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Personal Loans

At Citizens National Bank, we have loan solutions for all your personal needs.
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Loans that give you the benefits you need.

Whatever the next big purchase is in your life, from college to a new home, let Citizens National Bank take care of the financing. We offer a variety of loan programs and our lenders work hard to find the loan that meets your needs. Below you will find information on Home Loans, Home Equity Lines of Credit, Consumer Loans, and Student Loans.

View this glossary to understand the terms associated with your loan process.

Home Loans

A home is one of the most important purchases you will make in your lifetime. As with any major decision, the more research and planning you do, the better you will feel about the decision you make. The pre-approval process helps you find the right price range, choose the appropriate loan program (term) & may determine the interest rate you receive. In order to avoid feeling overwhelmed, your lender will guide you through the process and help you find the right fit for your financial situation.

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Guiding You Through the Loan Process

 

Below is a list of items to consider before applying:

  1. Check Your Credit

    The home buyer’s credit score is one of the most important factors when it comes to qualifying for a loan these days. To get an idea of where your credit stands, go to AnnualCreditReport.com to get your free credit report from each of the three credit bureaus. You can also access your credit score instantly through Online Banking’s My Credit Score.

  2. Evaluate Assets and Liabilities

    A first-time home buyer should have a good idea of what is owed and what is coming in. If you don’t have a budget, visit Freddie Mac’s homebuyer education website for budgeting resources.

  3. Organize Documents

    When applying for a mortgage, homebuyers must document their income and taxes. Typically, mortgage lenders will request two recent pay stubs, the previous two years’ W-2s, tax returns, and the past two months of bank statements.

  4. Qualify Yourself

    Before your lender tells you what you qualify for, you should evaluate what you feel you can afford. Calculating your debt-to-income ratio and factoring in a down payment will give you a good idea of what you can pay both upfront and monthly. Though there is not a fixed debt-to-income ratio lenders require, it is suggested that no more than 28 percent of your gross monthly income be devoted to housing costs.

  5. Figure out your down payment

    It takes effort to scrape together the down payment. There are programs that assist buyers with qualifying incomes and situations.

Before you seek pre-approval, you should evaluate your household budget to determine the maximum payment you feel comfortable making toward a new home.

Don’t have a budget? Visit Mortgage Guaranty Insurance Corporation’s (MGIC) homebuyer education website for budgeting resources.

You can also use our Mortgage Loan Calculator to help determine your monthly payment.

During the pre-approval process, your lender will work with you to find the right product and term that best fits your financial goals. To obtain pre-approval, a lender evaluates your credit history and calculates your housing and debt ratios. Pre-approval is free of charge. You should expect to verify your income, length of employment, and source of down payment.

Your lender will request the following information:
  • Employment: Employer info, pay stubs, W-2 forms, and/or signed federal tax returns
  • Other Income: Pension, disability, social security, support and/or rental income
  • Assets: Bank statements and any other assets
  • Liabilities: List of all creditors
  • History: Landlord address, current mortgage payments, and/or bankruptcy
  • Other information may be requested based on your situation

A pre-approval letter shows the seller and/or the realtor that you are a serious buyer. If a lender denies pre-approval, you should investigate immediately. Without pre-approval, your chances of obtaining a mortgage loan are jeopardized. If a lender bases the decision, in part, on information in your credit report, you have the right to receive a free copy of the report.

After you receive your pre-approval, you can start working with your realtor to find your dream home. Your realtor will assist you in making your offer and negotiating the best price and terms.

Once your offer has been accepted, contact your lender to set an appointment to complete your loan application. Since you have been pre-approved, you will just need to bring the signed purchase agreement for the property you wish to purchase.

You can Log In to check the status of your loan or view messages from your lender at any time.

If you have an accepted offer and have not been pre-approved, contact a lender to submit a loan application.

 

 

The program you choose will depend on your income, credit history, interest rates, available cash, and how long you intend to live in the home. Contact a lender to find out the best option for you.

  • Fixed-Rate Mortgage

    A mortgage in which the interest rate does not change during the entire term of the loan. The borrower’s interest and principal payments remain the same each month.

