Port Washington State Bank offers in-house mortgage
servicing and competitive rates. Our lenders are knowledgeable and
friendly professionals, committed to providing excellent service
as they guide you smoothly through your home loan experience.
Purchasing a new home is a thrilling experience
that can also be intimidating without the personal support you need.
It is the largest purchase most people will make. Port Washington
State Bank promises friendly caring service as we help you through
the transaction, from application and choosing the right mortgage
option for your needs, to closing and receiving the keys to your
new home.
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| Refinancing
Your Current Loan |
Changing market rates or changing
life circumstances may lead you to consider refinancing your present
home loan. You may choose to lower your rate, shorten the term of
your loan repayment, or take additional cash out of your home's
equity for home improvements, tuition or other large expenditures.
Our mortgage lenders can assist you in determining what program
is best for you.
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Fixed
Rate Loans. The majority of people seeking to finance
a home will choose a fixed rate loan. This product offers stability
and security. Knowing what your monthly payment will be allows for
budget planning and peace of mind. Port Washington State Bank offers
a variety of terms at competitive rates. A lender will help you
determine which program best meets your needs.
Balloon
Loans. If you are planning to stay in your home
for 7 years or less, or know that your financial circumstances may
change in a few years, a balloon loan may be right for you. This
loan is locked for 7 years. After 7 years, the balance of the loan
must be refinanced at current rates either for another balloon term,
or into a fixed rate. The advantage of this product is a substantially
lower interest rate for the initial 7-year period.
Adjustable
Rate Mortgages (ARM). ARMs are fixed for a short
period, usually one, two, three or five years, and then the rate
and payment adjust annually for the remainder of the term. These
products are appealing during rising rate markets, as the rates
are lower than those for fixed rate products.
Special
Programs. Port Washington State Bank also offers
special programs for first time home buyers, veterans and those
with low to moderate income, low or no down-payment or less than
perfect credit. Our lenders will advise you about the programs for
which you may be eligible.
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Port Washington State Bank offers
a low interest rate construction and lot loan program to help you
build the home of your dreams. You will pay interest only on the
amounts outstanding during the period of your construction. When
you are ready to move into your new home, your loan is easily converted
to long term financing.
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A lot loan from Port Washington State
Bank enables you to buy a lot now and build in the future. Interest
rates are below prime, and the equity you build can be applied to
your construction loan.
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If you need the equity in your present
home as part of the down-payment for your construction project,
we can offer you a bridge loan. No payments are required on this
loan until your present home is sold. Interest accumulates and is
paid out of your home sale proceeds. This product can also be used
for the down-payment on the purchase of an existing property.
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Port Washington State Bank offers
fixed and revolving home equity loans that may be used for any purpose,
such as home improvement, automobile purchase or bill payment. One
of our lenders will help you select the right program for your needs.
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1. Prequalify
for a Mortgage: This meeting with a loan officer will help
you analyze your financial qualification for purchasing a home.
The lender will review your income, current debts and credit history.
This analysis will help to determine a mortgage range for which
you are qualified. The mortgage plus your down-payment will provide
a price range for homes you can afford. There is no charge for prequalification.
2. Write an offer to Purchase:
Your real estate associate will help you to find that special home
within your price range. He/she will draft an offer to purchase
and see that it is presented to the seller. A check for earnest
money normally accompanies the offer. If you are writing an offer
on a home that is for sale by owner, it is a good idea to get help
from a real estate attorney. The offer will contain a contingency
saying that the contract depends upon your ability to get a mortgage
loan.
3. Acceptance of the Offer:
After the offer to purchase has been presented, any further negotiation
is accomplished through counter offers or amendments. When all the
terms are agreed upon, the offer becomes a contract.
4. Loan Application Process:
The loan officer will meet with you to fill out the loan application
and other related documents and disclosures. This meeting will take
about an hour. At this time, your prequalification will be reviewed
to determine if any changes have occurred which will affect the
application. You will be expected to come to the meeting with items
listed by the lender that allow the bank to verify your credit worthiness,
income, job history, and down payment. The lender will disclose
the amount of money that will be needed to close the transaction.
The loan application is then reviewed by a loan
underwriter who determines if the loan can be approved or if additional
information is needed. Underwriting is a subjective process and,
therefore, questions may arise and should be dealt with quickly
by you and your loan officer. A credit decision concerning your
qualifications can usually be made within 24 to 48 hours after application,
but it will be contingent on an acceptable appraisal of the property
being purchased.
5. Loan Approval and Closing:
Once the underwriter has the appraisal and has approved
the loan, the closing time is set. The closing will take place at
the bank. The real estate firms, or lawyers, and the lender gather
the necessary information and prepare the closing documents. At
closing, various forms are signed and checks and keys are transferred.
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