Mortgage Center
Buying a home is exciting and a little frightening all at the same time. Take some time to review our resources below to help you through your home buying process.I Am Looking At Houses
That’s great. Just make sure you can act quickly when you find your dream home. You can get pre-qualified by reaching out to one of our lenders!
Meet our LendersI Am Not Sure How To Start
No problem. It can be confusing. That's why we have resources to get you started! Take a look at our guide to get started.
Why Sullivan Bank?
Most financial institutions offer similar products, but finding the right lender to get you the best product for your situation is vital. We are committed to finding our SulliFam the best lending solutions!
By becoming a member, you also get access to:
- Savings accounts
- Checking accounts
- Personal loans
- Home equity loan
What Types of Loans Are Available?
You get access to a variety of different mortgage options. If you’d like to discuss your needs with an experienced member of our team, please contact us.
No Down Payment Loans
This type of loan is potentially available for veterans, citizens in rural areas, individuals within eligible income limits and/or home price limits, and others as well. If you have questions, please contact our team.
Low Down Payment Loans
Conventional loans can offer lower amounts of fees and low down payment options. The down payment and rate are based on certain criteria and can be different depending on your situation. To get the most accurate information about what you would qualify for, please contact our team.
Refinancing
Refinancing may be able to help you get a better rate and/or a different term on your current mortgage. If you have questions, please contact our team.
Mortgage FAQs
What if you have had credit problems?
Your credit history is a very important consideration in your ability to qualify for a loan. If you know that you have credit issues, now is the time to sit with one of our lenders and let us help you figure out how they can be repaired. This doesn’t mean that you will be automatically turned down for a loan, but if you are approved, having credit issues can affect the interest rate that you are charged, as well as the amount of any PMI.What is PMI?
PMI (Private Mortgage Insurance) is insurance that provides your lender a way to recoup its investment if you are unable to repay your loan. It is usually required with a conventional loan when the loan amount is more than 80% of the lesser of the home’s value or the purchase price, depending on whether you are buying or refinancing. If you buy a home and you don’t have 20% as a down payment, you will probably have to pay PMI.What are closing costs and who pays for them?
Closing costs are the fees that are charged for the services involved in getting a loan. These expenses are charged to the borrower and cost between 3% and 6% of the amount being borrowed. Typical closing costs include loan origination fees, credit report, title search and insurance fees, property appraisal, recording fees, title company fees, and prepaid interest, as well as escrow account deposits, pro-rated property taxes, and property insurance. Closing costs can vary depending on the type of loan program.
The borrower is responsible for most of the closing fees, but they can be negotiated into the purchase price or added to the purchase price, depending on the loan program. Depending on the loan program, closing cost may qualify. Also be paid by the seller or lender. You might also receive a gift from a qualifying relative, secure a loan, or draw from a retirement fund.
What is hazard insurance?
Hazard insurance is the insurance that you as the homeowner will have to protect your interest in the property. It protects you against damages to the property caused by fire, storm, or other unforeseen occurrences. Typically proof of one year of insurance will be required before you can close on a loan. You are allowed to pick the insurance company yourself, and simply need to make sure that the lender has ongoing proof that you have current, acceptable hazard insurance. This monthly premium can be included as part of an escrow account.Why do you need title insurance?
A title search and report will review any impediment that would prevent you from purchasing a home with a clear title. It will show liens, restrictions, and interests of others that own the property, easements, and anything that might limit the use of the property. A policy is issued by a title insurance company and will insure the homeowner against errors in the title search or report. The cost is dependent on the cost of the property and the work involved with clearing up the title. Typically the search is paid for by the seller and the actual policy is paid for by the buyer. An owner’s policy is only needed when you purchase the property, however; a lender will typically require a new search and insurance policy to protect them each time the property is used for collateral.What is APR?
APR (Annual Percentage Rate) is the total cost to borrow money from the lender over the life of the loan, including the interest rate charged to borrow the money, certain closing costs and lender points. By comparing the APR to the actual interest rate, you will be able to see a true picture of what the loan is costing you. If the APR is much higher than the actual interest rate, extra closing fees or points may have been charged.What is the rescission period?
The rescission period is the waiting period of 3 business days between signing loan papers and the disbursement of the loan proceeds. It is required by federal law on almost all financing of property that is owner occupied at the time the loan papers are signed, such as a refinance or HELOC. It is not required if you are purchasing your primary residence and also using it for collateral on the loan (a typical purchase).What is an ESCROW account?
An escrow account is a trust account established by a lender to hold money for real estate taxes, PMI payments, and hazard insurance premiums as they are received each month. The money is sent to the lender each month in addition to your regular principal and interest payment. When the bill is due, the escrow account disburses the money. If you borrower more than 80% of the home’s value you will be required to escrow with most lenders. Choosing not to escrow can also affect your interest rate.Get your free credit report
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Ready to get started? Connect with a lender today!
Our experienced mortgage team is committed to making the home-buying process as seamless and affordable as possible. We work to make sure you understand how to navigate the process comfortably—so that one of the biggest decisions of your life, is also one of the best.
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