Once you click the Apply Now or Get Pre-Qualified buttons you will be directed to a log in screen. Creating an account allows for easier access to your loan applicaiton with the ability to securely send and receive loan documents electronically.
First, you'll complete our online application. The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. Once you've finished the application, you will generally be notified within 7 business day with a condtional loan commitment if approved. If you accept the rates and terms you will be asked for a deposit to continue with the loan process. The deposit will be used as an advance towards the cost of an appraisal.
We'll order an appraisal from a licensed certified appraiser in your area.
Title insurance will be necessary. If you're purchasing a home, we'll work with the real estate broker or seller to insure the title exam is ordered as soon as possible. If you are refinancing, we'll take care of ordering the title exam for you. We'll use the title exam results to confirm the legal status of your property and to prepare the closing documents.
Once your loan has final approval, you will be contacted to coordinate your closing date. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.
The closing will take place either at a Farmers National Bank branch or at a title company in your area which will act as our agent.
Here's what you may have to pay when you close on a mortgage loan:
Down Payment: Cash paid towards the purchase of a home.
Private Mortgage Insurance (PMI): Required insurance that allows you to make a lower down payment to protect the mortgage lender against losses. This cost may change based on your credit score.
Closing Costs: These are typical costs associated with obtaining a mortgage.
Prepaid Interest: Interest paid to cover the number of days remaining in the month you close (amount may change based on final closing date).
Title Insurance: Amount paid to protect against losses resulting from claims by others against your new property.
Points: An optional one-time amount paid by you to lower your interest rate for the life of the loan.
Real Estate Taxes: Amount of funds collected for future tax payments. A reserve is collected at closing (escrow).
No, there is no fee to apply online.
No, you can payoff your mortgage at any time.
By choosing to pay a discount point, you will lower your interest rate for the life of your loan (possibly saving thousands of dollars). Each point is equal to one percent of the loan amount. On a purchase, they are paid at loan closing in exchange for a lower interest rate on your home loan. If you are refinancing, the discount points can be rolled into the new loan amount.
On a fixed-rate loan, the lower rate lasts for the life of your loan. On an adjustable rate mortgage (ARM), the lower rate only lasts for the initial fixed rate period.
To determine if it makes sense for you to pay a discount point(s), compare the cost of the discount points to the monthly savings created by the lower interest rate. Divide the total cost of the discount points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you recoup the cost of the discount points. If the length of time you plan on having this mortgage is longer than the time it will take to recoup the cost, you may consider paying the discount points.
After your refinance or purchase application is submitted, your rate can be locked at any time.
Private mortgage insurance (PMI) protects the lender against default and allows you to buy a home with less than 20% down payment.
Rates posted assume a purchase or no cash out refinance of a single family owner occupied property with a credit score of 740 or above. Other factors would include down payment, property type, and loan program.
Yes, single close owner occupied single family dwelling up to 30 years. Construction loans will have an interest rate .375% higher than posted rates. Additional construction fees will apply. This will increase your APR. Contact a mortgage consultant for more details.
Yes, for buildable lots in developed or undeveloped land. Contact a mortgage consultant for more details.
Yes, we offer a variety of products depending on the number of acres and use of the property. Contact a mortgage consultant for rates and details.
Yes, we offer both fixed and variable rate options with loan terms up to 30 years.
Yes, we offer conventional loans anywhere in the United States.
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