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We'll help you navigate the homebuying process and dig into the details of mortgages.
Frequently Asked Questions
Knowing in advance how to get a mortgage is an essential first step in the home buying process. Belay Bank Mortgage is a trusted and experienced mortgage lender and can easily assist you throughout the process. Before you decide to purchase your first home, carefully assess your own financial situation. Whether you’re married or single, you'll need to determine where you stand financially. For instance, do you know your credit score? What are your current balances on unsecured personal loans, like credit cards and student loans? Belay Bank Mortgage does offer several programs for first-time homebuyers needing little money down; however, strive to have cash on hand, or in reserves, to utilize for any potential down payment, utilities, moving expenses, new home furnishings, or unforeseen emergencies. To help guide you through the home loan process, contact a Belay Bank Mortgage Home Loan Advisor. One of our friendly team members can help you determine the type of mortgage and loan amount that’s comfortable for you, based on your individual financial position.
A fixed rate mortgage is just that, it has a fixed interest rate. Meaning, the interest rate does not change throughout the life of your loan, allowing your principal and interest payment (P & I) to remain the same. However, with an adjustable rate mortgage, the interest rate may vary based on changes in market conditions (up or down). It’s important to know, there is usually a cap on adjustable rate changes, protecting the borrower from the rate (and the corresponding payment) from going up too high. Since there’s the potential for an increase in your payment to occur, an adjustable rate mortgage tends to come with a higher risk. Carefully assess your personal financial situation to determine which is right for you.
Yes, it’s possible for your payment to change. If this occurred, it would be due to any fluctuations in the annual tax assessments to your property or any increase to your homeowner’s insurance policy. Since both are paid monthly through your mortgage payment, any changes to either of these items would alter your payment. Please note, with a fixed rate home mortgage, your principal and interest payments will remain the same throughout the life of your loan.
Interest rates at this time are very reasonable. Sure, it would be nice to wait for a lower rate; however, at the same time, the price of the home can also increase. If you are ready to buy, that is usually the time you should buy! Belay Bank is always ready to assist you in the most important purchase of your life - owning your own home. Feel free to call upon any of our loan advisors to answer your questions and put you on the road to home ownership!
This is a legally-binding agreement between buyer and seller which, when accepted by all parties, confirms the purchase price of the property. Usually the buyer places a small amount of money in deposit as good faith (called "earnest money"). You should not sign a sales contract unless you have reviewed it carefully and perhaps even had it reviewed by an attorney. A contract is often contingent upon many things, such as mortgage loan approval, inspections of well and/or septic systems, satisfactory building inspection and termite inspection. You should make sure your own rights are protected.