Make one of the most important financial decisions of your life with one of the best financial tools: confidence.
Purchasing a home is one of the best investments you can make in life – and often one of the most stressful. At Highland Bank, we work tirelessly to minimize your stress and maximize your confidence in the process. How? By making sure you have the right home mortgage program for your needs. Our purchase programs include:
- First-time home buyer loans
- FHA/VA mortgage loans
- Conventional mortgage loans
- Jumbo mortgage loans
- 3- and 5-year adjustable rate mortgages (ARMs)
- Bare land loans
- Vacation and second home loans
- Investment properties
4 purchase loan essentials to keep top of mind:
- Down Payment. Down payments typically range from 3-20% of the purchase price, depending on the mortgage loan.
- Credit Score. While there’s no exact credit score requirement for mortgage s, it can differ from one lender to another. In general, a credit score in the 600s or higher will put you in a solid position to qualify for a loan.
- Home Appraisal. Once the seller accepts an offer, you’ll need to secure a home appraisal. If the appraisal comes in lower than the planned purchase price, the lender may have to adjust the final closing costs to account for the appraisal shortfall.
- Closing Costs. These are the various fees associated with purchasing a new home that need to get settled at the closing. They can accrue from lenders and third parties involved in your loan transaction and include escrow, home appraisals and title searches.
Refinance
Is it time to revisit the terms of your original mortgage? We know just the place.
Highland Bank gives you two great refinance options to choose from: Rate/term refinance. Choose this option if you want to refinance an existing mortgage to a lower interest rate or different duration (from a 7/1 ARM to a 30-year fixed,* for example) without increasing the loan amount. Cash-out refinance: Choose this option to refinance to a larger amount, changing the interest and terms to receive the funds as an advance. Cash-out mortgages are ideal for home improvements and debt consolidations.
5 reasons to refinance your mortgage:
- Convert an adjustable-rate mortgage (ARM) to a fixed rate. If you have an ARM today, converting it to a fixed-rate mortgage could save you money if interest rates jump in years ahead.
- Free up home equity. If you have equity built up, you could refinance your mortgage to “take cash out” for major expenses.
- Consolidate high-interest debt. If you have significant credit card or other high-interest debt, you can refinance your mortgage and use your home equity to pay it off.
- Get cash to buy another property. Use home equity to put cash down on a vacation home or investment property.
- Combine two mortgages. You can consolidate your HELOC and purchase mortgage into one low, fixed-rate mortgage payment.
