Thinking about applying for a mortgage through North Country Savings Bank but not sure where to start? These common mortgage questions will help guide you through the first stages of the process. Don't see your question answered here? Stop by any of our branches to talk with a Personal Banker or Loan Expert who can help answer questions about your unique financial situation.
There are several ways to apply for a mortgage through North Country Savings Bank:
We offer several types of construction loans for contractors and self-builders. These can include loans for modular homes, manufactured homes, single and double wide homes. Contact a Loan Expert if you are interested in one of these loans.
We have two basic options available, an open-ended line of credit and a closed-end mortgage. Both involve a lien on the property. The basic difference is the manner in which the funds are accessed and repaid.
The home equity line of credit allows the borrower to draw the loan funds as needed, as well as re-borrow from the principal at a later date during the open-end phase of the loan.
The closed end option requires the funds to be drawn by the borrower at the time of closing and monthly payments are established at that time for repayment. This form of home equity loan does not provide for any future use of the repaid funds for the borrower.
First-Time Homebuyer FAQ
Pre-qualification is the first step in the mortgage process, when the lender determines if you are eligible to qualify for a mortgage loan, and determines how much money you are able to borrow based on basic financial information including your income, debt, and assets. There are no rate or loan amount guarantees with pre-qualification.
The pre-approval process is when the lender performs a credit review. This gives the lender a closer look at your financial history, and provides you with more accurate interest rates and loan amounts. Once you are pre-approved, you know how much money you can borrow and how much “home” you can afford.
Applying for a mortgage can be a daunting process, as most lenders explore every aspect of your financial and credit history. Having the proper documents ready can avoid slowing down the approval process so you can start shopping for your new home. Whether you choose to meet with a lender in person or apply online, having the following information on hand will speed up the process:
- Proof of income (W2s, recent paystubs or federal income tax returns, if you are self-employed)
- Balances and monthly payments of all your current debts including credit cards, personal loans, auto loans and student loans
- A list of all your assets including any real estate, automobiles, retirement accounts and deposit accounts
- The address and an estimated value of the home you plan to purchase (if applicable)
Each borrower’s personal household budget is different, and there are benefits and drawbacks to both 15 and 30-year mortgages: the best option for you depends on your long and short-term financial goals. 15-year mortgages have lower interest rates, cost less over the life of the loan and are great for long-term savings. However, the monthly payments on these mortgages are typically much higher than the 30-year option. Our loan experts can help you determine which mortgage is right for you.
Our Loan Experts have more than 10 years of lending experience and are always willing to answer questions and help future homeowners finance their dream home. Each mortgage application we receive is given personalized attention so we understand your unique financial situation to find the right mortgage for you.