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. Usually our expenses are reimbursed by the lender.

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 extreamly detailed right now. Our mortgage experts know what is needed to get your loan through the application process to settlement. Some times when we receive documentation from you it will initiate the need for additional items and or information.

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 the USDA. It is usually capped at $417,000 which is set by Fannie Mae or Freddie Mac.

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 borrowers who, have little money to put down and may not quit qualify for a conventional loan. Also, they usually will accept lower credit scores.

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 home owners who are 62 years of age or older. Reverse Mortgages can be used for monthly income, homeowners who would like to stay in their house but can’t afford or do not want to the mortgage payments. Reverse mortgages can also be used for lines of credit.

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 rates, but can be higher than current fixed-rate loans after they adjust.

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 on what your payment will be and what you can qualify for.

What is a Commercial Mortgage?

Commercial Mortgages are loans for commercial zoned, multi family or mixed use properties. County Mortgage will be happy to help you obtain a commercial mortgage.