Here is a list of Frequently Asked Questions (FAQ) people have when considering a home loan or home re-finance at YNB:
- When is my window of opportunity for buying or purchasing a new home?
- What’s the first thing I need to do when I want to buy a home?
- What types of documents will you ask me to provide?
- How do I know when to start the home buying process?
- Will you pull a credit report?
- After I’m pre-qualified, what do I do?
- Is there any charge to re-finance?
- Do closing costs need to be paid up-front?
- How long does the loan process take?
- What is Credit Scoring?
- How much can people save on re-financing?
- How much can I re-finance?
- Can I just call to determine if I would benefit from re-financing?
- I really want a home, but isn’t the whole buying and financing process fairly complicated?
- Why should I come to YNB over any other institution for my financing needs?
1. When is My Window of Opportunity for buying or purchasing a new home?
If you are considering purchasing or building a home, now is the perfect time to do so. You can afford more than you think with these low interest rates. YNB has a loan program for every potential homeowner. We will make financing your home simple and pleasurable.
We have the technology to obtain an immediate response to your loan request.
With our FREE Pre-qualification process, (available by clicking on the words Free Pre-Qualification process), (must be 18 years of age or older to apply) home shopping can be stress free!
2. What’s the first thing I need to do when I want to buy a home?
First, you can fill out our simple online pre-qualification form, (must be 18 years of age or older to apply) call us, or come in for a personal pre-qualification. The pre-qualification allows us to calculate the best monetary range of house for you to buy.
3. What types of documents will you ask me to provide?
Some documents you may be asked to provide for processing your home loan include the following:
- Two forms of personal state- or federally-issued identification
- Two years employment history (W-2’s and Income Tax Returns)
- Two months bank statements
- Two pay period stubs
4. How do I know when to start the home buying process?
Right now is a great time as rates have gone down. When rates are low you can buy a more expensive house because the house payments will be lower.
5. Will you pull a credit report?
Yes, we usually pull a credit report that tells us what your debts are and how you pay those debts. If you have credit issues, then this is a good time to try to fix them. Maybe there are some medical collections, or maybe you didn’t know some video store had slapped a collection on your credit report for an overdue video rental. You can take care of errors and disputes before they become problems.
6. After I’m Pre-Qualified, what do I do?
Once you have established a price range for how much home you can buy you should contact a real estate agent or home builder. There are numerous qualified agents and builders we can recommend, and you already know the dollar amount of the home you’re pre-qualified for. We will give you a letter, which says how much home you are pre-qualified for, and then you start shopping.
7. Is there any charge to re-finance?
You’re going to have closing costs on any transaction. Closing costs include title work and appraisals. A fairly common estimate is that approximately 3% of your loan will go toward closing costs.
8. Do closing costs need to be paid up-front?
Closing costs can be negotiated between the seller and the buyer. On a re-finance, closing costs can be put back into the loan if there is enough value in the home.
9. How long does the loan process take?
We should be able to close in two to three weeks. Your pre-qualification can be completed in a couple of hours. (Must be 18 years of age or older to apply)
10. What is Credit Scoring?
Credit Scoring is given to individuals by the three major Credit Bureaus in the United States. It is based upon how many accounts (credit cards, car loans, mortgages, etc.) the individual has open. It is also based upon how many accounts an individual pays on monthly. For example, if you have too many open revolving accounts, such as credit cards, this tends to bring your score down. Eight hundred is considered a perfect score. A score of less than 620 may show some late payments or too many accounts open.
11. How much can people save on re-financing?
Some people, by lowering their rate, can also shorten their term and still have about the same house payments. By shortening their term 10 or 15 years, that really saves on the amount of money they pay. For people wanting to retire without a home loan payment, this is one way to pay ahead for that. So it’s very worthwhile for us to at least check this out for you at no charge.
12. How much can I refinance?
In most cases, we can loan up to 95% of the current appraised value of your property.
13. Can I just call to determine if I would benefit from re-financing?
Yes, you can just call us at (405) 354-5281. We will need to know your current balance, your current principal interest payment and how many years you have left on your home loan. We can use that to come up with numbers to see if re-financing can save you some money.
14. I really want a home, but isn’t the whole buying and financing process fairly complicated?
It’s not that complicated to buy a home. We work along with the real estate agents, the builders, the title companies, and the appraisers to take the worry out of your home purchase. When rates are lower, you can buy more home. So it may be not only the time to re-finance, but also the time to purchase.
15. Why should I come to YNB over any other institution for my financing needs?
We are a bank that can talk to people one on one. There’s always someone here to help you. At YNB, we want to make your experience fast and friendly. We believe the home buying process should be as pleasurable as possible. Our rates are very competitive, and one of our strengths is personal service. If you can’t get free from your job or from watching the children, call us at (405) 354-5281. We offer options for you. We could run the numbers to where you are, or call, fax, or email them to you. We can do a lot over the telephone or through the Internet. Contact us now, so we can start “making things happen” for you.