Frequently Asked Questions

-To login just find the dark green login box at the top right corner of any The Callaway Bank web page. Click the drop down and select your preferred online banking tool.

Desktop view

Mobile View

We employ the “three strikes and you’re out” method, so if you type your password incorrectly you may become locked out. Contact your TCB Business Team for assistance. If your business administrator is unavailable, you may contact our Customer Care Team at 573.642.3322 Monday-Friday 7:00 a.m.- 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m., and after proper identification, we’ll reset your access.

Yes. The first time you Log In you are asked to change Password to one of your own choosing. The Password must be between 8 and 12 characters, and must contain at least four numbers. Both are case sensitive.

Username and Passwords can be changed via your digital profile. Locate your name at the top-left portion of the screen, tap and select “Manage Profile”. You should change your password anytime you believe it has been compromised, and you should always keep it private. Reach out to the TCB Business Team with any questions or concerns.

Yes. You can export transaction information by using .CSV, .QIF, .OFX, .QFX, .IIF, or .QBO file formats. Check your software’s documentation to determine which format is appropriate.

With the Payments Guarantee, you can be assured that  your electronic payments are safe and reliable. When your payments are processed through Bill Pay, you are protected in the unlikely event of unauthorized transactions or processing delays. The payments guarantee applies when all the payment and contact info provided is accurate.

If the payment is sent electronically, the money is withdrawn from your account one business day after processing begins. If the company or person cannot receive electronic payments, we print a check and mail it to the address you provide. For some checks, the money is withdrawn one business day after processing begins. For others, the money is withdrawn when the company or person deposits or cashes the check.

We send payments electronically whenever possible. We send electronic payments to thousands of companies across the U.S. every day. If the company or person cannot receive electronic payments, we print a check and mail it to the address you provide. The check contains the following info: Your Name and Address; the company or person’s name and your account number with them, if available; the payment amount; the delivery date. If you added a memo to your payment, the info is printed on the memo line of the check.

Deleting an account cancels all pending payments and other transactions from the account. The following transactions are canceled: pending payments, incoming eBills, AutoPay payments, AutoPay payments for eBills, scheduled and repeating transfers, and Popmoney payments.

You’ll use Bill Pay to pay companies and people with addresses in the United States or its territories. You cannot use Bill Pay to send payments to addresses outside the United States. We don’t recommend using Bill Pay to make state and federal tax payments or court-ordered payments. Such payments are discouraged and are scheduled at your own risk.

You can pay anyone in the United States that you would normally pay by check, automatic debit, or cash. You can pay companies, friends and family members, and service providers such as the babysitter or the plumber.

Provide some info about the company or person you want to pay, and then tell us how much and when you want payment made. We send your payment electronically when possible. If the person or company can’t accept electronic payments, we print a check and mail it for you.

You can pay your bills via the Internet without writing out checks or going to the post office. You can even set up payments to occur in the future or to be made as recurring payments (i.e. every month, every week, or every two weeks). So no more worrying about paying bills while you’re on vacation, or forgetting to mail a payment!

Yes, the business banking team can help you with the process and assist with obtaining approvals, if applicable.

Anytime you want! 24 hours a day, 7 days a week. This can also be customized to your business needs. There may be infrequent times when Business Banking Online is unavailable due to system upgrades, but we’ll let you know with a notice on our website.

You will be able to access business checking, savings, CD’s, and loans you are authorized to use on behalf of the business. It’s important to keep your login information private.

The fees for Business Banking Online are:

• Access to account balances, history, transfers is FREE!
• ACH – $5.00 per file $.10 per item. Additional fees may apply.
• Wires – Outgoing Domestic – $25.00
• For more common fees Click Here

Please contact the TCB Business Team:

Email: [email protected]

OR

Phone: (573) 592-6390

We will customize your Business Banking Online account to your specific business needs.

Business Banking Online is very secure. We use the latest industry-approved security technologies to protect your information, including a firewall system using the latest TLS encryption, Username, Passwords, and multifactor authentication points of validation such as out of band authentication (OOBA) Security Access Codes and security questions.

Additional information is available under “Security Statement”. Contact the TCB Business Team (573-592-6390) or our Customer Care Team (800-446-2265) with any questions Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m.

You need an eligible account at The Callaway Bank. This could be a checking, savings, CD, or loan. You need internet access provided by an ISP (Internet Service Provider). You will need a secure version of browser software – we recommend using the most current up-to-date version to ensure optimal performance and security.

Customer Care Team at 573.642.3322, 573.447 1771 or 800.446.BANK (2265); Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m. or e-mail us at [email protected].

Yes, after logging in, select MANAGE PROFILE, then CHANGE SECURITY QUESTIONS.

SAFETY TIP: The Callaway Bank will never ask you to divulge or change your private information, and we will never change it for you.

Yes, you can access Online Banking from any number of computers. If you log in from a computer that you haven’t used for Online Banking before, you will need to go through the verification by text or phone and successfully answer a security question. You can register as many PCs as you like, but we encourage you to register only the computers you routinely use and not register public systems.

Our Online Banking site is a separate, secure website that lets you manage your accounts and transactions any time of day.  Different browsers have different symbols to show that you’re connected through a secure, encrypted connection.

First please always make sure the site is a secure site. Check for a HTTPS:// site name and a locked pad lock in the web address. All The Callaway Bank sites will be secure.

You can access this site by using the “Login” button at the top right of the home page of callawaybank.com, or you can use the specific URL:  https://callawaybank.myebanking.net/#/

If you ever have questions or concerns the site you are on is not a valid Callaway Bank site please contact the Customer Care Team at [email protected] or 800-446-2265 Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m.

Some merchants that used to allow you to add the tip to the receipt after the transaction, may now ask you to specify the tip before the transaction. We expect that this will change over the next several months to restore the previous option of adding a tip after the transaction.

No, your chip card must be inserted into a POS terminal or ATM in order to read the chip.

No, a chip card does not contain any information about you that isn’t in your magnetic stripe cards – just your name, account number, and expiration date.

While chip cards won’t prevent the types of large-scale data breaches that have hit some merchants, they do make it extremely difficult to produce counterfeit cards from that stolen data.

You can shut your debit card off by using online and mobile banking. If you are unable to locate please visit your nearest bank lobby to close the lost debit card. For after-hours lost or stolen debit cards, call 844-202-5333 so that your card can be canceled to avoid any fraudulent charges. Step-By-Step instructions are available HERE.

You may be asked to provide your signature or enter your PIN to complete a transaction when you use your card. You will need to use your PIN at ATMs and it may be required at some unattended terminals such as fuel pumps and payment kiosks. Please note that some merchants are now requiring you to use your PIN for debit card transactions (previously you could select “credit” to sign instead). This change will also impact your HSA card (if you have one). This is why it is important to select and remember your PIN. You are always protected against fraud no matter if you sign or enter your PIN.

Yes. For ATM transactions, insert your card into the terminal and follow the instructions on the screen. Depending on the type of ATM, you might be prompted to re-insert your card. Leave the card in the ATM until the transaction is complete and the card is released, and then remove your card and any money you might have withdrawn.

When I used my chip card at an ATM, I was asked to select between “Debit” and “Visa Debit” [or “MasterCard” and “Maestro”]. Which one should I choose? 

