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Q: When should I start the mortgage process?
Q: How do I know what I can afford?
Q: How much of a down payment will I need?
Q: How do know if an adjustable rate or fixed rate mortgage is right for me?
Q: What should I ask a prospective lender?
Q: What documents will be required?
Q: How long does the approval process take?
Q: What costs should I expect for application and closing fees?
Q: When should I start the mortgage process?
A: Many people are surprised to learn that the best time to shop for a mortgage is before you start looking for a house. Our mortgage specialists not only explain the mortgage process, they also save you time and disappointment by guiding you to the price range you can afford.
Q: How do I know what I can afford?
A: Our mortgage lenders will work with you to determine the best price range for your financial situation. We also offer an online Mortgage Calculator to help you determine monthly budgets.
Q: How much of a down payment will I need?
A: The amount of your down payment varies with the mortgage program you select. At Fox Chase Bank, qualified buyers can put as little as ten percent down. Our mortgage specialists will work with you to come up with the best formula.
Q: How do know if an adjustable rate or fixed rate mortgage is right for me?
A: First, ask yourself how long you plan to keep your home. If you think you will live there for three years or less, you may want to consider an adjustable rate mortgage. If you aren't sure how long you will stay in your home or you plan to live there a long time, it may be wiser to choose a fixed-rate mortgage. Talk to one of our friendly specialists, who can help you make a sound choice.
Q: What should I ask a prospective lender?
A: You should feel comfortable asking a lender these questions:
- How long have you been in the mortgage business in this area? Experience is a plus. Fox Chase Bank has been in the mortgage business for more than 140 years.
- Will you provide me with a "Good Faith" estimate in writing outlining closing costs and interest rates if I obtain a mortgage from you? Nobody likes surprises at closing. That's why Fox Chase provides Good Faith estimates to all mortgage customers.
Q: What documents will be required?
A: Fox Chase Bank will need information about income, debts, and residency. You may be asked to provide financial information, such as federal tax returns from the previous two years or other documentation, particularly if you are self-employed, own rental property, or have income from sales commissions and bonuses.
It's a good idea to gather necessary documents beforehand — that helps speed up the process. We've put together a convenient mortgage checklist to help you get started.
Q: How long does the approval process take?
A: Approval times vary, depending on how complex your mortgage package is. Usually you will have a verbal approval in 24 hours subject to completion of proper qualifications.
Q: What costs should I expect for application and closing fees?
A: There are several costs associated with applying for and closing on a mortgage, besides the home purchase. Lenders charge a fee for information obtained from outside sources, such as credit reports, flood certifications and appraisals. First-time homebuyers and Fox Chase Bank customers may have certain fees waived. Talk to a mortgage specialist for complete details.
Closing costs may include:
- Finance charges or "points"; one point equals one percent of the loan amount (Some lenders waive points or offer special discounts on closing points)
- Attorney's fees (if you engage one to examine the documents)
- Title insurance fees
- Survey fees
- Fees for recording documents; prepayments of real estate taxes and insurance premiums held by the lender. (The seller sometimes helps the buyer pay some of these costs.)
