Real Estate SUSPENDED July 1, 2011

We have temporarily discontinued making real estate loans as of July 1, 2011 due to concerns with the Dodd-Frank Act (Mortgage Reform Act). Certain provisions of the Act relating to mortgage loans are effective in July, while the effect of other provisions cannot be determined until the new Consumer Financial Protection Bureau (CFPB) issues rules and regulation in regards to the mortgage lending sections of the Act. The process of issuing final rules and regulations for this Act may take up to two years. We are sorry we are not able to offer a mortgage loan product at this time. We will be glad to work with you to find an alternative loan to meet your needs.

Your home equity is the difference between what your home is worth and what you owe on it. A Citizens home equity loan allows you to use your equity to borrow at our best rates and terms. The interest rate is normally less than the rate you pay on credit cards and personal loans. Real Estate loans from $5,000 to $50,000 are our specialty, but we also make real estate loans of $80,000 or more.

Home equity loans offer you flexibility and tax savings. The money can be used for whatever you like. Pay off bills or high-interest credit cards, make home improvements, fund educational expenses, take a vacation or make a major purchase. The interest on a home equity loan is usually tax deductible. Interest on other types of consumer loans is typically not tax deductible. (Consult your tax professional).

We also have mortgage loans to help you finance the purchase of a home or mobile home, whether you have good credit or weak credit.

Why should you talk to us first about your home equity / real estate loan?

We give quick answers, usually within 24 hours of receiving basic credit information. There are no up-front fees or obligations to apply for a loan. Fixed rates are available with up to 15 years to repay. We keep and service your loan. Your real estate loan with Citizens Savings & Loan will stay with Citizens. It is not sold to an unknown out-of-town company. You will not have to call an unknown out of town company or person to talk about your loan after the loan has been made.

We accept homes, single and double wide mobile homes, and unimproved land as collateral. Since we keep your loan, we can usually accept residential property as collateral that the banks won't. No up-front appraisal fee is required and we will not have surprise interest rate or other changes at closing. Experienced local people who know your area will handle your application and appraisal and will be involved in the approval. We will do our best to help you obtain your loan. Many of our loans are made based on value estimates made by Citizens employees rather than from independent appraisals.

NMLS License # 198406

Office Locations

If you live in Tennessee and are searching for a home equity or real estate loan provider, get started by applying online today or visit one of our convenient locations in Tennessee. Licensed Mortgage Loan Originators ready to help to you.

Related Information

What is a Home Equity Loan?

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