Perks with the Choice Equity Line

  • In most cases, your interest is TAX DEDUCTIBLE! (See your tax advisor for eligibility)
  • Choice Equity Checks can be written for as little as $500.
  • Choice Equity Line has a competitive interest rate that is lower than most credit cards.
  • You pay interest only on the amount of money you use.
  • No prepayment penalty, payments are due the 20th of each month.
  • Minimum payments are the interest due, plus 1% of the outstanding balance, or $75, whichever is greater.
  • The account has a maturity of ten years and you can qualify for up to 80% of the equity in your home!


©2013 Owen County State Bank. Member FDIC. Equal Housing Lender.