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Mortgage
1. How much are your mortgage closing costs? Mortgage closing costs vary, depending on the type of transaction (purchase or refinance), size of the loan and whether or not you are paying "points". 2. How quickly can you close on a mortgage loan? Typically, you can close your mortgage loan within 30 days, depending on the time of year and the type of transaction. We can sometimes close within ten business days from application! 3. Do you offer rate locks on mortgages? For how long? Does it cost extra to lock in? We do offer rate locks on residential mortgages, for almost any term needed: 30-, 45-, and 60-day locks, or longer. Additional fees and/or higher rates may apply. Please call one of our Mortgage Specialists at 603-629-1580 or contact us for pricing options. 4. Do you have special first-time buyer mortgage programs? Yes, we participate in New Hampshire Housing, FHA, VA, and several other programs designed to meet the needs of first-time homebuyers. We also offer FREE pre-approval by phone or in person to potential homebuyers to determine the best mortgage programs to fit their specific needs. 5. Do you have "NIV" (no income verified) mortgage loans? We do! We have very attractive terms for our "no income" programs. Contact one of our Mortgage Specialists at 603-629-1580 for more information. 6. Do you offer portfolio mortgage loans, or mortgage loans for someone with less-than-perfect credit? Yes, as a credit union, St. Mary's offers a wide variety of portfolio loan programs for non-conforming properties, less-than-perfect credit history, high qualifying ratios and other situations where more "flexible" lending guidelines would be appropriate, such as no income verified (NIV) loans and no "PMI" 80/20 plans. 7. Do you offer mortgage loans to purchase investment property? Yes, we offer mortgage loans for investment property. Our most popular program for 1- to 4-unit investment properties allows for a low down payment, subject to private mortgage insurance. We also offer financing for large, multi-unit properties (5+ units) and mixed-use properties through our commercial lending division-call 603-629-1540. 8. Do you offer mortgage loans to purchase second homes? We do! We offer second and vacation home financing. We can also finance three-season homes and summer cottages with one of our portfolio programs. To find the mortgage program that best meets your needs, please contact one of our Mortgage Specialists at 603-629-1580 or contact us. 9. How much money will I need to bring to closing? It varies, depending on whether your are purchasing, or refinancing, the type of loan program and the size of the loan. Within three business days of application, you are provided with a "Good Faith Estimate" of what you will spend on closing costs. 10. When will I be notified of the monetary amount required at closing? Twenty-four hours prior to your scheduled closing, you will receive a call from the settlement agent letting you know if you need to bring a certified check to the closing and exactly how much it needs to be. 11. What will I have to bring to closing other than the amount needed to cover closing costs? A picture identification, copy of insurance binder with paid receipt and a certified check for any monetary amount required. 12. Will I get a copy of the appraisal? If so, when? Yes. If St. Mary's Bank had an appraisal performed in conjunction with approving your mortgage request, we will provide you with a copy at closing, or sooner, upon request. 13. How should St. Mary's Bank be listed on the homeowners insurance? The correct wording is as follows: St. Mary's Bank, Its Successors and/or Its Assigns, As They May Appear |
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