Often, life throws you unexpected financial curveballs. We’ve all been there before: an emergency that requires you to dip into your savings account, a renovation that your wallet may not necessarily be ready for and even unexpected fees during the homebuying process that you didn’t include in your budget.
These costs can be impossible to anticipate, which is why The Federal Savings Bank has a financing solution you can use for a variety of needs.
Learn more about The Smart Loan, how it can help with your finances and why you should work with us.
What is The Smart Loan?
Difficult situations call for smart solutions. The Smart Loan from The Federal Savings Bank is a personal loan that can be used for all types of financial needs and wants. Here are some examples you can utilize it for:
Buyer’s Commission
Before you dive into the homebuying process, it’s imperative to figure out what you can afford and what works for you and your financial circumstances. However, your real estate agent’s commission shouldn’t have to cut into the budget for your dream home.
As part of a lawsuit settlement in March 2024, The National Association of REALTORS® (NAR) implemented the rule stating that homebuyers were now responsible for paying their real estate agent’s buyer’s commission instead of the seller. This unexpected expense can cost thousands of dollars that can otherwise go towards your future home.
With The Smart Loan, you don’t have to worry about this commission. As a financing resource in addition to your mortgage, you can cover the cost of buyer’s commission without having to compromise on your homebuying budget.
Debt Consolidation
It can be easy for many to fall into high-interest debt such as from credit cards. After all, swiping or tapping a card or auto filling your information online only takes seconds.
You’re not alone if you’re struggling with this kind of debt. In fact, about $16.9 trillion of debt is shared by 340 million people in the United States. With The Smart Loan, it’s possible to consolidate and get rid of most if not all your high-interest debt and save some money in the long run.
Home Improvement
You deserve to make your home your own, and sometimes, that includes big renovations or remodeling projects. Whether you have an outdated kitchen or bathroom or want to finish your basement, you can use The Smart Loan to help fund any of these projects without having to wait years to save up for them. Additionally, these home improvement projects can potentially raise your home’s value if you decide to sell in the future.
Major Purchase
Imagine you’re on your way to work and your old, dilapidated car dies, or your child is steadily getting closer to the end of their college life without enough savings to pay for that last semester before graduation.
Sometimes, these big investments are unavoidable, and you may not immediately have the funds to pay for them. The Smart Loan can help you get that new, more reliable car, pay for your loved one’s higher education tuition or even start the small business you’ve been thinking about for years.
Moving Expenses
Finishing the homebuying process is incredibly exciting. You’re getting ready to start a new chapter in life and become a homeowner. However, you won’t want to pack up your home only to discover you can’t afford professional movers or rent for a storage unit you might temporarily need.
You won’t have to worry about moving expenses as much with The Smart Loan. It can supplement your homebuying budget to fund moving expenses without you having to dip into your savings or compromise on your perfect home.
The Smart Loan Highlights
Why choose to apply for The Smart Loan from The Federal Savings Bank over other types of personal loans? Discover the reasons below:
Competitive Terms
You can expect low interest rates, various fixed term choices, a single monthly payment and no hidden fees. These terms all depend on your personal financial situation, so make sure you speak with one of our mortgage bankers to understand all the details before you apply.
Easy-to-Navigate Process
From application to closing, we’re here with you every step of the way to answer questions, offer support and find solutions to any challenges. Our application and funding process is also easily navigable, and we ensure you receive status updates whenever possible.
Quick Turn Times
Our loan teams are all in-house, meaning faster turn times and the reassurance that we work closely with your loan throughout your transaction.
Documentation Requirements
To prepare as much as possible for the loan process, gather and submit the following documents:
- Identification
- Paystubs, benefits letter, etc.
- Bank statements
- Voided check
- Credit card statements
- Credit report
- Online application or banker referral
Borrower Requirements
How can you qualify for The Smart Loan? Typically, you’ll need a credit score of at least 680 and debt-to-income (DTI) ratio of 50 percent.
Veterans may be eligible with a credit score of at least 640 and active-duty or retired military borrowers may be eligible with a credit score of at least 600.
Is The Smart Loan Your Solution?
With competitive terms, lower credit score requirements than other loans and a simple transaction process, The Smart Loan can be the answer you need no matter what you need the funds for. Whether you’re looking to buy a car, start home projects or pay down debt, we can help.
Ready to start? Apply here!
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
