You’ve come to the right place for your mortgage!
Visit any loan officer at any branch and you will get the same thing: personalized and reliable service, with local, across-the-desk decision-making for your important loan.
Equal Housing Lender Disclosure - The Friendship State Bank NMLS #454283
We offer a wide variety of mortgage financing options. Find one that fits your budget and your plans. Please visit our MORTGAGE CENTER for full information on rates, and to begin your online application today!
30-Year Fixed Interest Rate Loans
Advantages include the predictability of a fixed interest rate and payment. By far, the most popular type of mortgage loan. Features affordable monthly payments because of the length of time over which you repay your mortgage.
20- & 15-Year Fixed Interest Rate Loans
Cuts your interest costs with accelerated repayment of your mortgage. While monthly payments will be more than with a 30-year loan, your equity builds up faster and interest savings is significant.
Adjustable Rate Mortgages
Stop by or call one of our offices for the most up to date information.
Planning for fees, closing costs and down payments.
There usually are certain fees and closing costs associated with getting your mortgage loan. Typically, an application fee is required to cover the cost of a personal credit report and the cost of an appraisal of the real estate you plan to buy or refinance.
Closing costs might include premiums for homeowners and title insurance, fees for inspectors and loan underwriting, survey charges, and a closing or origination fee (sometimes known as “points”).
We’ll provide you with a detailed estimate of these costs within three days of the receipt of your mortgage application. In addition, we can answer any questions about the amount or type of these fees.
We’ll also provide you with a Truth-In-Lending Statement that discloses the Annual Percentage Rate (APR) for your loan.
Your down payment will depend on the type of loan you get from The Friendship State Bank. The percentage can vary widely from 0% to 20% down. In general, the larger your down payment, the lower your monthly payment, which is why many homeowners prefer to set aside at least 10% of the purchase price of the home for a down payment.
Helpful, timesaving information about the application process.
You’ll need these items when you apply for your loan. Gather them in advance to save time and inconvenience:
- Each applicant’s Social Security number.
- A list of all assets owned, including checking and savings accounts, real estate and investments. For deposit and investment accounts, bring the name and address of the financial institution(s), and the account number(s) and current balance(s).
- A list of all debts. Include the name and address of the creditor, account number, monthly payment and current outstanding balance for each debt.
- Verification of employment. The most recent 4 weeks paycheck stubs and W-2 forms for the past two years.
- Three months previous bank statements on all accounts you’ll use for your down payment.
- A list of addresses covering the past two years of residency.
- If applicable, a copy of your divorce decree or separation agreement along with any child support or alimony payment history.
- If an employer is providing a loan or paying closing costs, a copy of the employer’s statement detailing the costs paid or terms of the loan.
- All applicants should also bring a check to cover the cost of the credit report and appraisal fee. This fee will be applied to your closing costs if your application is approved. If you’re self-employed, bring the previous two years’ tax returns and current profit and loss statement and balance sheet.
Download a .pdf file "Loan Pre-Application Checklist" for your convenience and to help prepare! Viewable with Adobe Acrobat, which is built in to most web browsers or free at www.adobe.com.
What happens next?
After your application is completed, confirmations are done on the information you provided about your employment, income and debts. If there are major differences between your statements and the information reported to us, you will be contacted for clarification.
As a part of the application process, an independent appraiser will estimate the fair market value of the home based on recent sales of similar properties in the area.
As soon as we’ve approved your loan, we’ll contact you right away.
How your application is evaluated. Four major factors are considered when evaluating your application:
- your income
- your assets to pay the down payment and other expenses you incur (cash, stocks, bonds, etc.)
- your credit record, and
- the value of the home.
Get started with us today!
For more information or to schedule an appointment with one of our loan specialists, contact the office nearest you.
At The Friendship State Bank, we know how important the decision is to buy a new home for you and your family. That's why we do everything we can to help make your purchase easier and more affordable.