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Mortgage

Am I obligated to continue after I submit my loan application?

There’s absolutely no obligation to close the loan with us — even after you submit your loan for approval.

What is the maximum percentage of my home’s value that I can borrow?

The maximum percentage of your home’s value depends on the purpose of your loan, how you use the property, and the loan type you choose. So the best way to determine what loan amount we can offer is to complete our online application!

I’m not sure of the amount of my real estate taxes. What should I do?

If you’re not exactly sure of the annual real estate taxes for the property you are purchasing or refinancing, an estimate will do. The appraiser and title company will provide us with the exact amount later. If you do need to estimate the amount, shoot for the high side just to be safe.

I am refinancing my home. Why do you need to know when I originally purchased my home?

The year you purchased your home and the price you paid for it are provided to the appraiser to assist them in finding data about your home through local public records. In addition, if you purchased your home in the last year, some of the loan programs we offer require us to compare the original purchase price to the current appraised value so that any large increases in value can be justified.

If you don’t remember the exact year and purchase price of the property, an estimate will work just fine.

I am purchasing a home. Why do you need the name of the real estate broker?

One of the first things we’ll do after your loan is approved is to contact the broker to discuss the items required for closing for which the broker or seller might be responsible. Though there is some variance across the country, generally the broker is involved in ordering the title policy or scheduling the appraiser’s inspection of the home. We’ll make sure that everything necessary has been taken care of so that your closing happens as efficiently as possible.

The broker may also want to know that you have taken the steps to obtain financing and that your loan request has been approved. We’ll only provide basic information about your loan approval. It’s really up to you to decide what details you want to share.

Do you provide financing for properties on large tracts of land?

In most cases, we are able to offer financing for homes on large tracts. What’s most important is to determine if the size of your property is common for the area. The appraiser must be able to provide detailed information about the recent sale of similar homes on similar lots that have occurred recently.

If that’s not possible, we may not be able to provide the financing that you are looking for. It’s also important that your property be residential in nature. If the property is a working farm or is used for any commercial purposes, there may be restrictions or barriers to overcome. Contact your Loan Officer if you have concerns about the acceptability of your property.

Does the purpose of my home equity loan make a difference?

The purpose of your home equity loan doesn’t make a difference to us and won’t affect your approval decision. It does make a difference to the federal government, however! We’ll use the information you provide about the purpose of your loan to determine if certain characteristics of your loan must be reported.

Can I lock an interest rate and discount points before I find a home?

Unfortunately, we’ll need to gather some information about your actual home before we can offer a rate lock. You’ll need to have an accepted contract to purchase your new home before we can lock in your interest rate.

I won’t be able to attend the closing. What other options are there?

If you won’t be able to attend the loan closing, contact your Loan Officer to re-schedule or discuss other options. If someone you trust is able to attend on your behalf, you can execute a Power of Attorney so that this person can sign documents on your behalf. In some cases, we may be able to mail you the documents in advance so that you can sign them and forward them to the closing agent. We’re sure to have a solution that will work in your circumstances.

How long does it take for the property appraisal to be completed?

Licensed appraisers who are familiar with home values in your area perform appraisals. We order the appraisal as soon as the appraisal fee is paid, and then it generally takes 10-14 days before the written report is sent to us. We follow up with the appraiser to ensure that it is completed as soon as possible.

If you are refinancing, and an interior inspection of the home is necessary, the appraiser should contact you to schedule a viewing appointment. If you don’t hear from the appraiser within seven days of the order date, please inform your Loan Officer.

If you are purchasing a new home, the appraiser will contact the real estate agent (if you are using one) or the seller to schedule an appointment to view the home.