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Window of Opportunity
If you are sonsidering 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 sinple and pleasurable. We have the technology to obtain an immediate response to your loan request. With our FREE Pre-qualification process, home shopping can be stress free!
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What's the first thing I need to do when I want to buy a home?
First, you can fill out our simple online pr-qualification, call us, or come in for a personal pre-qualification. The pre-qualifiation allows us to calculate the best monetary range of house for you to buy.
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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 identification
- Two years employment history (W-2's and Income Tax Returns)
- Two months bank statements
- Two pay period stubs
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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 lower, you can buy a more expensive house, because the payments will be lower.
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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 cassette rental. You can take care of errors and disputes before they become problems.
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After I'm Pre-Qualified, what do I do?
Once you established a price range for how much home you can buy you should contact a realestate agent or homebuilder. There are numerous qualified agents and builders we can recomend, and you already know the dollar ammount 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.
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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.
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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.
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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.
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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. The scores come from how many acounts a person has open and how an individual pays their monthly payments. 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.
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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, thay really save on the amount of money they pay. For people wanting to retire without a home laon 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.
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How much can I re-finance?
In most cases, we can loan up to 95% of the current appraised value of your property.
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Can I just call to determine if I would benefit from re-financing?
Yes, you can just call. 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.
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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.
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Why should I come to YNB over any other institution for my financing needs?
We are a bank where we 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. We offer options for you. We could run the numbers to where you are, or call, fax, or email. We can do a lot over the telephone or through the Internet. Contact us now, so we can start "making things happen" for you.
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