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InBank Loan Services: An Overview of Personal Lending Options

InBank is a community bank that provides a wide range of banking services to customers in the Denver metro area, northern New Mexico, and southern Colorado. When it comes to loans, InBank offers several options for personal lending, including home equity lines of credit (HELOC), residential construction loans, vehicle loans, and lot loans.

Even though InBank does not provide traditional mortgages, they still have great alternatives for financing major expenses like home improvements or buying land. Read on to learn more about the types of personal loans offered by InBank.

A man explaining mortgage loans

Home Equity Lines of Credit (HELOC) at InBank

One of the most popular loan products from InBank is the home equity line of credit, also known as a HELOC. This type of loan allows homeowners to access funds based on the equity they have built up in their home. Equity is essentially the current market value of the home minus the amount still owed on the mortgage. So if your home is worth $300,000 but you still owe $200,000 on your mortgage, you have $100,000 in equity.

With a HELOC from InBank, you can borrow against a portion of that equity, which can be used for any purpose – debt consolidation, home improvements, medical bills, college tuition, or more. HELOCs act as revolving lines of credit, similar to a credit card. You have an approved borrowing limit and can access the funds as needed. Interest rates are variable but typically very low. And since it’s a line of credit, you only pay interest on the amount you actually use. 

Some key benefits of getting a HELOC from InBank include:

  • Interest rates are usually lower than other financing options 
  • Only pay interest on what you use from the line of credit
  • Flexible access to funds as needed for any purpose
  • Interest may be tax-deductible (consult a tax advisor)

For homeowners looking to tap into their home equity for major expenses, a HELOC from InBank can be an excellent option.

Benefits of HELOC from InBank

InBank offers highly competitive rates and terms on their home equity lines of credit. Here are some of the biggest benefits of getting a HELOC from InBank specifically:

  • Local decision-making – Loan decisions are made locally by InBank lending experts who understand the market. This allows for faster approvals. 
  • Fixed-rate option – InBank offers the choice between a variable or fixed interest rate HELOC. The fixed rate provides added peace of mind by locking in a set rate.
  • No application fees – InBank does not charge any upfront application or origination fees to apply for a HELOC. This saves borrowers hundreds of dollars.
  • Online account access – Manage your InBank HELOC conveniently through online banking. Draw funds, check balances, make payments and more. 
  • Excellent customer service – InBank is known for providing personalized customer service with local bankers ready to help explain options. 

For Denver, New Mexico, and Colorado residents looking to utilize their home’s equity, a HELOC from InBank is an excellent choice that comes with great rates, zero fees, and exceptional service.

Residential Construction Loans at InBank

In addition to HELOCs, InBank offers residential construction loans to clients who are looking to build a new home or finance major renovations. Like any construction project, building a home requires significant upfront capital before you can qualify for a traditional mortgage. Construction loans help bridge that funding gap.

With a residential construction loan from InBank, the funds can be used to purchase land, pay builders and contractors, and cover materials and other construction costs. The terms are generally 6-12 months, with interest-only payments due during the building phase. Once construction is complete, the loan can then be rolled into a conventional mortgage. 

Compared to other lenders, some key benefits of InBank’s construction loans include:

  • More flexible pre-approval requirements for borrowers
  • Higher loan-to-value ratios permitted
  • Shorter terms with competitive rates
  • Local underwriting provides faster turnaround time
  • One loan covers land purchase through construction 

Whether you want to build your dream home from the ground up or take on a major renovation, InBank has residential construction loan options that can turn your plans into reality.

Advantages of Residential Construction Loans from InBank

There are several key advantages that InBank offers when it comes to obtaining residential construction financing:

  • Local expertise – InBank’s construction lending experts understand the unique aspects of building in their specific markets. This allows them to accurately assess project needs.
  • Streamlined process – By handling land purchase, construction, and permanent financing, InBank simplifies what can be a complex process.
  • Competitive interest rates – Their local decision-making enables InBank to offer very competitive interest rates on construction loans.
  • Excellent communication – Throughout the building process, InBank keeps borrowers informed on draw requests, inspections, changes, and more.
  • Flexible draw schedules – InBank works with borrowers to structure draw payments in line with the building schedule.
  • Personal guidance – In addition to financing, InBank provides guidance on local builders, inspectors, and permitting to help projects run smoothly.

With deep market knowledge and a focus on personalized service, InBank can provide the ideal financing for your next residential construction project.

Vehicle Loans Offered by InBank

For customers needing a new or used car, truck, or SUV, InBank offers competitive auto financing options. Their vehicle loans come with flexible terms tailored to individual borrowers’ needs and budgets. 

InBank offers vehicle loans for a wide range of purposes – purchasing from a dealer, buying private party, refinancing existing car loans, or adding a second vehicle for the family. Loan terms are available from 12 to 84 months with competitive fixed rates and low fees. 

