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Purchasing a
home can be one of the most satisfying and exciting experiences
of a lifetime. Whether you're a first-time home buyer, moving up
to a larger home or refinancing your current residence, you'll find
SouthEast Bank & Trust will give you Something Extra.
Purchasing a
home can also be stressful and confusing. Before you go house-hunting,
your FIRST call should be to SouthEast Bank & Trust. You'll
find "friends" who will make the process EXTRA easy!
We have the
expertise - and will take the time - to ease you through the home
loan process ... from the day you apply to the moment you're holding
the keys to your new home. In five basic steps, here's what you
can expect:
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A SouthEast
Bank & Trust loan officer will meet with you to explain
what to expect in buying a home. We'll meet at a time and
location that's convenient for you and we will answer many
of your questions. To get the greatest benefit from this initial
meeting, please bring the following:
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- Income
- Last two pay stubs and the last two years W2 forms.
- Bank
Accounts
- Last two months statements.
- Tax
Returns - Most recent two years if self employed.
- Equity
In Your Home - If you own your residence, EQUITY is
the difference between what your house is worth and what
you owe. Copies of your most recent property tax assessment
and monthly mortgage statement would be helpful.
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An important step in purchasing a home is determining what
you can afford to spend on the monthly mortgage payment. That
amount depends on your income, employment status, current
debt, and other factors such as current interest rates. We
will quickly evaluate your financial situation and give you
an on-the-spot estimate of what you can afford. Then, you'll
be ready to shop for only the homes that are in your price
range ... saving you time, effort and money. We can even pre-approve
your application so that you will feel confident when making
an offer on a new home.
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During the initial meeting with your loan officer, we will
assist you in completing a loan application that requests
additional financial, employment and personal information.
The more complete you are in supplying this information, the
faster we'll be able to process, approve and close your loan.
Your loan
officer will ensure you apply for the right type of loan by
explaining your payment options and terms. We'll help you
evaluate a fixed-rate versus an adjustable-rate mortgage.
We'll also help you explore special loan programs such as
VA and FHA (see full descriptions under the "Types of
Loans" section of this webpage). We'll work closely with
you to customize a mortgage that's right for you!
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 Once
you've decided on the home you desire, you need to be fully aware
of expenses beyond your monthly mortgage such as property taxes, insurance
and utilities. For estimates of these expenses, ask the present owners
or your real estate agent. You can verify property taxes through your
local tax assessor's office. Also, contact your insurance agent to
obtain an estimate for homeowner's coverage. Pass this information
to your loan officer.
SouthEast Bank
& Trust will also make sure you fully understand your closing
costs by providing you with a "good faith" estimate. By
reviewing this estimate prior to the loan closing, you can plan
expenses - and avoid last-minute surprises.
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The
final stage in the loan process is the Loan Closing. It's the
date on which the title for the property passes from the seller
to the buyer ... the day you take legal ownership of your new
home. During closing, all details are finalized, checks are
exchanged, paperwork is completed, fees are paid and you receive
the deed and keys to your property. The meeting usually is conducted
at the bank or a title company. Before closing day, we'll make
sure you fully understand your closing costs so you can plan
expenses. Closing costs vary depending on financing, but they
generally include items such as: down payment, appraisal fees,
prorated property taxes and insurance, attorney's fees and lender's
fees/expenses. |
On
occasion after closing, we assign, sell or transfer servicing
of some home mortgage loans to mortgage companies. This allows
us to offer a variety of solid financing options to give you
the best possible rate. However, we will be available to answer
any questions you may have should your loan be sold.
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| There's
a range of mortgage choices available for home loan financing.
Some offer payments that are set for the life of the mortgage,
while others feature smaller initial payments that will fluctuate
with interest rate changes. Your choice in financing will depend
on your unique set of circumstances - your financial lifestyle.
To help you make an informed decision, we'll make sure you understand
the best option for your current situation. |
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Fixed Versus
Adjustable Rate
- Fixed-Rate
Mortgage - This type of financing features an interest rate
that is set for the life of the loan, offering predictable monthly
payments. This loan usually has a higher interest rate than an
adjustable-rate mortgage.
- Adjustable-Rate
Mortgage (ARM) - ARMs normally start with an interest rate
that's lower than fixed-rate mortgages. But the interest rate
(and your monthly loan payment) will move up or down according
to market conditions. Most ARMs have interest rate caps both annually
and over the life of the loan to help prevent dramatic changes
in rates.
Construction
Loans
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you're building a home, a construction loan can be an ideal
source of cash through the building process. Interest rates
are competitive and closing costs are minimal. And you won't
pay any interest until the funds are drawn, giving you a convenient
and affordable way to meet ongoing building expenses. Plus,
upon completion, we can easily and smoothly fund a permanent
mortgage to pay off your construction loan. |
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Refinance
... Save!
When
interest rates drop by at least 1.5 percent below your existing
loan rate, you may be able to save money by refinancing your
loan. Contact SouthEast Bank & Trust to help you determine
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- Reduce
Your Interest Rate - A lower interest rate means lower
payments.
- Reduce
Your Mortgage Term ... And Pay Off The Loan Faster -
Refinancing to a shorter term mortgage can save you thousands
of dollars in interest charges over the life of the loan.
- Convert
Your Equity Into Instant Cash - Borrowing against the
equity in your home can be a low-cost and often tax-deductible
way to get extra money. Plus, mortgage interest rates are
usually lower than other types of consumer loans.
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Let us
help make your dreams of home ownership come true. Call or
go by any SouthEast Bank & Trust office today.
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