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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”. Additional services such as legal review of a trust or, power of attorney and other ancillary services may add to the fees that we charge as these services add to our costs to process and approve your loan. 2. How quickly can you close on a mortgage loan? Typically, you can close your mortgage loan within 45 days of application, depending on the time of year and the type of transaction. We can sometimes close sooner than that, depending on the transaction and the timeliness of information and documentation provided. 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 for locks in excess of 30 days. Please call one of our mortgage representatives at 603-629-1585 or 888-705-9596 to get more information. 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 home buying needs. 5. Do you offer “portfolio” mortgage loans? Yes, as a credit union, St. Mary's offers a wide variety of portfolio loan programs for non-conforming properties and other situations where more flexible lending guidelines may be appropriate. 6. 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 relatively low down payment and no points. We also offer financing for large, multi-unit properties (5+ units) and mixed-use properties through our commercial lending division-call 603-629-1540. 7. 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 representatives at 603-629-1580 or 888-705-9596. 8. How much money will I need to bring to closing? It varies, depending on whether you 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 so you can plan accordingly. 9. When will I be notified of the monetary amount required at closing? The day before 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. 10. What will I have to bring to closing other than the amount needed to cover closing costs? A picture identification, copy of your insurance binder (or existing policy) with a paid receipt and a certified check for any monetary amount required. 11. Will I get a copy of the appraisal? If so, when? Yes, we will provide you with a copy of your appraisal as soon as it is available. 12. 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 Their Interest May Appear |
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