It is Fine to select either one – your transaction will work either way.

Yes. You can use your chip card to make these purchases as you do today.

Yes. You still need to sign the back of your card.

All Callaway Bank personal, prepaid and business customers should’ve received a replacement debit card with chip technology. If you have misplaced or never received your new debit card, please contact Customer Care Team at 800.446.2265 Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m. All customers who open a new checking or prepaid account with The Callaway Bank will be issued a Debit MasterCard with Chip Technology during the account opening process.

Yes. Your chip card can be used virtually anywhere this brand of card is accepted in the U.S. and around the world. If a merchant has a chip-enabled card terminal, you will insert your card during the transaction. In the U.S., you will still be able to ‘swipe’ your card to make your payment if a merchant has a regular terminal. You will need a PIN to be able to make a transaction at an ATM.

Begin the payment process by ‘swiping’ your card, just as you do today. If the payment terminal is chip-enabled, you will be asked to insert your card.

1. Insert the card, face up and chip end First, into the terminal.
2. Leave the card in the terminal during the entire transaction.
3. Follow the instructions on the screen and either sign or enter your PIN as needed. Be sure to remove your card and take your receipt when the transaction is complete.

For merchants without chip-enabled terminals, your payment will process as it normally does with your initial swipe.

Yes. Chip cards add an additional layer of security to the safeguards that already protect your card. Each time you use your chip card, it generates a code that is unique to that transaction. This makes it harder to counterfeit your card or to use it fraudulently for in-store purchases.

A chip card – also called a smart card or an EMV™ card – is a debit or credit card that contains a microprocessor that enhances the security of cards during point-of-sale transactions. These cards, already in use in much of the world, use a security standard originally developed by Europay, MasterCard and Visa (EMV) as a way to fight card fraud resulting from theft, skimming, and counterfeiting. The EMV technology has been adopted by the other major card brands and issuers.

Please call our Callaway Bank Rewards Service Center at 877-446-7937 

If your rewards account is less than 60 days old, you may have to wait a brief period to get into the system. If your account is more than 60 days old and you are still having difficulty, please call our Callaway Bank Rewards Service Center at 877-446-7937.

If you returned a purchase with your Callaway Bank debit or credit card, the points are removed from your account which will result in a reduction of your points. In rare instances, it could actually give you a negative point balance.

No, points are not transferable.

Points are good for three (3) years from the month they’re earned. Points are deducted on a first in, first out basis.

No, points may not be combined with or transferred to, other reward accounts or programs.

You can redeem points by visiting The Callaway Bank Rewards site and selecting the rewards of your choosing, or by calling The Callaway Bank Rewards Service Center at 877-446-7937. Our Rewards specialist will take your order and you will receive your item(s) within 2-4 weeks.

You can redeem your points at any time.

Your point summary is available 24 hours a day, 7 days a week. You can check your points on the My Account page or by calling The Callaway Bank Rewards Service Center at 877-446-7937.

Points are credited to your account at the end of each month, so it may take up to 45 days for points to be applied to your account. You will receive an annual paper statement or you may choose to receive a monthly Callaway Bank Rewards eStatement notification by registering online at www.callawaybankrewards.com.

You earn one point for every four dollars ($4) you spend with your debit card and one point for every one dollar ($1) with your credit card. You can also earn points for signing up for online banking when you sign for a loan or open a savings account! Visit the Earning Points page or speak with a banker for a complete list of how you can earn rewards.

You can view a full list of rewards options online on The Callaway Bank Rewards site.

Absolutely! Businesses just need to have a Business or Commercial Checking Account with a Callaway Bank Business Debit or Rewards Credit Mastercard in order to earn rewards.

There is no fee to enroll in Callaway Bank Rewards; if fact, if you hold an Ultimate Checking®, Ultimate Interest Checking, Gold Leaf Ultimate Checking, Business Checking, or Commercial Checking account with a Callaway Bank debit card, or a Rewards Credit Card, you are automatically enrolled.

Callaway Bank Rewards is our way of saying “Thank You” for your business. It’s a unique program that rewards you with points for your entire relationship with The Callaway Bank – whether you save, or borrow, or make purchases using your qualifying Callaway Bank Account.

Reward members will receive an annual print statement, or you can register online for a monthly Callaway Bank Rewards eStatement. Your current points balance is always available online, simply register at www.callawaybankrewards.com or by calling 877-446-7937.

You are automatically enrolled in the Callaway Bank Rewards program! To register or shop visit callawaybankrewards.com. See full details.

Please contact your Callaway Bank loan officer.

We’ll schedule your closing usually at one of our branches near your home for your convenience. Sometimes we may use another location such as a title company office if necessary.

Automated monthly payments are available. At the loan closing, an automated payment application will be provided. Simply return it at your earliest convenience to enroll in the automated payment program.

If you won’t be able to attend the loan closing, contact your Loan Officer to discuss other options. If someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents on your behalf. In other cases, we’re able to mail you the documents in advance so that you can sign them and forward them to the closing agent. We’re sure to have a solution that will work in your circumstances.

Your loan officer or one of our team members will be there to assist and answer any questions you have. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you along with the real estate agents and the title company’s agent.

The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Loan Officer.

In some areas of the country it is very customary, and sometimes required by law, to have an attorney represent you at the closing. In other areas, attorneys are not as common at a real estate closing. Please contact the closing agent if you have questions about attorney representation. By all means, we recommend that you have an attorney at the closing if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to your Loan Officer. We’d be happy to provide any information necessary.

The closing will usually take place at one of our branches or occasionally at the office of a title company or attorney in your area who will act as our agent.

During the closing, you will be reviewing and signing several loan papers. Your loan officer or one of our team members will be there to assist and answer any questions you have. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you along with the real estate agents and the title company’s agent.

Just to make sure there are no surprises at closing, your Loan Officer will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.

Note

This is the document you sign to agree to repay your mortgage. The note will provide you with all of the details of your loan including the interest rate and length of time to repay the loan. It also explains the penalties that you may incur if you fall behind in making your payments.

Mortgage / Deed of Trust

This document pledges a property to the lender as security for repayment of a debt. Essentially this means that you will give your property up to the lender in the event that you cannot make the mortgage payments. The Mortgage restates the basic information contained in the note, as well as details the responsibilities of the borrower. In some states, the document is called a Deed of Trust instead of a Mortgage.

If your loan is a refinance, Federal Law requires that you have three days to decide positively that you want a new mortgage after you sign the documents. This means that the loan funds won’t be disbursed until three business days have passed. The loan officer will provide more details at the closing.

1. Load your Callaway Bank Debit Card to your Mobile Wallet compatible device using Apple Pay©, Google Pay™, Samsung Pay™, Garmin Pay™, Fitbit Pay™
2. Repeat this simple process for all devices and payment options you want to use Mobile Wallet, including your smartwatch and phone.
3. The verification process is completed and you’re all done!

Let’s say you get a new card because your old one is expiring. You will need to load your new card into your wallet and go through the authentication process by calling the bank again. Then you can delete your old card from your wallet.

No. Older phones are not compatible. Below are general rules of thumb to use:

iPhones have to be iPhone 6 or newer.
Samsung phones have to be Galaxy 6s or newer.
Android Pay is available on all non-rooted Android devices (KitKat 4.4+).
See your device manufacturer for more specific details.