Some key benefits of getting an InBank auto loan include:

  • Low interest rates with no prepayment penalties
  • Flexible loan terms based on your budget and car needs
  • Easy online applications and fast approvals
  • Options for new and used vehicles, and private party purchases
  • Local bankers to explain options and rates
  • Refinancing available for existing car loans

No matter your vehicle needs, the knowledgeable team at InBank can provide customized auto financing suited to your specific situation. They make the car buying process smooth and straightforward.

Why Choose InBank for Vehicle Loans?

There are a few key reasons why drivers in Denver, New Mexico, and Colorado should consider InBank when financing a vehicle purchase:

  • Fast approvals – InBank processes applications rapidly with local decision-making. No waiting weeks for approval. 
  • Low rates – Their rates on auto loans are highly competitive with deals from other top lenders.
  • Flexible terms – InBank works with borrowers to find the ideal repayment terms based on budget and needs.
  • Pre-approval options – They offer pre-approval on vehicle loans so you know your rate before negotiating with dealers. 
  • Refi capabilities – Existing car loans can be refinanced at lower rates with InBank.
  • Local branches – With convenient locations, you can meet face-to-face with a banker.

For personalized service, fast turnaround, competitive rates and flexible terms, InBank is an excellent financing choice when shopping for your next vehicle.

Lot Loans: Financing Your Land Purchase with InBank

InBank offers specialized lot loans to provide financing for vacant land being purchased to construct a home on. These loans help buyers secure the perfect lot while they work on designing and building their dream home.

Lot loans from InBank provide financing specifically for the land purchase. The terms are shorter than a traditional mortgage, typically 1-5 years. This gives the buyer time to complete construction and eventually convert the loan into permanent mortgage financing.

Some key benefits of lot loans from InBank: 

  • Lower down payment requirements than a conventional land loan
  • Competitive interest rates on shorter terms 
  • Allows buyer to secure land while take time designing home
  • One loan covers entire land purchase process
  • Local underwriting provides faster approvals

For those looking to build their own custom home, lot loans from InBank allow you to first secure the best location before finalizing construction plans and obtaining permanent financing.

The Benefits of Lot Loans from InBank

Financing vacant land with a lot loan from InBank provides several unique advantages:

  • Streamlined process – InBank handles the entire land purchase smoothly from start to finish.
  • Local expertise – Their experienced bankers understand zoning, valuation, and development in the region. 
  • Shorter terms – Lot loans have accelerated timelines, giving flexibility in construction.
  • Lower investment – 20% down payments are often acceptable with lot loans versus 30% on conventional land loans.
  • Construction insight – InBank provides guidance on local builders, architects, and permitting. 
  • Ease of conversion – Once home construction is complete, the lot loan can convert to a traditional mortgage.

For buyers who have dreams of building their perfect home on picturesque acreage, InBank has the knowledge, resources, and lot loan products to make it happen smoothly.

Why Doesn’t InBank Offer Mortgages?

With a wide variety of lending products for personal and business customers, one type of loan that InBank does not currently provide is traditional mortgage financing. Many banks and lenders have mortgage offerings, so why hasn’t InBank expanded into that market?

There are a few key reasons why InBank has not yet ventured into providing traditional mortgages:

  • Niche focus – InBank prefers to specialize in products where they can excel based on the local market needs.
  • Personnel expertise – Mortgages require specialized underwriting and documentation staff that InBank currently does not have.
  • Regulatory requirements – Mortgages come with a great deal of reporting requirements that InBank has opted not to take on.
  • Saturation of market – Many well-established lenders already dominate the mortgage industry in InBank’s regions. 
  • Alternative products – Options like HELOCs and construction loans meet financing needs without full mortgages.

While traditional home loans are not offered, InBank provides excellent alternatives they have targeted based on serving customer needs in their specific markets.

Alternatives to Mortgages at InBank

Despite not providing traditional mortgage products, InBank still offers some excellent alternatives for financing real estate and construction projects:

  • Home Equity Lines of Credit – HELOCs allow homeowners to access equity for improvements, tuition, medical expenses or any use.
  • Construction Loans – These specialized loans finance building a new home or major renovations. 
  • Lot Loans – For purchasing and developing vacant land prior to home construction.
  • Business Loans – InBank offers commercial real estate loans and lines of credit to businesses.
  • Refinancing – Existing property loans can potentially be refinanced with InBank for better terms. 

So while you cannot get a basic mortgage, InBank provides localized products they specialize in for real estate investment and financing needs in their communities.

Conclusion: Choosing the Right Loan Service at InBank

InBank offers a diverse set of personal lending solutions including HELOCs, auto loans, construction financing, and lot loans. Their options are targeted based on the unique needs and opportunities within their local markets in Denver, New Mexico, and Colorado. With strong customer service, fast approvals, and competitive rates, InBank provides financing options to suit your budget and life situation. When exploring loans, consider the advantages and specialized offerings from InBank tailored to your neighborhood.