Buying a home can be one of life's most stressful experiences; however, our friendly and experienced mortgage specialists can help you select the right type of mortgage for your particular needs.
Not all banks are the same...personal service, a listening ear, and tailored approaches to financial services still exist. We take the time to work with you. Whether you’re shopping for your first home, moving to a larger house, building your dream home, or considering a retirement residence, Unity National Bank offers a variety of terms and competitive rates tailored to your individual situation..
Consult with one of our mortgage specialists to pre-qualify and discuss the many options available to you.
Remember to bring the following information along when you apply for a mortgage:
Personal Information:
- Your Social Security Number
- The account n umbers and approximate balances of your checking and savings accounts
- Your statements for the previous 3 months
- Name and account number of all charge accounts and credit cards
- A list of all other outstanding debts
- Statements showing the value of any stocks or bonds you'll be selling to purchase your new home
- A copy of the listing agreement or signed sales agreement on your current property, or the HUD #1 Settlement Statement if the property is sold and settled
- Name, address and account number of current holder of mortgage, or landlord if renting
Income Information:
- Employer's name address and phone n umber
- W2 forms for previous two years
- Year to date pay stubs
- Proof of any additional income you want to include in the qualifying process (pension or disability benefits, alimony, child support, etc.)
Property Information:
- Sales agreement for the home you're buying with your original signature plus those of the seller and a witness
- The name and address of the builder or contractor, the specifications and plans of the home you are building
- Name and phone n umber of the person to contact for setting up an appraisal appointment
- Name, address and phone n umber of closing agent
- Expected closing date
- A copy of the deed to the home
- Adjustable (or Variable) Rate Loans- Usually offer a lower initial interest rate than fixed-rate loans. The interest rate changes over the life of the loan relative to market conditions. Generally, maxim um and minimum rates are established.
- Annual Percentage Rate (APR) - The cost of your credit expressed as a yearly rate. The APR includes your interest rate, points, fees, and any additional credit charges you are required to pay.
- Closing Costs - Additional expenses related to the sale of a house or piece of property. These may include application fees, title examination, attorney's fees, and appraisal among others.
- Escrow - The holding of money by a neutral party prior to closing. Escrow can also be an account held by the lender or loan servicer into whom you pay money for taxes and insurance.
- Fixed-Rate Loans - Usually offered with repayments terms of 15, 20, or 30 years. The interest rate and the monthly payments remain unchanged for the life of the loan.
- Points - The amount of money you pay to your lender to get a mortgage at a stated interest rate. One point equals 1 percent of the loan amount. Usually, the more points you pay, the lower the interest rate.
- Private Mortgage Insurance - PMI is provided by an outside company to protect the lender against default of a mortgage. PMI is usually required for mortgages in which the down payment amount is less than 20% of the sales price. It may also be required in the case of refinancing where the amount financed is greater than 80% of the appraised value of the home.
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