No. It will look like any other debit or credit card transaction.

Your card numbers are not stored on the phone. The wallet app assigns each credit and debit card a virtual card number, sometimes referred to as a token, that is only associated with the digital wallet and mobile device you use.
When you use your device to pay, the wallet doesn’t send your actual credit or debit card number with your payment. Instead, it uses the virtual card number to represent your account info. Your card then is never exposed and neither is your checking account.
The apps require authorization via your fingerprint, passcode, or another security measure before completing the transaction. Additionally, to just have a card loaded the app will require the user to have their device security setup. Therefore if someone found your phone they couldn’t access your wallet without unlocking your phone.

$0. Nothing. Nada. The purchase will be the same amount as if you paid with your card.

Please note that wireless data charges may apply and you should consult with your wireless carrier for more information.

You can setup eAlerts through the desktop access or via the mobile app. For step by step instructions go to our interactive guide: https://mcompany.cld.bz/The-Callaway-Bank-Digital-Banking-Guide/65/

If your mobile number doesn’t change, your eAlerts will continue without interruption. If your mobile number changes, please contact Customer Care to update your information.

From your Mobile Banking app, simply log in and click MANAGE ALERTS from the main menu. Next, tap the “+” next to “My Alerts”, followed by CUSTOM. Choose the account you want to set up eAlerts for from the drop-down menu and complete the details, including how you want to be alerted (Email, Text, or Push Notification). Hit CREATE to complete and you’re ready to go.

No, the eAlerts you receive will only contain the last four digits of your account number or the nickname of your account(s).

Yes, security is taken care of with the latest industry standards in encryption and authentication.

No, The Callaway Bank does not charge a fee for eAlerts. However, some mobile carriers charge a fee for texting, so please contact your mobile provider regarding fees for text messaging.

All accounts are eligible to use eAlerts.

You can have a Transaction alert set up for any of the following transaction types: debit card, checks (includes checks and ACH’s), wires and deposits incoming and/or outgoing, or choose all categories for alerts on all options.

• Debit Cards include purchases, ATM withdrawals, and ATM deposits
• Checks include written/deposited and withdrawals, in-branch, and ACH payments
• Wires
• Deposits include ACH (electronic) transactions, such as direct deposits or automatic withdrawals
• Online Banking transfers

Receive an email or text for the following account changes:

• Available Balance
• Check Cleared
• Debit
• Deposit
• Failed Transaction
• High Balance
• Low Available Balance
• Low Balance
• NSF Items Today
• Online Transfer
• Pending ACH
• Stop Payment

eAlerts are electronic alerts that will keep you updated with an email or text based on your preferences.

Checking, Savings, and Money Markets are all available in an eStatement.  CDs and Loans are only available if they are on combined statement with a Checking, Savings, or Money Market.

Consumer accounts: Anyone with access to the account who has enrolled in online banking, and who has provided a valid email address.

Business accounts:  Only the designated owner’s email.

Yes the existing monthly fee for a duplicate statement of $3.95 covers the production and mailing of the duplicate statement.

No, you may choose to only enroll only those you wish.

Enroll in eStatements in online banking and you’ll have access too.

Only the owners and signers on your account who are enrolled in online banking.

The bank’s routing number is: 081501696.

The routing number, or ABA routing number, is a unique 9-digit number used in the United States to identify a bank.  It allows banks to transfer funds via wires, ACH (Automated Clearing House), and other methods to each another.  This number along with your account number is needed when setting up direct deposit.  It is always the first set of numbers on the bottom left side of a check.

You can transfer funds between your Callaway Bank accounts by using Digital Banking. For a step-by-step guide Click Here.  To transfer funds between The Callaway Bank and other financial institutions Click Here. You can also contact us, or visit any bank lobby for additional assistance.

Reorder checks online, contact the Customer Care Team, Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m., or drop off your check reorder slip (located on the top of your book of checks) at any bank lobby location.
If you have never ordered checks, please contact us and we’ll get you taken care of!

Using Digital Banking you can increase the limit for a one-time purchase while waiting in the check-out line. Step-by-step instructions are available HERE. If additional assistance is needed, please contact the Customer Care Team. Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m.

Call 800-446-2265 and your Customer Care Team will be happy to help you dispute your fraudulent activity. They are open Monday-Friday 7:00 a.m. – 1:00 a.m.; Saturdays 8:00 a.m. – 2:00 p.m. You can also visit any lobby, and we will walk you through the process of disputing fraudulent activity.

Call 800-446-2265 or stop by any bank lobby location.

If you need to stop a check payment you will need to know the following information:

• Amount on the check
• Date on the check
• Number of the check
• Who the check was made out to

To reset your PIN, call the automated system at 877-965-3344 or update your PIN using Digital Banking (online or mobile). Step-by-step instructions are available HERE.

You can shut your debit card off by using online and mobile banking. If you are unable to locate please visit your nearest bank lobby to close the lost debit card. For after-hours lost or stolen debit cards, call 844-202-5333 so that your card can be canceled to avoid any fraudulent charges.

The maximum percentage of your home’s value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete our online application!

Please contact your Callaway Bank loan officer.

First of all, let’s make sure that we mean the same thing when we discuss ” private mortgage insurance.” Private mortgage insurance should not be confused with mortgage life insurance, which is designed to pay off a mortgage in the event of a borrower’s death. Private mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against the additional risk associated with low down payment lending. Low down payment mortgages are becoming more and more popular, and by purchasing mortgage insurance, lenders are comfortable with down payments as low as 3 – 5% of the home’s value. It also provides you with the ability to buy a more expensive home than might be possible if a 20% down payment were required.

The private mortgage insurance premium is based on loan to value ratio, type of loan, and amount of coverage required by the lender. Usually, the premium is included in your monthly payment and one to two months of the premium is collected as a required advance at closing.

It may be possible to cancel private mortgage insurance at some point, such as when your loan balance is reduced to a certain amount – below 75% to 80% of the property value. Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78% of the original property value. If you have any questions about when your mortgage insurance could be canceled, please contact your Loan Officer.

If you’ve ever purchased a home before, you may already be familiar with the benefits and terms of title insurance. But if this is your first home loan or you are refinancing, you may be wondering why you need another insurance policy.

The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and especially your mortgage lender, want to make sure the property is indeed yours: That no individual or government entity has any right, lien, claim, or encumbrance on your property.

The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies:

1) Owner’s Policy. This policy covers you, the homebuyer.

2) Lender’s Policy. This policy covers the lending institution over the life of the loan.

Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner’s policy that was issued when you purchased the property, so we’ll only require that a lender’s policy be issued.

Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company’s own title plant.

After a thorough examination of the records, any title problems are usually found and can be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.

The fact that title companies try to eliminate risks before they develop makes title insurance significantly different from other types of insurance. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen future event, say a fire, accident or theft. On the other hand, the purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that may have happened in the past.

This risk elimination has benefits to both the homebuyer and the title company. It minimizes the chances that adverse claims might be raised, thereby reducing the number of claims that have to be defended or satisfied. This keeps costs down for the title company and the premiums low for the homebuyer.

Buying a home is a big step emotionally and financially. With title insurance, you are assured that any valid claim against your property will be borne by the title company and that the odds of a claim being filed are slim indeed.

