Get the Answers You Need
Frequently Asked Questions
We understand that you may have questions about our loan products and services. To help you get the information you need quickly, we’ve compiled a list of the most frequently asked questions. Browse through the answers below or contact our team for further assistance.
A mortgage is a loan used to purchase or refinance a home or other real estate, where the property itself serves as collateral.
We offer a variety of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and jumbo loans.
Qualification depends on factors such as credit score, income, debt-to-income ratio, and down payment. Our loan officers can guide you through the specific requirements.
Pre-qualification gives you an estimate of how much you can borrow, while pre-approval involves a more thorough check of your financial situation and provides a conditional commitment from the lender.
A HELOC is a revolving line of credit secured by the equity in your home, allowing you to borrow against that equity as needed.
You can borrow funds up to a certain limit for a set period, usually 10 years. You pay interest only on the amount you borrow, and once the draw period ends, you’ll enter the repayment period, where you’ll repay the principal and interest.
A HELOC offers flexibility, lower interest rates compared to other loans, and the ability to use the funds for various purposes, such as home improvements or supplementing retirement income.
If you fail to repay the borrowed amount, your home could be at risk of foreclosure. Additionally, HELOC interest rates are usually variable, which means your payments could increase over time.
Refinancing involves replacing your existing mortgage with a new one, typically to lower your interest rate, reduce monthly payments, or change the loan term.
Consider refinancing when interest rates drop significantly, your credit score improves, or you want to switch from an adjustable-rate to a fixed-rate mortgage.
Costs may include application fees, appraisal fees, title insurance, and closing costs. Our mortgage calculator can help estimate these expenses.
It’s essential to understand your budget, get pre-approved, and be aware of the various loan options available to you. We offer special programs to assist first-time buyers.
The down payment requirement varies based on the loan type, but it typically ranges from 3% to 20% of the home’s purchase price.
Closing costs include fees for loan processing, title insurance, and more. They usually range from 2% to 5% of the loan amount.
Common documents include proof of income, bank statements, tax returns, and identification.
The process typically takes 30 to 45 days, but this can vary based on your financial situation and the complexity of the loan.
Yes, our streamlined online application process allows you to apply for a mortgage from the comfort of your home.
Payments can be made online, through our mobile app, by mail, or via automatic bank draft.
Contact us immediately. We may be able to offer solutions such as loan modifications, forbearance, or repayment plans.
Yes, and there are no prepayment penalties. Paying off your mortgage early can save you money on interest.
