Mortgage Resources

When you buy or build a home, you will have a lot of questions. After all, this is a huge financial — and emotional — investment, and you want to get it right. We understand. Our mortgage lenders are experts in this field, and we want to share our knowledge with you. If you have questions or concerns, please contact us immediately. In the meantime, here are some resources to help you get started.


Home Buying FAQs

How much house can I afford? 
Its important to have an accurate idea of how much money you can borrow for a home — and how much you can 
actually afford. Often these are different things. Always go with what you can afford. Our mortgage banking experts can help you come up with a figure that takes into consideration your individual situation.

Why should I get pre-qualified?
Getting pre-qualified for your loan will let the seller know that you have met with the bank regarding the mortgage financing and are qualified to move forward with the transaction.

What is a purchase agreement?
The purchase agreement sets the amount of your offer and usually includes extra details such as which appliances stay, who pays closing costs and when you will take possession of the house.

What are closing costs?
Fees associated at the closing of a real estate transaction. All mortgage lenders are required by law to disclose in writing your estimated closing costs and fees.

Will I need homeowner’s insurance?
Yes, you can’t get a mortgage without it. We suggest you contact United Insurance for your insurance needs.


Home Building FAQs

Are construction loans difficult to get?
They may be more difficult to get without a previous banking history because of the lack of collateral (a finished home), but many homeowners find it not only doable, but a rewarding endeavor. It’s beneficial to find a locally owned bank that is vested in your success.

How do construction loans typically work?
Construction loans are typically short term with a maximum of one year and they may have variable rates that move up and down with the prime rate or fixed rates.

How do I go about applying for a construction loan?
You will need to have a signed construction or purchase contract with your builder or developer. The contract will detail certain aspects that will impact your loan, such as contract amount, which includes construction and cost of land (if applicable), construction start and completion dates.

What is construction-to-permanent financing?
This is where your lender combines the construction loan and the mortgage loan into a single 30-year loan with one closing.

How do I go about finding a reputable homebuilder?
You can ask your lender for recommendations or contact your local chapter of the National Association of Home Builders .


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More questions? Please contact us.