A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender or broker should be able to give you an estimate of their fees, but it is more difficult to tell which lenders have done their homework and are providing a complete and accurate estimate. We take quotes very seriously. We’ve completed the research necessary to make sure that our fee quotes are accurate to the city level – and that is no easy task!

To assist you in evaluating our fees, we’ve grouped them as follows:

Third Party Fees
Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.

Third party fees are fees that we’ll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.

Typically, you’ll see some minor variances in third-party fees from lender to lender since a lender may have negotiated a special charge from a provider they use often or chooses a provider that offers nationwide coverage at a flat rate. You may also see that some lenders absorb minor third party fees such as the flood certification fee, the tax service fee, or courier/mailing fees.

Taxes and other Unavoidables
Fees that we consider to be taxes and other unavoidables include: State/Local Taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don’t quote you fees that include taxes and other unavoidable fees, don’t assume that you won’t have to pay it. It probably means that the lender who doesn’t tell you about the fee hasn’t done the research necessary to provide accurate closing costs.

Lender Fees
Fees such as points, document preparation fees, and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.

This is the category of fees that you should compare very closely from lender to lender before making a decision.

Required Advances
You may be asked to prepay some items at closing that will actually be due in the future. These fees are sometimes referred to as prepaid items.

One of the more common required advances is called “per diem interest” or “interest due at closing.” All of our mortgages have payment due dates of the 1st of the month. If your loan is closed on any day other than the first of the month, you’ll pay interest, from the date of closing through the end of the month, at closing. For example, if the loan is closed on June 15, we’ll collect interest from June 15 through June 30 at closing. This also means that you won’t make your first mortgage payment until August 1. This type of charge should not vary from lender to lender, and does not need to be considered when comparing lenders. All lenders will charge you interest beginning on the day the loan funds are disbursed. It is simply a matter of when it will be collected.

If an escrow or impound account will be established, you will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the bills when they become due.

If your loan is a purchase, you’ll also need to pay for your first year’s homeowner’s insurance premium prior to closing. We consider this to be a required advance.

General Statement

The interest rate market is subject to movements without advance notice. Locking in a rate protects you from the time that your lock is confirmed to the day that your lock period expires.

Lock-In Agreement

A lock is an agreement by the borrower and the lender and specifies the number of days for which a loan’s interest rate and points are guaranteed. Should interest rates rise during that period, we are obligated to honor the committed rate. Should interest rates fall during that period, the borrower must honor the lock.

When Can I Lock?

Online rate locks are not available. Please contact us to discuss your rate lock options.

Fees

We do not charge a fee for locking in your interest rate.

Lock Period

We currently offer 30, 45 day lock-in periods. This means your loan must close and disburse within this number of days from the day your lock is confirmed by us.

Lock Changes

Once we accept your lock, your loan is committed into a secondary market transaction. Therefore, we are not able to renegotiate lock commitments.

None of the loan programs we offer have penalties for prepayment. You can pay off your mortgage any time with no additional charges.

A 15-year fixed rate mortgage gives you the ability to own your home free and clear in 15 years. And, while the monthly payments are somewhat higher than a 30-year loan, the interest rate on the 15-year mortgage is usually a little lower, and more important – you’ll pay less than half the total interest cost of the traditional 30-year mortgage.

However, if you can’t afford the higher monthly payment of a 15-year mortgage don’t feel alone. Many borrowers find the higher payment out of reach and choose a 30-year mortgage. It still makes sense to use a 30-year mortgage for most people.

Who Should Consider a 15-Year Mortgage?

The 15-year fixed rate mortgage is most popular among younger homebuyers with sufficient income to meet the higher monthly payments to pay off the house before their children start college. They own more of their home faster with this kind of mortgage, and can then begin to consider the cost of higher education for their children without having a mortgage payment to make as well. Other homebuyers, who are more established in their careers, have higher incomes and whose desire is to own their homes before they retire, may also prefer this mortgage.

Advantages and Disadvantages of a 15-Year Mortgage

The 15-year fixed rate mortgage offers two big advantages for most borrowers:

• You own your home in half the time it would take with a traditional 30-year mortgage.
• You save more than half the amount of interest of a 30-year mortgage. Lenders usually offer this mortgage at a slightly lower interest rate than with 30-year loans – typically up to .5% lower. It is this lower interest rate added to the shorter loan life that creates real savings for 15-year fixed rate borrowers.

The possible disadvantages associated with a 15-year fixed rate mortgage are:

• The monthly payments for this type of loan are roughly 10 percent to 15 percent higher per month than the payment for a 30-year.
• Because you’ll pay less total interest on the 15-year fixed rate mortgage, you won’t have the maximum mortgage interest tax deduction possible.

Compare Them Yourself

Use the “How much can I save with a 15-year mortgage?” calculator in our Mortgage Center to help decide which loan term is best for you.

Mortgage interest rate movements are as hard to predict as the stock market and no one can really know for certain whether they’ll go up or down.

If you have a hunch that rates are on an upward trend then you’ll want to consider locking the rate as soon as you are able. Before you decide to lock, make sure that your loan can close within the lock-in period. It won’t do any good to lock your rate if you can’t close during the rate lock period. If you’re purchasing a home, review your contract for the estimated closing date to help you choose the right rate lock period. If you are refinancing, in most cases, your loan could close within 30 days. However, if you have any secondary financing on the home that won’t be paid off, allow some extra time since we’ll need to contact that lender to get their permission.

If you think rates might drop while your loan is being processed, take a risk and let your rate “float” instead of locking. After you apply, you can lock in by contacting your Loan Officer by telephone.

The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these upfront costs over the entire loan term.

Also, unfortunately, the APR doesn’t include all the closing fees and lenders are allowed to interpret which fees they include. Fees for things like appraisals, title work, and document preparation are not included even though you’ll probably have to pay them.

For adjustable rate mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.

You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that’s best for you. Look at total fees, possible rate adjustments in the future if you’re comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.

Don’t forget that the APR is an effective interest rate–not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

Points are considered a form of interest. Each point is equal to one percent of the loan amount. You pay them, up front, at your loan closing in exchange for a lower interest rate over the life of your loan. This means more money will be required at closing, however, you will have lower monthly payments over the term of your loan.

To determine whether it makes sense for you to pay points, you should compare the cost of the points to the monthly payments savings created by the lower interest rate. Divide the total cost of the points by the savings in each monthly payment. This calculation provides the number of payments you’ll make before you actually begin to save money by paying points. If the number of months it will take to recoup the points is longer than you plan on having this mortgage, you should consider the loan program option that doesn’t require points to be paid.

If you’d prefer not to make this calculation the “old-fashioned way,” we have a points calculator!

An adjustable rate mortgage, or an “ARM” as they are commonly called, is a loan type that offers a lower initial interest rate than most fixed-rate loans. The tradeoff is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.

Against the advantage of the lower payment at the beginning of the loan, you should weigh the risk that an increase in interest rates would lead to higher monthly payments in the future. It’s a trade-off. You get a lower rate with an ARM in exchange for assuming more risk.

For many people in a variety of situations, an ARM is the right mortgage choice, particularly if your income is likely to increase in the future or if you only plan on being in the home for three to five years.

Here’s some detailed information explaining how ARM’s work.

