Hancock Bank

Hancock Bank is part of Hancock Holding Company, which is the parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, and Hancock Bank of Florida. It has 103 full-service offices, more than 135 ATMs, online banking and bill pay services, and many subsidiaries (Hancock Investment Services, Inc., Hancock Mortgage Corporation, Hancock Insurance Agency, Magna Insurance Company, and Harrison Finance Company).  The company was formed in 1899 and is now headquartered in Gulfport, Mississippi. By the early 1900’s, Hancock Bank had expanded considerably, all through Mississippi. Hancock merged with American Bank of Baton Rouge in 1990 and established a Hancock Bank presence in Louisiana.  In March 2004, with the acquisition of Tallahassee's Guaranty National Bank, Hancock Bank also established a presence in Florida. Today, Hancock Holding Company has $4668 million in assets and has posted an $88 million pretax income for 2005.

Hancock Bank Mortgage Loans

Hancock Bank offers many different loan options, with the adjustable rate loan being quite popular.  The most common types of adjustable rate mortgages offered by Hancock include: 6-month; 1/1 (adjusts annually); 3/1 (fixed for three years, adjusts annually thereafter); 3/3 (fixed for three years, adjusts every three years thereafter); 5/1 (fixed for five years, adjusts annually thereafter); 7/1 (fixed for seven years, adjusts annually thereafter); and 10/1 (fixed for ten years, adjusts annually thereafter).  Hancock Bank also offers the 15, 20, or 30 year fixed rate loan.  In this type of loan the interest rate is fixed for the life of the loan.  Balloon mortgages, fixed rate mortgages which are paid in full with a single balloon payment are also offered.  The loan amount is amortized on a 30 year payment schedule, but the loan is for a shorter term with a single (balloon) payment due when the term is up. Hancock Bank funds a 7/23 balloon mortgage.

Hancock Bank First Time Buyer Home Loans

Hancock Bank supports the Fannie Mae's Community Home Buyer's Program which enables borrowers to use a greater amount of their monthly income toward housing costs compared to other standard mortgage products. It is part of a suite of Community Lending mortgage products and options designed to help low- and moderate-income borrowers overcome the two primary barriers to homeownership: lack of funds for the down payment and insufficient income to qualify.  Fannie Mae has other flexible financing solutions for the low to moderate income purchaser.  Both the Flexible 97 and Flexible 100 Mortgages are available as 15- or 30-year fixed-rate loans, or as 5/1, 7/1, and 10/1 adjustable-rate mortgage (ARM) loans. There is no down payment (Flexible 100) or 3 percent down payment (Flexible 97).  A minimum contribution of at least $500 of the purchaser’s own funds (Flexible 100 only) must be made, or 3 percent from flexible sources of funds (Flexible 100 and Flexible 97) toward the down payment and/or closing costs. In addition to personal funds, allowable flexible sources include gifts, grants, secured borrowed funds, and unsecured loans from relatives, employers, public agencies or nonprofit organizations.

Hancock Bank funds in all states except Hawaii.  They accept online applications and can pre-approve the customer in just minutes.  A pre-approval letter will be issued and can be printed to use when speaking to a real estate professional.

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