Frequently Asked Questions

What types of mortgage programs are offered?

There are many types of mortgages, and choosing the right one for you is an important decision. Below lists several programs but talk to a local mortgage professional to see which program is right for you.

15, 20- or 30-year Fixed Rate loans

Adjustable-Rate Mortgage (ARM)

New Construction financing

VA and FHA loans

How long does a mortgage application process take to proceed?

It typically takes 30 days to process an application. The time depends on how quickly the lender can get an appraisal of the property, review your financial statements, employment and credit information.

What could delay my loan approval?

Delays could result if the lender discovers credit problems or if your employment and/or financial status changes between the time you submitted an application and the final loan approval. There may also be a delay if the home you selected appraises for less than the agreed purchase price.

What’s included in my house payment?

Principal and interest on your loan. Depending on the terms of your loan, the payment may include homeowner’s insurance, mortgage insurance and property taxes.

Can I pay those things separately?

With most loans you can pay taxes and insurance separately if you borrow no more than 80% of the purchase price or appraised value of your home. Check with your lender to be sure.

What do the closing costs include?

Closing costs cover processing and administration of your loan. You may also have to prepay interest charges to cover partial month in which you close and deposit money into an escrow account for property taxes, homeowners and mortgage insurance.