Adjustment Period

With most ARMs, the interest rate and monthly payment are fixed for an initial time period such as one year, three years, five years, or seven years. After the initial fixed period, the interest rate can change every year. For example, one of our most popular adjustable rate mortgages is a five-year ARM. The interest rate will not change for the first five years (the initial adjustment period) but can change every year after the first five years.

Index

Our ARM interest rate changes are tied to changes in an index rate. Using an index to determine future rate adjustments provides you with assurance that rate adjustments will be based on actual market conditions at the time of the adjustment. The current value of most indices is published weekly in the Wall Street Journal. If the index rate moves up so does your mortgage interest rate, and you will probably have to make a higher monthly payment. On the other hand, if the index rate goes down your monthly payment may decrease.

Margin

To determine the interest rate on an ARM, we’ll add a pre-disclosed amount to the index called the “margin.” If you’re still shopping, comparing one lender’s margin to another’s can be more important than comparing the initial interest rate, since it will be used to calculate the interest rate you will pay in the future.

Interest-Rate Caps

An interest-rate cap places a limit on the amount your interest rate can increase or decrease. There are two types of caps:

1. Periodic or adjustment caps, which limit the interest rate increase or decrease from one adjustment period to the next.

2. Overall or lifetime caps, which limit the interest rate increase over the life of the loan.

As you can imagine, interest rate caps are very important since no one knows what can happen in the future. All of the ARMs we offer have both adjustment and lifetime caps. Please see each product description for full details.

Negative Amortization

“Negative Amortization” occurs when your monthly payment changes to an amount less than the amount required to pay interest due. If a loan has negative amortization, you might end up owing more than you originally borrowed. None of the ARMs we offer allow for negative amortization.

Prepayment Penalties

Some lenders may require you to pay special fees or penalties if you pay off the ARM early. We never charge a penalty for prepayment.

Contact a Loan Officer

Selecting a mortgage may be the most important financial decision you will make and you are entitled to all the information you need to make the right decision. Don’t hesitate to contact a Loan Officer if you have questions about the features of our adjustable rate mortgages.

Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.

The key is to look at your account routinely to spot charges that are not correct while your recent transactions are fresh in your mind. When people wait until the end of the month they may miss a smaller fraudulent transaction that is a test to see if your card number works. We have many tools that can help make this easy for you.

No. Your checking account number is not included with your card’s information. Only the bank knows what checking account is tied to your card. No need to close and reopen your checking account.

No, not necessarily, but it is likely to just be a matter of time. Most often we will reissue a card because we have strong indications that your card number could be exposed, and we want to preempt any fraudulent transactions. While some people do experience fraudulent charges because their number was indeed stolen, it doesn’t mean your card has been hit yet. This is where it is important for you to keep an eye on your account for transactions you didn’t make and contact us immediately if you see any of these charges.

Because your new card will have a completely new number, it is important that you contact those companies who bill your debit card and give them your new number. If you do not, they may charge you a late fee because they could not receive payment by their due date.

Activate your new card by calling 800.448.8268. You’ll confirm your new card number and it will turn your new card on and your old card off.

Based on transaction history and fraudulent activity, your current debit card has a high probability to be used fraudulently by hackers. When we see these types of indicators we will issue a replacement debit card to prevent its use from criminals.

iPhone^®

Compatibility:  Requires iOS 10.0 or later.
Compatible with iPhone^®, iPad™, and iPod™ touch.
This app is optimized for iPhone^® X.

Android™

Requires Android™ 4.0 and up.

Note:  each carrier determines the features that may or may not be changed on the phone or browser.  It is best to contact the carrier and request a list of phones that support the minimum browser requirements.   US Cellular only allows web access on smart phones.

Mobile Banking is specifically designed to be compatible with any iPhone^® or Android™ device- however, accessing Mobile Banking may be challenging on less advanced or older phones.  Your mobile device must meet the standard requirements listed below.

iPhone^®

Compatibility:  Requires iOS 10.0 or later.
Compatible with iPhone^®, iPad™, and iPod™ touch.
This app is optimized for iPhone^® X.

Android™

Requires Android™ 4.0 and up.

Note:  each carrier determines the features that may or may not be changed on the phone or browser.  It is best to contact the carrier and request a list of phones that support the minimum browser requirements.   US Cellular only allows web access on smart phones.

• Be enrolled in and have access to The Callaway Bank Online Banking or Business Online Banking.
• BUSINESS ACCOUNTS:  To be able to use the Mobile Banking App for business accounts, please contact one of our specialists at 800-446-2265, [email protected], or your personal banker at one of our facilities.

The Callaway Bank Mobile Banking App is available wherever your mobile carrier allows service.

The Mobile Banking App provides access to most of the accounts you can access now on Callaway Bank Online Banking, including personal and small business checking, savings, loan and line of credit accounts.

The Callaway Bank does not charge a fee to access our Mobile Banking App.  Check with your wireless provider for information about fees associated with accessing the internet and receiving text messages through your mobile device.

Our Mobile Banking App enables you to connect to your eligible Callaway Bank accounts via an app that is installed on your mobile device.  You can check account balances, review your recent account activity, transfer funds, use mobile check deposit, and find a Callaway Bank branch or ATM.

Deposits within the parameters below are typically approved within minutes. Consumer, Prepaid, and Business accounts have an automatic limit set at $3,000 with a maximum deposit up to $5,000 with approval.

It’s free to our checking and prepaid clients!

• Consumer accounts: $0 per check deposit, $0 Enrollment Fee
• Business accounts: $0 per check deposit, $0 Enrollment Fee
• Prepaid Accounts: $0 per check deposit, $0 Enrollment Fee

Checking, Savings, Prepaid, and Money Market accounts.

Yes.  You enroll one account initially.  Once your enrollment is approved, you can add additional accounts by calling our Customer Care Team at 573.642.3322 Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m.

Mobile check deposit is available on Android™ mobile phones, Apple iPhones^® and iPads™, and Amazon Kindle™ devices.

We require it to be your signature with “For Mobile Deposit Only” under your name. This helps you identify which checks were deposited via your mobile device and prevents accidentally depositing the check more than once.

After you receive confirmation that we have received your check image retain the check for at least 30 calendar days, then destroy it.

We use multiple layers security technology and advanced encryption to ensure your information is protected through a secure connection to the bank.  Additionally, neither your check images nor your banking information is ever stored on your device.

Below you’ll find a more detailed outline of the security measures used to protect you:

• We use TLS 1.1 & 1.2 encryption which is considered “strong cryptography” and more advanced than previous SSL methods
• We require a unique online banking ID and strong passwords which need to be updated every 6 months.
• We use a multi-authentication approach which requires additional challenge questions to be answered if you are using a device or computer that you have not registered.
• Check images are scanned and reviewed for duplicates.
• Specific limits on the amount and number of checks deposited via mobile are set which require additional authorization if they are exceeded.

While security measures are in place, there are several practices you can utilize to further protect yourself.

