Guide to Refinance, Mortgage,
& Home Equity Loans in
McCandless Township, Pennsylvania (PA)

To help alleviate the worry and stress involved when applying for a home loan, it is important to know what is expected of you. When you visit your loan officer for the first time, you will be interviewed to determine the reason you are in need of a loan in McCandless Township, Pennsylvania. It is important to take these items with you to help answer any questions:

● Purchase contract for the house you wish to buy

● Bank account numbers and address

● Credit card bills

● Pay stubs, W-2 forms to prove employment and salary

● Balance sheets and tax returns if you are self-employed

You will be asked to fill out the most important document involved in the loan process – the loan application. This form will ask a lot of personal and financial questions, including your income, your credit history, any assets you might have, and information regarding the house you are trying to buy. All of this information will be verified before the loan process can proceed. It is important to complete this form as accurately as possible so that there are no delays in the loan process. It is also important to be able to show that you have enough money to make the down payment on your new house. Another important factor is whether or not the house you want to buy is worth what you are paying for it.

Important questions to ask regarding your financial situation:

● Do you plan to live in this house for a long period of time?

● How much can you comfortably afford to pay per month?

● How much money do you have to put towards the down payment?

● Do you expect your income to increase or remain stable in the future?

After this initial meeting, you will know if you qualify for the mortgage type and size you have requested. Since a lot of the information needed has to be verified in writing, the entire loan process may take 3 to 4 weeks. This can be a stressful time for you, but understanding the process will help to make it less so.

Closing

The final step in the loan process is closing. This meeting is set up by your loan officer. Your main role at closing is to review and sign the many documents presented. Each document should be explained to you before you sign it. You will need to get the exact figure of your down payment and closing costs so that you will be prepared to make this payment with a certified check. You should present your homeowners insurance policy at this time if you have not already done so. When every document has been signed and you have made your payment, you will receive the keys to your new home.

Refinance and Home Equity Loans

Checking into a refinance loan or home equity loan if you are already a homeowner in McCandless Township, Pennsylvania can be an option for you.

A refinance loan can be advantageous, especially if you want to change your interest rate or terms of your existing loan. Changing to a loan with a lower interest rate will lower your mortgage payments. Maybe you want to switch from an adjustable rate loan to a fixed rate loan because you anticipate interest rates rising and you are nearing an adjustment period. Whatever the reason, lowering your mortgage payment will free up cash that you can use to pay unexpected medical bills, education costs, or remodeling. Since you are replacing your existing loan, you will go through the loan process from filling out the loan application to closing.

Another option is a home equity loan. This is an excellent way to obtain cash to buy a new car, start up a new business, or even plan a family vacation. The longer you have lived in your home, the more equity you have earned. You can borrow money on this equity. This loan comes in the form of either a line of credit or a lump sum payment. Interest is only paid on the amount you borrow. Home equity loans usually have a shorter term of 10 to 15 years.

Whatever your lending needs are in McCandless Township, Pennsylvania, one of our loan officers will be able to help. Contact our office today for information on a mortgage, refinance or home equity loan.