Understanding the basics of mortgage loans may be overwhelming. That’s why we’re here to help. Browse our mortgage resources to find all kinds of useful information about the home-buying process.
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Buying Basics
Home Buying Basics
Whether you’re buying your first home or your fifth, it’s important to make the decisions that are right for you, understand each step of the home-buying process, and keep an eye on the details. Countybank Mortgage’s team of experts can help make the whole process efficient, pleasant, rewarding, and as stress-free as possible.
Responsibilities
It’s important to know who is responsible for each step of the home-purchasing process. Let’s start by developing an understanding of your role as the buyer, as well as the roles of the Real Estate Agent and Mortgage Consultant.
The Buyer
- Pick a team of experts who will help you every step of the way.
- Keep your Real Estate Agent informed of any questions or concerns as they develop.
- Keep the process running smoothly by providing documentation and decisions in a timely manner.
- Find the right balance between enjoying the home-buying process and remaining objective and observant. It’s important that you make the business decisions that are right for you.
- Get pre-qualified as early as possible. This will put the power of financing behind you so you can focus on selecting your home.
- Stay in communication with your team — this is very important as the process begins moving.
The Real Estate Agent
- Previews all available homes and weeds out any that do not meet your wants/needs.
- Presents homes that meet your specific criteria.
- Helps differentiate homes that are “good buys” from those that may have to be discounted in the future (due to neighborhood, market appeal, etc.).
- Negotiates the best deal for you by presenting a Pre-Qualification Letter from Countybank Mortgage. This can help strongly influence the seller by demonstrating that you are a qualified and capable borrower.
- Navigates your contract to close out negotiations.
The Mortgage Consultant
- Assists in selecting a loan that fits perfectly into your life. This crucial decision can save you thousands of dollars over the years.
- Keeps you informed of your loan status throughout the entire process.
- Keeps your Real Estate Agent informed of your loan progress (NOTE: All personal information is kept confidential. Only relevant milestones are shared.)
- Acquires your selected loan at the best rate available.
Refinancing Basics
Home Refinancing Basics
A refinance mortgage includes the payoff of an existing mortgage or obtaining a loan on a home you own free of mortgage debt. You may need to refinance their home for a variety of reasons, and Countybank Mortgage has multiple options available to meet your mortgage needs.
Why Should I Refinance My Home?
One of the best reasons to refinance is to lower the interest rate or loan term on your current mortgage loan. When interest rates drop, consider refinancing to a lower rate, a shorter loan term, or even switching to a fixed rate from a current adjustable rate loan.
We also offer cash out refinance options on a primary residence, second home or rental property.
- Receive cash back to complete home improvements
- Receive cash to add outdoor living space and pools
- Recieve cash back to consolidate debt
Now may be the right time to look at refinancing options with Countybank Mortgage.
Building Basics
Home Building Basics
If you choose to build your dream home rather than buying an existing home, Countybank Mortgage can provide construction or construction-permanent financing tailored to your construction specifications.
What is a Construction Loan?
A construction loan provides short-term financing during the construction period with the convenience of a single close process, modifying into a permanent fixed-rate after construction is complete.
Benefits to Building Your Own Home
- Customize your own primary or second home
- Purchase your lot or pay it off with a construction loan
- Select your own builder (must meet bank qualifications)
- Pay interest only during construction
- Draws to builder are monitored by the bank with regular inspections
Types of Loans
Whether you are a newlywed or newly retired, Countybank Mortgage offers loans for every stage of life. The first step is to familiarize yourself with each type. Be sure to make a list of questions to ask your Mortgage Consultant.
Conventional Loan
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA), and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.
FHA Loan
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
USDA Loan
A USDA Home Loan from the USDA loan program (also known as the USDA Rural Development Guaranteed Housing Loan Program) is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
VA Loan
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists, and select surviving spouses (provided they do not remarry).
It can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction. The VA does not originate loans, but sets the rules for who may qualify; issues minimum guidelines and requirements under which mortgages may be offered; and financially guarantees loans that qualify under the program.
Jumbo Loan
A jumbo loan, also known as a jumbo mortgage, is a form of home financing for those whose amount exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
House Plans Radio
Listen to the industry’s most knowledgeable mortgage professionals on House Plans.
Join us every Saturday morning as JD Nelson and guests discuss the latest news, trends, and real estate markets.
Listen live every Saturday, 9:00 a.m. - 10:00 a.m. WORD 98.9 FM
Miss an episode? Download our podcast.
Have a question? Contact us.
Checklist
The following information is usually required during the loan process:
- Your Name, Address, and Social Security Number
- 30 days of pay stubs
- 2 years of personal tax returns
- 2 years of W2 statements
- 2 years of business tax returns, if self-employed
- Bank statements for the past two months
- Retirement account statements for the past two months
- Copy of Driver's License
If you currently own real estate:
- A current mortgage account statement
- Homeowner's insurance policy information
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