Answers to the most common questions we receive about loans
Auto Loans
Can I refinance my car loan?
Yes! We are able to do a refinance of your current vehicle, even if it is not currently in a loan with us.
Why refinance my car with Progressive Ozark Bank?
Dealerships offer great introductory rates, but they don't always last for the entire loan. Also, changes in the economy and your circumstances can qualify you for a lower rate. Plus, all of our auto loans stay right here. That means, you know who to contact if you have an emergency, have questions, want to pay off your loan early, or trade-in for a different vehicle.
Home Loans
Do you offer no down payment options?
Yes! We work closely with mortgage companies that are able to offer financing though the VA, FHA, and USDA to help get you into your forever home.
What would it cost to refinance my home loan?
Refinancing a home may require a new appraisal and title work. Other than that, since you already own the home, refinancing will be much cheaper than purchasing a new one!
Why refinance my home loan with Progressive Ozark Bank?
When your home loan is with us it stays with us.
Most home loans get moved around between mortgage companies or rates adjust dramatically and often. If you refinance to an adjustable rate (ARM), you’ll know exactly what the maximum payment could be, if and when the rate could go up and by how much, and you’ll know the rate ceiling-the highest total rate you could ever see on your loan. Plus, lenders often reach out before any notices are sent in the mail. We can even provide you with a payment schedule estimating the highest possible payments over the life of your loan, so there aren’t any surprises.
If you have a fixed rate home loan, you can refinance that with us too! Our partner for those loans doesn’t sell them and you can make your payments directly to Progressive Ozark Bank.
Do you offer VA or FHA loans?
Yes! We work closely with mortgage companies that are able to offer financing though the VA, FHA, and USDA to help get you into your forever home.
Can my closing cost fees be part of my loan?
As long as the home or property values are adequate at the time of appraisal, your closing costs can be financed as part of your loan.
Is there a minimum home loan amount?
There is no minimum home loan amount - and there is also no maximum loan amount!
How do I take out a loan on the equity in my home?
We are able to use the value in your home as collateral a few different ways. If you want to complete home improvement projects, we would recommend a Home Equity Line of Credit (HELOC). We also have the option for you to borrow a typical mortgage loan against your equity.
What is an ARM?
An ARM is an adjustable rate mortgage. This means that your interest rate will be set and “locked” for the term determined by you and your lender. Here at Progressive Ozark Bank, we offer 1, 3, 5, or 7 year rate locks. Keeping your rate in an ARM gives you the flexibility to adjust your rate as rates move up or down.
Business Loans
Do you offer SBA loans?
Yes! We work with the SBA to service any and all qualifying business loans as needed.
Do you offer start-up business loans?
While we do not offer traditional start-up business loans, our lenders are focused on solutions to provide quality financing to support your business dreams.
General Loan Questions
What is your lien holder address?
PO Box 279
Salem, MO 65560
Can I pay my loan online?
Yes! You can pay your loan through Online Banking. You can also pay online with an account from another bank. Note that paying with an account here at Progressive Ozark Bank saves you money!
What do I need to get approved for a loan?
Typically, we can start most loans with (1) a completed application, (2) your four most recent pay stubs or income information, and (3) a copy of your driver’s license.
How can I pay off my loan?
To ensure that you are paying the correct dollar amount, contact your local branch for an official payoff amount. They are also able to calculate a payoff for you for a specific future date, if needed.
How do I qualify for a loan?
Your lender will look at a few things such as, your debt-to-income, the quality of your repayment history with us and other lenders, and how the borrowed funds will be used.
How long does it take to get a loan once the application has been turned in?
The type of loan and how quickly we have all required information will determine the time line. For a personal or auto loan, funds can be available within 1 business day after all required information is received. For home loans, we typically estimate 45 days to allow the title company and appraiser to complete their work.
When will I receive my 1098 tax form?
1098 interest tax forms are issued and mailed by January 31st of each year for anyone that has paid interest on their mortgage the previous year. If you do not receive one in the mail, please contact your local branch.
How do I set up an automatic payment?
Contact your local branch and a banker will complete the required forms to set up the transfer for you.