Have a question on your mind?

6. I want a 20 year mortgage instead of a 30 year, but it means I’ll have to cut back on a lot of things to afford it. Would you allow me to do that?
We offer 5, 10, 15, 20, 25 or 30 year mortgages. Our loan originators can assist you with making this decision.

7. How often can the interest rate on an adjustable rate mortgage (ARM) be changed? Is there a period of time the new rate locks in, or can the lender change it every month if he wants to?
This depends on the type of ARM you choose. Typical ARM loans have a lock period that is followed by a yearly adjustment. For example, if you choose a 5/1 ARM, you would be guaranteed a five-year lock, and the rate would adjust on the fifth year anniversary date and every subsequent year.

8. If I’m pre-qualified for a loan, isn’t it just a technicality that keeps me from being pre-approved? If I qualify, I should be approved too.
A pre-qualification is based on what you tell us at the time of application. A pre-approval requires us to verify all of this information. For example, you tell us what your salary is and we need to get a paystub to confirm the salary information.

9. If my mortgage and hazard insurance payments are kept in escrow until needed, do I earn interest while the money is being held?
Escrow accounts cannot earn interest. Also, the mortgage company that holds your escrow account cannot earn interest on this money.

10. I think the real advantage of the fixed-rate mortgage is knowing what my payment will be every month. Are there any disadvantages to fixed-rate mortgages?
If you know that you will be moving to a new location in less than five years, you should consider an adjustable rate mortgage (ARM) loan. This will lower your interest rate slightly.

11. What if I take out a 30 year loan, but plan on paying it off in 20 years? Is there a penalty for that?
In most cases, there is no penalty.