• Callaway Bank employees will NEVER ask you for your online banking credentials, such as your password, security questions, and answers.
• Keep online banking credentials secure and safe. Never disclose your username, password or account numbers to anyone and do not leave them written down.
• Never use your online banking password on any other website. Keep it unique and safe.
• Eliminate or limit unnecessary email activity and web-surfing on computers and cell phones used for online banking. Consider dedicating a computer to online banking for your business and never use it for general internet browsing or email.
• DO NOT use public wireless access and computers at libraries, hotels or other public places.
• Monitor your bank account transactions daily and report any unauthorized or suspicious activity to The Callaway Bank immediately.
• Be highly suspicious of any emails or text messages stating you have won a prize or claiming to be from government agencies, tax agencies, financial institutions or other companies asking you to verify account information or online banking credentials. Clicking on the links or opening attachment can expose your computer and phones to fraud.
• Download the app from official sources only such as iTunes® App Store, and for Android, Google Play®, or the Amazon Fire store.
• Never leave your mobile device unattended while using The Callaway Bank Mobile app or any other mobile activity.
• Use your phone’s built-in lock function and set a password-protect for start-up or time-out.

Deposits made before 5:00 pm Central Time on a Business Day that we’re open will be available the next business day.  Deposits made after 5:00 pm Central Time on a Business Day that we’re open will be available the second business day.

The first thing you’ll see is a pop-up message in the app letting you know your deposit is being reviewed.

App Pop Up Message: “The deposit to ***123 has been received and will be reviewed” (with ***123 being your account number).

Status Update Email:  Shortly afterward, you’ll receive a status update via email stating one of the following:

Approved – A message stating that “Check # xxx in the amount of $xx.xx has been approved” will be sent before the end of the business day.

Rejected –    A message stating that “Check # xxx in the amount of $xx.xx has been declined” will be sent before the end of the business day.

Duplicate – If a check has already been deposited, the duplicate will be automatically rejected. Expect an email like: “This check was not accepted.  It is a duplicate of a previously deposited check.  Please contact us at 573.642.3322 for assistance if needed.”

Please note that if your deposit was made after 5:00 pm on a business day you’ll receive the above communications on the following business day.

-To login just find the dark green login box at the top right corner of any The Callaway Bank web page. Click the drop down and select your preferred online banking tool.

Desktop view

Mobile View

Customer Care Team at 573.642.3322, 573.447 1771 or 800.446.BANK (2265); Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m. or e-mail us at [email protected].

We employ the “three strikes and you’re out” method so if you type your password incorrectly three times, you will become locked out. Contact our Customer Care Team at 573-642-3322, 573-447-1771, or 800-446-2265 Monday-Friday 7:00 a.m. – 1:00 a.m. or Saturday 8:00 a.m. – 2:00 p.m. or e-mail us at [email protected].

Yes, after logging in, select MANAGE PROFILE, then CHANGE SECURITY QUESTIONS.

SAFETY TIP: The Callaway Bank will never ask you to divulge or change your private information, and we will never change it for you.

Yes, you can access Online Banking from any number of computers. If you log in from a computer that you haven’t used for Online Banking before, you will need to go through the verification by text or phone and successfully answer a security question. You can register as many PCs as you like, but we encourage you to register only the computers you routinely use and not register public systems.

Our Online Banking site is a separate, secure website that lets you manage your accounts and transactions any time of day.  Different browsers have different symbols to show that you’re connected through a secure, encrypted connection.

First please always make sure the site is a secure site. Check for a HTTPS:// site name and a locked pad lock in the web address. All The Callaway Bank sites will be secure.

You can access this site by using the “Login” button at the top right of the home page of callawaybank.com, or you can use the specific URL:  https://callawaybank.myebanking.net/#/

If you ever have questions or concerns the site you are on is not a valid Callaway Bank site please contact the Customer Care Team at [email protected] or 800-446-2265 Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m.

Yes.  Contact our Customer Care Team Monday – Friday 7:00 a.m. – 1:00 a.m.; Saturday 8:00 a.m. – 2:00 p.m.; for assistance in changing your ID.  You may change your Password at any time by clicking “Options” at the top right of the screen. You should change your password anytime you believe it has been compromised, and you should always keep it private. You will be required to change your password every six (6) months after your initial log in.

Yes. You can export transaction information in a choice of formats, to be used by such programs as Quicken®, Quickbooks®, Microsoft Money® or into a standard spreadsheet by using .CSV, .QIF, .OFX, .QFX, .IIF, or .QBO file formats.  Check your software’s documentation to determine which format is appropriate.

For Quicken or Quickbooks users who use Web Connect or Express Web Connect to download financial information from The Callaway Bank’s Online Banking system, you will need to follow the instructions on the conversion guides below:

Quickbooks

Quickbooks Online – Express Web Connect

Quickbooks For Mac – Web Connect

Quicken For Mac Users:

Quicken For Mac – Web Connect

Quicken For Mac – Express Web Connect

Quicken For Windows Users:

Quicken For Windows – Web Connect

Quicken For Windows – Express Web Connect

Mint Support:
Mint Support Information

With the Payments Guarantee, you can be assured that  your electronic payments are safe and reliable. When your payments are processed through Bill Pay, you are protected in the unlikely event of unauthorized transactions or processing delays. The payments guarantee applies when all the payment and contact info provided is accurate.

If the payment is sent electronically, the money is withdrawn from your account one business day after processing begins. If the company or person cannot receive electronic payments, we print a check and mail it to the address you provide. For some checks, the money is withdrawn one business day after processing begins. For others, the money is withdrawn when the company or person deposits or cashes the check.

We send payments electronically whenever possible but some payments are sent via a check. We send electronic payments to thousands of companies across the U.S. every day. If the company or person cannot receive electronic payments, we print a check and mail it to the address you provide. The check contains the following info: Your Name and Address; The company or person’s name and your account number with them, if available; the payment amount; the delivery date. If you added a memo to your payment, the info is printed on the memo line of the check.

Deleting an account cancels all pending payments and other transactions from the account. The following transactions are canceled: pending payments, incoming eBills, AutoPay payments, AutoPay payments for eBills, scheduled and repeating transfers, and P2P payments.

You’ll use Bill Pay to pay companies and people with addresses in the United States or its territories. You cannot use Bill Pay to send payments to addresses outside the United States. We don’t recommend using Bill Pay to make state and federal tax payments or court-ordered payments. Such payments are discourages and must be scheduled at your own risk.

You can pay anyone in the United States that you would normally pay by check, automatic debit, or cash. You can pay companies, friends and family members, and service providers such as the babysitter or the plumber.

Provide some info about the company or person you want to pay, and then tell us how much and when you want payment made. We send your payment electronically when possible. If the person or company can’t accept electronic payments, we print a check and mail it for you.

You can pay your bills via the internet without writing out checks or going to the post office. You can even set up payments to occur in the future or to be made as recurring payments (i.e. every month, every week, or every two weeks). So no more worrying about paying bills while you’re on vacation, or forgetting to mail a payment!

Yes, if you have enrolled in Bill Pay then you have the option to transfer money, which will allow you to transfer between financial institutions.

Anytime you want! 24 hours a day, 7 days a week.

There may be infrequent times when online banking is unavailable due to system maintenance.  We try to plan these for late night or early morning.  If the site it will be down during the day due to maintenance we’ll post a notice on our website a few days in advance.

When you enroll, we automatically give you online access to your checking, savings, CD’s, loans, and safe deposit box. You may only access the accounts you own, so it’s important to keep your login information private. If there are other accounts you own that don’t show up on Callaway Bank Online, contact us to see if they may be made available to you online. We allow transfers between your own accounts, but reserve the right to limit transfers on some types of accounts.

