Rates Menu
  • Mortgages

  • Business Loans

  • Savings

  • Checking

  • Money Market

  • Certificates of Deposit

  • Individual Retirement Account

    • Download our
    Residential Loan Application
    (requires Adobe Acrobat Reader)
     
    After printing and filling out your application,
     
    Fax to:
    Attn: Henry D. Harseim
    Phone: 815-942-3232
    Fax: 815-942-6109
     
    Mail to:
    Morris Building & Loan
    Attn: Henry D. Harseim
    211 E. Jefferson Street
    Morris, IL 60450
     
    or drop it off during regular business hours.

    Current Rates

    Rates are effective as of Tuesday, August 26, 2008
    and are subject to change without notice.

    Mortgages
    Mortgages
    Term Interest Rate APR Monthly P&I*
    7 Year Balloon** 5.875% 5.897% $591.53 for 84 months
    3-1 A.R.M*** 5.50% 7.417% $567.79 for 36 months
    5-1 A.R.M*** 5.625% 7.120% $575.66 for 60 months
    10 Year Fixed 5.75% 5.757% $1097.69 for 120 months
    15 Year Fixed 6.00% 6.037% $843.85 for 180 months
    20 Year Fixed 6.375% 6.405% $738.23 for 240 months
    30 Year Fixed 6.50% 6.523% $632.06 for 360 months
    Fixed Rate 2nd Mortgages
    Term Interest Rate APR Monthly P&I****
    5 Year Fixed 2nd 6.50% 6.571%  $195.66 for 60 months
    10 Year Fixed 2nd 6.75% 6.791% $114.82 for 120 months
    15 Year Fixed 2nd 7.00% 7.031% $89.88 for 180 months

    Note: APR = Annual Percentage Rates.

    Mortgage Rates are as of Tuesday, August 26, 2008.
    * The rates and monthly payment schedule (principal and interest) assume a 20% down payment for a first mortgage on a purchase or refinance of a $100,000 loan on a owner-occupied single-family residence or owner-occupied duplex.
    ** Amortized over 30 years with a final payment of $89,437.71 due at the end of 84 months.
    *** Interest rate is fixed for an initial period of three or five years. Loan is amortized over a period of 30 years. After initial period, interest rate is adjusted based upon the one year US Treasury plus a margin of 3%.

    ****The rates and monthly payment schedule (principal and interest) for the Fixed Rate 2nd Mortgages assume a $10,000 loan on an owner-occupied single-family residence or owner-occupied duplex.

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    Business Loans
    Business Loans
    (as low as)
    Term APR*  
    5 Year 6.15%  
    Interest Rates are subject to credit approval.
    Real Estate Business Loans
    (as low as)
    Term APR* Amortized
    5 Year Balloon 6.15% Up to 25 Years
    7 Year Balloon 6.65% Up to 25 Years
    10 Year Balloon 6.85% Up to 25 Years
    Interest Rates are subject to credit approval.
    * annual percentage rate. Subject to credit approval.

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    Savings
    Account Type APY* Interest Rate Minimum Deposit to Open Interest Compounds
    Regular Savings 0.76% 0.75% $10 Daily
    Christmas Club 2.05% 2.00% $10 Daily
    Cowabunga Kid's Club 2.05% 2.00% $10 Daily
    Note: Fees could reduce earnings.
    * Annual Percentage Yield

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    Checking
    Lifetime Checking
    Balance to Maintain APY APY* Interest Rate Minimum Deposit to Open
    $200.00 to $2,499.99 1.01% 1.00% $200
    $2,500.00 to $9,999.99 1.51% 1.50% $200
    $10,000 to $19,999.99 2.07% 2.05% $200
    $20,000 or more 2.58% 2.55% $200

    *Annual Percentage Yield

    **If your balance falls below $200 within the monthly statement cycle, the account will be assessed a $5.00 charge, plus $.25 per check over 10 for that monthly period.  Fees could reduce earnings.

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    Money Market
    Balance to Maintain APY APY* Interest Rate Minimum Deposit to Open
    Regular
    $0 to $2,499 .50% .50% $2,500
    $2,500 and greater* 1.01% 1.00% $2,500
    Gold Premier
    Up to $4,999 1.01% 1.00% $5,000
    $5,000 to $24,999 2.27% 2.25% $5,000
    $25,000 to $49,999 2.68% 2.65% $5,000
    $50,000 and greater** 2.99% 2.95% $5,000

    *Annual Percentage Yield

    **If the balance falls below $2,500 during the monthly cycle an $8.00 service charge will be assessed to your account.
    *** If the balance falls below $5,000 during the monthly cycle an $8.00 service charge will be assessed to your account.
    Note: Fees could reduce earnings.

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    Certificates of Deposit
    Term APY* Interest Rate Minimum Deposit to Open Interest Compounds
    91 Day 2.09% 2.05% $500.00 Quarterly
    6 Month 2.30% 2.25% $500.00 Quarterly
    12 Month 2.61% 2.55% $500.00 Quarterly
    18 Month 2.77% 2.70% $500.00 Quarterly
    30 Month 2.92% 2.85% $500.00 Quarterly
    48 Month 3.13% 3.05% $500.00 Quarterly
    Special Promotions
    11 Month 3.28% 3.20% $1,000 Quarterly
    33 Month 4.00% 3.89% $1,000 Quarterly
    * Annual Percentage Yield

    **Penalty for early withdrawal.

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    Individual Retirement Accounts
    Term APY* Interest Rate Minimum Deposit to Open Interest Compounds
    IRA Builder Passbook 2.60% 2.50% $10.00 Quarterly
    18 Month 2.87% 2.80% $500.00 Quarterly
    30 Month 3.02% 2.95% $500.00 Quarterly
    48 Month 3.23% 3.15% $500.00 Quarterly
    * Annual Percentage Yield

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    For more information, email us at info@morrisbl.com