Look to New Frontier Bank for a full range of lending options. Our loan products and lines of credit can be tailored specifically to meet your needs. All lending decisions are made locally by the people you know and trust. Stop the headaches and enjoy the convenience of having your loan serviced locally.
Refinancing Your Mortgage
If you have an existing mortgage it may be beneficial for you to consider a refinance. If current mortgage rates are lower than the rate on your existing mortgage, it could save you significant money. If your mortgage is an Adjustable Rate Mortgage and your interest rate and payment are beginning to increase, refinancing into a Fixed Rate Mortgage could be extremely helpful. If you are currently unhappy with the customer service and lack of local servicing, refinancing with a lender that offers local servicing could relieve many of your headaches.
Type of Mortgage
There are two basic types of mortgage loans: Fixed Rate Mortgage and Adjustable
Rate Mortgage loans. The Fixed Rate Mortgage offers a fixed rate and payment
amount for the term of the loan. You pay the same monthly mortgage payment from
the first month to the last month of the loan. The interest rate is fixed and
does not rise or fall with economic conditions. An Adjustable Rate Mortgage,
also known as a Variable Rate Mortgage, features an interest rate that rises
or falls along with the direction of interest rates. When the interest rate rises,
your monthly payment goes up. If the interest rate goes down, your monthly payment
goes down. Any time you consider an Adjustable Rate Mortgage it is important
to calculate what the monthly payment would be if the interest rate were to rise
to its highest possible level.
What to Expect Once You Apply
Once you have submitted your complete application your lender will discuss rate lock options with you. You can lock your rate upon loan approval or you can float the rate if you expect rates to go down. Your lender will send you a good faith estimate of costs related to the loan and purchase of the home along with other required disclosures that you will be required to sign and return along with any other requested information to complete your file.
Your lender will have an appraisal ordered on the property, order title insurance and a flood letter. All you have to do is wait for your lender to call and schedule your closing.
Shelley Shannon
Vice President of Lending
“I enjoy being able to help everyone from the first-time homebuyer to established businesses needing a loan. By being able to give customers the time to listen to them, I am able to work with them to determine the best way to accomplish their goals.”
