Mortgage Tips

Don’t Apply For A Mortgage Without Knowing Your Credit History

The better your credit rating, the better your interest rate.  AnnualCreditReport.com will give you a FREE credit report containing your detailed credit history.  It is important to review this information and resolve any issues prior to applying for a mortgage loan.

A lower interest rate will not only reduce your monthly payment, it may save you thousands of dollars over the course of the loan.

If you are planning on buying a home in the next few months, start working on your credit history today!

  • Avoid paying bills late
  • Reduce the balance you owe on credit cards below 50% of the available limit
  • Do not close any accounts.  Your length of credit counts toward a good credit score!

Make An Honest Assessment of How Much Home You Can Afford

Many people are tempted to buy a home that requires a higher monthly payment than they can comfortably afford. Our reputable mortgage lenders will help you determine how much you can afford including taxes and insurance.

It is important to look ahead and factor in future expenses to avoid buying a home that will strain your budget down the road.

Understand The Terms of Your Mortgage Loan

There are very favorable fixed mortgage loan options that provide homebuyers a predictable monthly payment over the term of the loan. FNB offers many types of fixed rate loans including:

  • Conventional Fixed Term Loans
  • FHA Loans
  • VA Loans
  • USDA Loans

Additional adjustable and interest-only loan options are available and may make sense for some borrowers.

Understand The Costs of Your Mortgage Loan

Lenders are required to provide borrowers with a Good Faith Estimate of the closing costs associated with your mortgage. This should be provided to you or mailed to you within three days of receiving your application. Closing costs cover a variety of mortgage loan expenses — including property appraisals, credit reports, processing, underwriting, attorney fees, title search and document preparation.