Are you in the market for a home? If so, we’d like to help you buy the one that’s right for you. The lenders at Old Fort Bank know all about financing a home purchase, and, just as important, they know how to make the process as easy and convenient as possible for you.  Listed below is information needed when applying for an Old Fort Bank Mortgage loan…

1. Purchase Agreement- Signed by all parties, original or certified copy with all addendums.

2. Property Information- Legal description (copy of deed or existing mortgage), tax info, year built, lot size.

3. Employment Information- Last 2 years history including names, addresses, zip codes.

4. Income History- Last 2 years, last 30 days pay stubs, social security numbers.

5. Residence History- Last 2 years addresses and landlord’s name and mailing address.

6. Liability History - Names, account numbers, balances for all liability and assets.  (Copy of divorce decree or contingent liabilities if applicable.)

7. Self Employment - Two years signed and dated tax returns, financial statement, any and all corporate or partnership tax returns.  A year-to-date profit and loss along with balance sheet signed and dated.

8. Realtor’s and Insurance Agent Name & Number

For more information please contact our Mortgage Lenders listed below by market areas.

With the mortgage rates at their lowest levels in nearly four decades, homeowners are signing up to refinance. "We have stayed extremely busy in the mortgage area," said Mark Malone, The Old Fort Banking Company's Senior Lending Officer.

People typically refinance a mortgage to get a lower rate and reduce their monthly payments, or to shorten the loan's term and pay less interest.

Rates ranging from 3.5 percent to 5.5 percent have been available from Old Fort. The lower rates are available to those with a better credit rating and a smaller loan-to-value ratio.

But steady as the flow of refinancing applicants has been, it may not be quite as big as it was a few months ago or even a year ago, said Malone and Tom Zirm, an Old Fort Bank mortgage loan officer.

That is because rates have been low for about a year. "People have had plenty of opportunity to refinance," Malone said.

"Our refinancing business has picked up tremendously in the past two weeks," said Dianne Polley-Bodager, another Old Fort Bank mortgage loan officer. Polley-Bodager also attributes the pickup to recent media reports about the low rates.

For those considering whether to refinance, Dianne offers a formula to determine whether refinancing is worth it:

Divide the refinancing closing costs by the amount saved each month in a lower house payment. The result will be the number of months it will take to break even on the refinancing.

For example, say your closing costs are $2,000 and your monthly mortgage payment decreases by $114, Polley-Bodager said. You would recover the $2,000 closing costs in 18 months. If you plan to live in the house more than 18 months, refinancing makes sense, Polley-Bodager said.

Zirm suggests homeowners also consider how many years are left on their current loan. The fewer years left, the greater the portion of their payments going toward paying off principal, which is a good thing and builds equity.

Questions?  Contact Tom, Dianne, Anne, Cyndi or Kay with any re-financing or mortgage questions.