The fees for Callaway Bank Online are:

• Access to account balances, history, transfers FREE!
• Personal Bill Payment Service — FREE!
• Mobile Check Deposit – FREE!

If you have an eligible account, click on “learn more” underneath the Online Banking login box on our home page. Scroll down to the bottom of the page and click on Enroll in Online Banking.  Here you will be asked for your your account number to setup an ID and Password.  Read and agree to the license agreement.

Callaway Bank Online is very secure. We use the latest industry-approved security technologies to protect your information, including password-controlled system entry, a digital ID for the bank’s server, Secure Sockets Layer (SSL) protocol for data encryption, and a firewall to control the traffic coming in and going out of our system. Additional information is available on our web site under “Security Statement”.

• You need an eligible account at The Callaway Bank. This could be a checking, savings, CD, or loan.
• You need internet access provided by an ISP (Internet Service Provider) from home, school, work, the library, or anywhere else.
• You will need a secure version of browser software – we recommend using the most current up-to-date version to ensure optimal performance and security.

Starting Thursday, August 18 at 6:00 p.m.through Monday, August 22 (midday) is the Upgrade duration. During this time Account Balances, Online Banking, Mobile App, and Telebanking
will be unavailable.

Thursday, August 18 is when your NEW! Debit Card will be activated and your old debit card (the one you have now) will be turned off.

Text “UPGRADE” to 800-446-2265
We’ll text you reminders about important upgrade dates such as the last day to schedule a bill payment, when online and mobile banking will be going offline, when ATMs are updated, reminders to switch out your debit card, and update your mobile app.

Yes, your existing loan number will change slightly. The only difference is that we are adding “-10” to the end. For example, if your loan number is now “12345678” after the upgrade it will be, “12345678-10”

Yes! Checks remain valid because account numbers are remaining the same.

Yes! Account numbers (checking, savings, CD) are not changing during the Upgrade. There will be a change to your loan number, please see this FAQ for full details.

An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or medical bill payments. We’ll include any installment debts that have more than 10 months remaining when determining your qualifications for this mortgage.

If you’ve had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you’ve re-established an acceptable credit history with new loans or credit cards.

Any student loan that will go into repayment within the next six months should be included in the application. If you are not sure exactly what the monthly payment will be at this time, enter an estimated amount.

If other student loans are reflected on your final credit report, which will not go into repayment in the next six months, we may need to ask you for verification that repayment will not be required during this time period.

Generally, a co-signed debt is considered when determining your qualifications for a mortgage. If the co-signed debt doesn’t affect your ability to obtain a new mortgage we’ll leave it at that. However, if it does make a difference, we can ignore the monthly payment of the co-signed debt if you can provide verification that the other person responsible for the debt has made the required payments, by obtaining copies of their canceled checks for the last six months.

Congratulations on your new job! If you will be working for the same employer, complete the application as such but enter the income you anticipate you’ll be receiving at your new location.

If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you’ll be leaving should be entered as a previous employer. We’ll sort out the details after you submit your loan for approval.

If you’re selling your current home to purchase your new home, we’ll ask you to provide a copy of the settlement or closing statement you’ll receive at the closing to verify that your current mortgage has been paid in full and that you’ll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that’s the case, we’ll just ask you to bring your settlement statement with you to your new mortgage closing.

Gifts are an acceptable source of down payment if the gift giver is related to you or your co-borrower. We’ll ask you for the name, address, and phone number of the gift giver, as well as the donor’s relationship to you.

If your loan request is for more than 80% of the purchase price, we’ll need to verify that you have at least 5% of the property’s value in your own assets.

Prior to closing, we’ll verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.

Unfortunately, if you are purchasing a home, we’ll have to use the lower of the appraised value or the sales price to determine your down payment requirement.

It’s still a great benefit for your financial situation if you are able to purchase a home for less than the appraised value, but our investors don’t allow us to use this “instant equity” when making our loan decision.

If you were in school before your current job, enter the name of the school you attended and the length of time you were in school in the “length of employment” fields. You can enter a position of “student” and income of “0.”

Having changed employers frequently is typically not a hindrance to obtaining a new mortgage loan. This is particularly true if you made employment changes without having periods of time in between without employment. We’ll also look at your income advancements as you have changed employment.

If you’re paid on a commission basis, a recent job change may be an issue since we’ll have a difficult time of predicting your earnings without a history with your new employer.

Typically, income from a second job will be considered if a one-year history of secondary employment can be verified.

Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

Generally, two years personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes.

Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

If you own rental properties, we’ll generally ask for the most recent year’s federal tax return to verify your rental income. We’ll review the Schedule E of the tax return to verify your rental income, after all expenses except depreciation. Since depreciation is only a paper loss, it won’t be counted against your rental income.

If you haven’t owned the rental property for a complete tax year, we’ll ask for a copy of any leases you’ve executed and we’ll estimate the expenses of ownership.

Please contact your Callaway Bank loan officer.

Generally, only income that is reported on your tax return can be considered when applying for a mortgage. Unless, of course, the income is legally tax-free and isn’t required to be reported.

We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you don’t have an award letter, we can contact the source of this income directly for verification.

If you’re receiving tax-free income, such as social security earnings in some cases, we’ll consider the fact that taxes will not be deducted from this income when reviewing your request.

In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We’ll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We’ll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

If you haven’t been receiving bonus, overtime, or commission income for at least one year, it probably can’t be given full value when your loan is reviewed for approval.

Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. However, based on your entire financial situation, we may not need full copies of your tax returns.

We’ll review and average the net income from self-employment that’s reported on your tax returns to determine the income that can be used to qualify. We won’t be able to consider any income that hasn’t been reported as such on your tax returns. Typically, we’ll need at least one, and sometimes a full two-year history of self-employment to verify that your self-employment income is stable.

We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. Gone are the days when it was necessary to verify every piece of data collected during the application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In many cases, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.

Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it’s a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

That’s hard to know. It depends on what you’re looking for and where your property is located.

We’ll help you figure out what type of loan and the amount that is the best fit for you and guide you through the process. We also prefer to only finance homes in central Missouri.

Our team works to keep you updated on your loan’s progress throughout the process and to get it completed on time or ahead of schedule.

There is no charge to you for the credit information we’ll access with your permission to evaluate your application online. You will only be charged for a credit report if you decide to complete the application process after your loan is approved.

An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.

But don’t overreact! The data used to calculate your credit score doesn’t include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don’t limit your mortgage shopping for fear of the effect on your credit score.

A credit score is one of the pieces of information that we’ll use to evaluate your application. Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.

Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining creditworthiness.

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.

Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won’t be paid as agreed.

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we’ll issue an approval subject to you finding the perfect home and verification of all your information. We’ll issue a pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may give more weight to any offer to purchase that you make.

When you find the perfect home, you’ll simply call your Loan Officer to complete your application.

Please contact your Callaway Bank loan officer.

We define manufactured housing as housing units that are factory built with a steel undercarriage that remains as a structural component and limits the structure to a single story. These types of manufactured homes are sometimes known as mobile homes. We do not consider other factory-built housing (not built on a permanent chassis), such as modular, prefabricated, panelized, or sectional housing, to be manufactured housing. If your home is one of these types, please complete the application indicating that your home is a single family home.