  • Adjustable-Rate Mortgage (ARM)

    A mortgage loan in which the interest rate adjusts based on market conditions. A financial index determines the interest rate. This mortgage provides a lower interest rate, with a risk of higher monthly payments if the rates go up. This mortgage allows you to borrow more because your initial monthly payments are lower. You may consider an ARM if you are confident you can handle increased payments or plan to move in a few years.

  • USDA Rural Housing Loans

    Available to owner occupied 1 unit primary residences only.* Property must meet FHA standards and Rural Development Thermal Criteria. These are fixed rate mortgages that do not require a down payment.
    * Property eligibility is limited to USDA RHS designated “rural” areas.

  • FHA Loans

    Offered through the Federal Housing Administration (FHA) whose primary objective is to assist in providing housing opportunities for low-to-moderate income families. These require a low down payment. There are no income limits. Please call your mortgage lender for qualifying loan amounts.

  • VA Loan

    Offered through the Veterans Administration (VA) to assist qualified veterans in purchasing a house with no down payment. There is no monthly mortgage insurance required for veterans who go through the VA.

  • Bridge Loans

    Tap the equity in a current home to provide the down payment on a new home to tide you over until your current home is sold. During the “gap” period, you normally pay only the interest that accrues on your former home. The loan is repaid after the home has sold or at the end of the term, whichever comes first.

  • Jumbo Loans

    Available for homes that exceed conforming loan limits imposed by Fannie Mae or Freddie Mac. Please call your mortgage lender for qualifying loan amounts. CNB can offer fixed rate or adjustable rates with this program.

  • Construction Loan

    Working with your approved contractor, you can build your dream home and once finished roll your loan into a permanent mortgage.

  • Physician Loan Program

    Available to physicians coming out of residency to start a full-time practice. The loan term will be amortized at 30 years or less. Proof of employment with a contract is required.

Shortly after you submit your loan application, CNB will send you a Loan Estimate of Settlement Costs and Itemization of Amount Financed. In this document, Citizens National Bank will estimate your settlement (or “closing”) costs for the transaction, to the best of our knowledge.

If you are already pre-approved, you will receive these papers shortly after your initial application. If there are substantial changes to the terms, you may also receive a second set with your final loan package.

During the processing of your loan, we will collect documentation to verify employment, income, savings, assets and liabilities.

Your lender will request the following information:
  • Employment: Employer info, pay stubs, W-2 forms, and/or signed federal tax returns
  • Other Income: Pension, disability, social security, support and/or rental income
  • Assets: Bank statements and any other assets
  • Liabilities: List of all creditors
  • History: Landlord address, current mortgage payments, and/or bankruptcy
  • Other information may be requested based on your situation

The appraisal, title and credit report will be ordered. After all required documentation is received, your loan package will be submitted for loan approval.

A decision will be made based on a variety of factors including

  • Credit history
  • Income stability
  • Assets
  • Property value.

If you are pre-approved, most of this will already have been completed with your initial application. Usually, only the appraisal and title search remains to be ordered.

Log In to check the status of your loan or view messages from your lender.

The mortgage loan closing (or settlement) is the meeting at which you take official ownership of your new home.

You’ll be required to

  • Sign papers
  • Make your down payment
  • Pay your closing costs

Log In to check the status of your loan or view messages from your lender.

Our Ask the Lender section features articles written by our lenders based on frequently asked questions from our customers.

Home Equity Line of Credit

A home equity line of credit (HELOC) is a loan that allows you to borrow, spend, and repay as you go, using your home as collateral. Generally, you may borrow up to 80% of the equity you have in your home and choose either a 5-year fixed rate option or a 10-year adjustable rate option.

Your home can be a valuable source of financing with benefits such as attractive rates, tax-deductible interest*, and low monthly payments.

*Consult a tax advisor

HELOC Frequently Asked Questions

You can use your HELOC for any purchase. It can help pay for big-ticket items, such as home improvements, vacations, education or unexpected expenses that arise.

Contact a lender for applicable rates.

