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.
If you're planning to buy your first home, check out our common questions for first-time homebuyers and information about the First-Time Homebuyer Grant.
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.