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Residential Mortgage

Are you in the market for a home? If so, we’d like to help you find the mortgage that will fit your budget and lifestyle.  The mortgage bankers 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.

  • Conventional Loans
  • FHA and VA Financing
  • Low Down Payment Options
  • Expanded Criteria Loans
  • Construction / Perm Loans
  • Lot Loans

For more information please contact our Mortgage Bankers.  

Listed below is information needed when applying for an Old Fort Bank Mortgage loan…

  • Purchase Agreement - Signed by all parties, original or certified copy with all addendums.
  • Property Information - Single Family or multi-family dwelling.
  • Employment Information - Last 2 years history including names, addresses, zip codes.
  • Income History - Last 2 years W-2's, last 30 days pay stubs, social security numbers.
  • Residence History - Last 2 years addresses and landlord’s name and mailing address.
  • Liability History - Divorce Decree/Separation agreement if Child Support/Alimony is received or is to be paid
  • 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.
  • Realtor’s and Insurance Agent Name & Number

How important is it to improve my credit score?

Your credit score is very important…a good credit score can assist you in getting a good mortgage interest rate.   You can check your most recent credit information on by visiting www.annualcreditreport.com .  Remember to have your spouse or co-signer check their credit score as well.  Once you receive your report information, review for accurate information.  Pay down credit card debt if possible.  Collections and judgments should be resolved and paid.   Don’t open new credit card accounts while searching for your home. Continue these good credit habits even after you have opened a mortgage loan.  This displays that you are responsible and builds trusts with all of your creditors.

Refinancing

Refinancing your mortgage can be very beneficial especially in today’s low interest rate environment.  Here are a few reasons you may want to consider refinancing:

  • To lower your  interest rate  (which will result in either a reduced monthly payment or a reduced term)
  • To consolidate your debt into one loan (which may reduce the monthly amount you spend per month)
  • To reduce the monthly repayment amount (in case of a job loss, medical or unexpected expenses)
  • To reduce or alter risk (such as switching from a variable-rate to a fixed-rate loan)

For more information please contact our Mortgage Bankers.   

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