In order to qualify for our loan programs a manufactured home must meet the following requirements:

• A manufactured home is any dwelling built on a permanent chassis and attached to a permanent foundation system.
• Be a one-family dwelling that is legally classified as real property.
• The towing hitch, wheels, and axles must have been removed and the home must be permanently attached to a foundation system that meets state and local codes as well as the manufacturer’s requirements.
• Foundation system must be appropriate for the soil conditions for the site and meet local and state codes.
• The land on which the manufactured home is situated must be owned by you. We do not provide financing for manufactured homes located on rented or leased land.
• Must have been built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established June 15, 1976. Generally, compliance with these standards will be evidenced by the presence of a HUD Data Plate that is affixed near the main electrical panel of the home or in another readily accessible and visible location.
• Must be at least double-width, 24 feet wide, and have a minimum 600 square feet of gross living area. Must be acceptable to typical purchasers in the market area.

Licensed appraisers who are familiar with home values in your area perform appraisals. We order the appraisal as soon as the application deposit is paid. Generally, it takes 10-14 days before the written report is sent to us. We follow up with the appraiser to ensure that it is completed as soon as possible. If you are refinancing, and an interior inspection of the home is necessary, the appraiser should contact you to schedule a viewing appointment. If you don’t hear from the appraiser within seven days of the order date, please inform your Loan Officer. If you are purchasing a new home, the appraiser will contact the real estate agent, if you are using one, or the seller to schedule an appointment to view the home. We will promptly give you a copy of any appraisal, even if your loan does not close.

Federal Law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency. The law can’t stop floods. Floods happen anytime, anywhere. But the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure that you will be protected from financial losses caused by flooding.

We use a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, then flood insurance coverage will be required, since standard homeowner’s insurance doesn’t protect you against damages from flooding.

Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you’ve found the perfect home.

The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.

However, appraisers are not construction experts and won’t find or report items that are not obvious. They won’t turn on every light switch, run every faucet or inspect the attic or mechanicals. That’s where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.

Accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances, and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.

Since the value and marketability of condominium properties is dependent on items that don’t apply to single-family homes, there are some additional steps that must be taken to determine if condominiums meet our guidelines.

One of the most important factors is determining if the project that the condominium is located in is complete. In many cases, it will be necessary for the project, or at least the phase that your unit is located in, to be complete before we can provide financing. The main reason for this is, until the project is complete, we can’t be certain that the remaining units will be of the same quality as the existing units. This could affect the marketability of your home.

In addition, we’ll consider the ratio of non-owner occupied units to owner-occupied units. This could also affect future marketability since many people would prefer to live in a project that is occupied by owners rather than renters.

We’ll also carefully review the appraisal to ensure that it includes comparable sales of properties within the project, as well as some from outside the project. Our experience has found that using comparable sales from both the same project as well as other projects gives us a better idea of the condominium project’s marketability.

Depending on the percentage of the property’s value you’d like to finance, other items may also need to be reviewed.

As soon as we receive your appraisal, we’ll update your loan with the estimated value of the home. We will review the appraisal then promptly give you a copy of any appraisal, even if your loan does not close.

In addition to verifying that your home’s value supports your loan request, we’ll also verify that your home is as marketable as others in the area. We’ll want to be confident that if you decide to sell your home, it will be as easy to market as other homes in the area.

We certainly don’t expect that you’ll default under the terms of your loan and that a forced sale will be necessary, but as the lender, we’ll need to make sure that if a sale is necessary, it won’t be difficult to find another buyer.

We’ll review the features of your home and compare them to the features of other homes in the neighborhood. For example, if your home is on a 20-acre lot, or has a large accessory building, we’ll want to make sure that there are other homes in the area on similar size lots or with similar outbuildings. It is hard to place a value on such unique features if we can’t see what other buyers are willing to pay for them. In some areas, additional acreage or outbuildings could actually be a detriment to a future sale. Finding comparable properties can be more challenging in rural areas where it is more difficult to find homes that have similar features.

We’ll also make sure that the value of your home is in the same range as other homes in the area. If the value of your home is substantially more than other homes in the neighborhood, it could affect the market acceptance of the home if you decide to sell.

We’ll also review the market statistics about your neighborhood. We’ll look at the time on the market for homes that have sold recently and verify that values are steady or increasing.

To determine the value of the property you are purchasing or refinancing, an appraisal will be required. An appraisal report is a written description and estimate of the value of the property. National standards govern not only the format for the appraisal; they also specify the appraiser’s qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states.

The appraiser will create a written report for us and we will promptly give you a copy, even if your loan does not close. If you’d like to review it earlier, your Loan Officer would be happy to provide it to you.

Usually, the appraiser will inspect both the interior and exterior of the home. However, in some cases, only an exterior inspection will be necessary based on your financial strength and the location of the home. Exterior-only inspections usually save time and money, but if you’re purchasing a new home, your Loan Officer will contact you to determine if you’d be more comfortable with a full inspection.

After the appraiser inspects the property, they will compare the qualities of your home with other homes that have sold recently in the same neighborhood. These homes are called “comparables” and play a significant role in the appraisal process. Using industry guidelines, the appraiser will try to weigh the major components of these properties (i.e., design, square footage, number of rooms, lot size, age, etc.) to the components of your home to come up with an estimated value of your home. The appraiser adjusts the price of each comparable sale (up or down) depending on how it compares (better or worse) with your property.

As an additional check on the value of the property, the appraiser also estimates the replacement cost of the property. Replacement cost is determined by valuing an empty lot and estimating the cost to build a house of similar size and construction. Finally, the appraiser reduces this cost by an age factor to compensate for depreciation and deterioration.

If your home is for investment purposes or is a multi-unit home, the appraiser will also consider the rental income that will be generated by the property to help determine the value.

Using these three different methods, an appraiser will frequently come up with slightly different values for the property. The appraiser uses judgment and experience to reconcile these differences and then assigns a final appraised value. The comparable sales approach is the most important valuation method in the appraisal because a property is worth only what a buyer is willing to pay and a seller is willing to accept.

It is not uncommon for the appraised value of a property to be exactly the same as the amount stated on your sales contract. This is not a coincidence, nor does it question the competence of the appraiser. Your purchase contract is the most valid sales transaction there is. It represents what a buyer is willing to offer for the property and what the seller is willing to accept. Only when the comparable sales differ greatly from your sales contract will the appraised value be very different.

As with any business loan, you will need a business plan. However, for our Youth Entrepreneur Program, we have simplified the process. You will need a financial statement, a brief explanation of your project approved by your advisor, a budget, and a loan application signed by you and your parent/guardian. Please see our Youth Entrepreneur Checklist for more details.

Eligible projects would typically be based around school entrepreneur programs such as FFA or FBLA and will vary depending on the student. Agriculture-related projects could involve raising livestock or developing a greenhouse. It could be tech related, like a mobile app or an online business development. One key feature each project must have is business viability. One of the goals of this program is to teach young adults how to manage finances and give them experience running their own business and being responsible for credit. Your business planning will need a plan for repaying the loan.

Youth Entrepreneur loans are available up to $1000 or more depending on the project. Loans are structured with a low-interest rate and a 1-year term.

The Youth Entrepreneur Program is open to high school students in mid-Missouri working with a school advisor who can mentor them in running a business.