The line of credit is available to you for 10 years for variable rate lines of credit. We also offer a fixed-rate HELOC that is available for 5 years.

Funds can be accessed in several ways:

  • Order a book of checks directly linked to the HELOC account to make payments or purchases.
  • Request a withdrawal or funds transfer in person or by phone.
  • Transfer funds from your HELOC to other CNB deposit accounts using Online Banking. Then access the funds from your checking account, for example, using checks and debit cards.

Your minimum monthly payment is calculated at 1.0% of the outstanding principal.1

Example: A customer has a balance of $35,000 on the final day of the billing cycle, so $35,000 x .01 = $350 minimum monthly payment

1Your minimum monthly payment will be based on a percentage of your outstanding balance or $25, whichever is greater, plus accrued finance charge, and any fees and amounts past due, rounded up to the nearest dollar.  The minimum payment amount during the advance period will not fully repay the principal that is outstanding on your credit account.  You will be required to pay the entire outstanding balance in a single payment on the maturity date.

We collect the same information as if you are applying for a mortgage.

The size of the line of credit and the date of the last appraisal will determine if a new property appraisal is needed.

  • Customers without a current CNB mortgage are required to have a property appraisal.
  • All requests need an updated title search.

We offer several online payment options:

  • Recurring Payment through CNB Bill Payment: Set up an automatic electronic payment through CNB Online Banking. You designate the CNB account and the date you would like the recurring payment made.
  • Express Transfer through CNB Online Banking: In Online Banking, transfer money from your CNB checking to your mortgage account each month. You decide what day you make your payment. Make the transfer before 6:00 PM EST Monday-Friday and it will post the same day.

Consumer Loans

Make your next big purchase or consolidate debt with a consumer loan from CNB. Consumer Loans are generally unsecured loans.

Consumer Loan Frequently Asked Questions

The top reasons you may want to take out a consumer loan are to:

  • Purchase a vehicle
  • Purchase a recreational vehicle or boat
  • Purchase a motorcycle or ATV
  • Consolidate debt

Unsecured loans are loans that don’t require collateral.

Consumer loans are generally paid back in monthly installments.

Interest rates are usually determined by credit score and the age of the item being purchased.

In many cases, it is cost-effective to combine multiple credit cards into one loan. Contact a lender to see what your options are.

Student Loans

Citizens National Bank* has partnered with College Ave Student Loans to help you achieve your higher education goals.

*Citizens National Bank and College Ave Student Loans are not affiliates. Citizens National Bank does not pre-qualify, underwrite, make the credit decision or service these loans.

Student Loan Resources

College Ave Student Loans Frequently Asked Questions

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The team at College Ave Student Loans learned from other complicated lending companies and decided to make getting a private student loan for college better. By specializing in student loans, they’re able to give you the attention you deserve and deliver loans that are simple, clear, and personalized for you. Whether you’re an undergraduate, graduate, or parent, you can get the money you need to reach your higher education goals. With competitive rates, multiple repayment options, and a customer-friendly experience from application through repayment, they’ll help you find your best college loan in a way you can understand, and they’ll make it fast and easy.

Plus, they have the tools and resources to help you succeed and pay for school without worry.

College Ave loans can help undergraduates and graduate students with their school expenses. With a simple application, helpful tools, and a personalized loan experience, College Ave will help you create a loan that works best for you and your budget.

  • Easy online application – instant credit decision
  • No application or prepayment fees
  • Build a repayment plan that fits your budget

Parents who want to help cover the cost of college for their children can also apply for a loan with College Ave. College Ave provides a simple application, helpful tools, and a personalized loan experience to help you create a loan that works best for you and your budget.

  • Easy online application – instant credit decision
  • No application or prepayment fees
  • Build a repayment plan that fits your budget

Yes, College Ave also offers student loan refinancing for graduates. Refinancing your existing student loans can reduce your monthly payment and even the total cost of your loan. Plus, combining multiple loans into one loan can make repayment easier.

  • Easy online application – instant credit decision
  • No application or prepayment fees
  • Build a repayment plan that fits your budget