FAQ

How do I know what type of mortgage is best for me?

The ultimate answer to this question will be determined through one of our mortgage bankers. We will help you obtain the "best" answers; here are some items to consider in helping you address this question:

• Your current financial picture.
• Do you expect your finances to change?
• How long do you intend to keep your house - one of the most important aspects of your decision making process! Our experts will help you understand why.

What are the reasons for refinancing?

It just depends on what your objectives are. Some of the most popular reasons are:

• To convert a portion of your equity into cash by obtaining a new loan for a larger balance than your current loan.
• To lower your monthly payments by refinancing at a lower interest rate.
• To consolidate debt by refinancing a higher loan balance and using the cash difference to pay off credit cards, auto loans or other debts.
• To switch from an adjustable rate to the stability of a fixed rate.
• To pay off the mortgage sooner by switching to a shorter term.

What is "APR" and why is it different from my interest rate?

The Annual Percentage Rate (APR) is the total yearly cost of a mortgage. It is stated as a percentage of the loan amount which includes the base interest rate, mortgage insurance, loan origination fees, points and certain other expenses (if any). Your interest rate, commonly called the note or base rate, is the rate used to calculate your monthly payments.