Frequently Asked Mortgage Questions

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.

How can I apply for a mortgage through North Country Savings Bank?
There are several ways to apply for a mortgage through North Country Savings Bank: • In a meeting with a Loan Originator at one of our convenient banking locations throughout St. Lawrence County. No appointment is necessary. • At one of our branches in the EagleNet Café using our Eagleview video conferencing • Apply Online
Is there a fee charged or any other obligation if I complete the online application?
There are no fees or obligations when you fill out our online mortgage application.
How do you make decisions on my mortgage application?
Unlike big banks which run your application through a computer, all of the decisions related to your mortgage application are made in-house by a team of Loan Underwriters. During the decision process our expert Loan Underwriters take your entire financial standing into consideration, not just your credit score. If you do not have an established credit history, we will turn to alternative credit, including rental history from a landlord, utility payments or insurance payments.
What other types of mortgages does North Country Savings Bank offer?
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 Originator if you are interested in one of these loans.
How many options does North Country Savings have available for borrowing against my home's equity?

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.

How much do I need for a down payment?
Typically a 20% down payment is required, however you can apply with as little as 5% with Private Mortgage Insurance (PMI) coverage.
I am selling my current home to purchase this new home. What type of documentation will be required?
We'll ask you to provide a copy of the settlement or closing statement of your current home to verify that mortgage has been paid in full.
Does North Country Savings Bank sell their mortgages?
We never sell mortgage loans on the secondary market. In fact, your mortgage will never leave your community. We invest your payments into community organizations and services such as area hospitals, fire training facilities and children’s programming.
Do you offer a rate lock?
Our mortgage rates are good for 90 days from the day of application. If your mortgage closing is delayed past 90 days, the rate may change.
Do you offer No Closing Cost rates?
North Country Savings Bank has a variety of loans including No Closing Cost options. Our Loan Originators can help you determine if you are eligible.
Can I make my monthly payments with an automated debit from my checking account?
Automated monthly payments are available and encouraged. Enrolling in this program means you’ll never miss a payment because the money is withdrawn at the same time each month.
Do your mortgage loans have prepayment penalties?
North Country Savings Bank does not have any prepayment penalties.
What are your current interest rates?
Our interest rates are very competitive and in some cases, home-buyers qualify for a rate discount. Contact a Loan Originator to find out if you qualify.