Mortgage FAQs
What are the upfront costs?
Usually, the only expense prior to settlement is the appraisal, which you will pay directly to the appraiser. County Mortgage will not charge you anything prior to settlement.
Who does County Mortgage place the loans with?
County Mortgage will place you with the lender who has the product that best suits your needs along with low competitive rates. All lenders are not the same so we have a number of choices where to place your mortgage.
Will County Mortgage attend settlement?
We attend most of the settlements we have. It is all part of customer service to work with you<br />throughout the mortgage process.
Why does County Mortgage ask for the documentation that we do?
The mortgage process is
Why get a preapproval from County Mortgage?
Our mortgage experts know how to structure loans. We have many different lenders to choose from.
Why get a preapproval?
When you put an offer on a house most it makes you a better buyer. The seller knows you can afford to buy the house they are selling.
What is a Conventional Mortgage?
This is the most common Mortgage loan. It is made by banks and is not insured by the Federal Housing Authority, Veterans Administration or
What is a Jumbo Mortgage?
This loan is greater than the limits set by Fannie Mae and Freddie Mac.
What is a FHA Mortgage?
An FHA loan is a loan insured by the Federal Housing Administration. These loans are designed to help
What is a 203k Loan?
This is also a FHA loan. This loan provides money to buyers or home owners who want to finance repairs and or improvements to the subject property. The extra money is held by the bank until the repairs are made. The money can be disbursed in draws as the rehab work progresses
What are Reverse Mortgages?
Reverse Mortgages can be used for buying a house or for current
What are Fixed Rate Mortgages?
A mortgage loan which is fixed for the life of the loan.
What is an Adjustable Rate Mortgage?
Adjustable Rate Mortgages, also known as ARM Mortgages have a fixed period which they will adjust after the pre-designated fixed period. They have caps on how much the rate can adjust each adjustment period and a lifetime cap on the rate. ARM’s can have your payment lower than current fixed
What is a USDA mortgage?
USDA Mortgage loans are underwritten by the United States Department of Agriculture. You can buy a house with zero down payment and have the seller pay all your closing costs. There are areas and income restrictions on USDA loans. USDA loans are good for buyers who do not have or want to put much money into the purchase.
What is a VA loan?
A VA loan is underwritten by the Veterans administration for Veterans. VA loans have 0 down payment<br />requirement. There are no income or area restrictions.
What is PMI?
PMI stands for Private Mortgage Insurance. PMI is required when a borrower is putting down less than 20%. There are several different kinds of PMI. The PMI you choose can make a big difference
What is a Commercial Mortgage?
Commercial Mortgages are loans for commercial zoned,