FREQUENTLY ASKED QUESTIONS
BankMortgageSolutions.com is a subsidiary of First National Bank located in Hays, Kansas. In 1903 First National Bank received its bank charter and the bank is still going strong today.
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Our focus is to help you financially, with very competitive mortgage rates. We accomplish this by monitoring the interest rate climate on a continuous basis to find the program that saves you the most money. We have relationships that we have earned with companies who are looking for high quality loans-and as a customer of ours, they'll give us terrific terms and rates, for the amount of volume we do. This translates into savings for you-on your home loan and the associated fees.
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We partner with mortgage loan professionals all over the nation to deliver closing, title appraisal and credit services. Then, we make arrangements to have the documents available to you to sign in your local market, and the documents are couriered back to us.
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When you lock a loan rate and term with BankMortgageSolutions.com, we reserve these funds for you and we cannot re-allocate the funds to another borrower. We have to act in good faith with the mortgage professionals we deal with in the industry, and we would ask that you do the same--- so that we can continue to offer the best rates possible.
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Generally real estate salespeople will refer you to lenders that they are comfortable with. And it’s good that they have relationships, but how do you ensure that you are getting the most current, and up-to-date rates and terms possible? At BankMortgageSolutions.com, we help you make comparisons—instead of having just one program—and with our bank, what you see is what you get!
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Based upon your financial situation, your present employment and your credit history, we require the least amount of information possible to speedily get you into a home mortgage that will save you money—and do our best to keep documentation “under control”.
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In short, SAVINGS, PEACE OF MIND AND SERVICE. Making mortgages is all we do at BankMortgageSolutions.com. We are not looking for a ‘one shot’ relationship, we hope that you will come back to us for your future needs and refer us to people you care about. With BankMortgageSolutions.com, you will SAVE MONEY, have the PEACE OF MIND of knowing that you are getting a competitive loan, and we promise great SERVICE.
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For most people, home ownership is within reach - especially with some of the special programs we offer for first-time home buyers. In fact, for many, home ownership is as affordable as renting - in some cases even more affordable. We’re a national discount lender with a solid emphasis on mortgage loans… we understand how to help you get into home ownership. We enjoy helping people, too!
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Depending on your savings and debts, this can very pretty dramatically. One might consider two to three times your gross household income as being “in the ball park”. However, some special loan programs offer low interest rates initially, that may increase over time. This allows someone to have their income grow with future changes in payments and can allow one to buy a larger home. If you'd like to know exactly how much home you can afford and qualify for, speak with one of our experienced loan originators… it’s easy to pre-qualify on-line.
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It's true you can't actually apply for a mortgage until you've chosen your home and signed a contract to buy it. But we can pre-qualify you in advance so that you’ll know what price range of home you can afford.
Our lenders will listen to you--- and help you understand the process of getting a home loan, even if you’ve never had one before. By taking the time, you'll already have a good relationship with a banking representative--- and when it comes time to apply for your mortgage, everything should go smoothly.
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When most people think about choosing a mortgage lender, they think about finding the lowest rate. At BankMortgageSolutions.com, we have seasoned veterans ready to assist you, and many value-added services—because you’ve made the decision to form a relationship with us.
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You could say that, because all mortgages fall into one of these two categories
-- that is, the interest rate you pay is either the same (fixed) for the life
of the mortgage, or it can change (adjust) over the life of the mortgage.
Fixed-Rate Mortgages
With this type of mortgage your monthly payments for interest and principal
never change. Property taxes and homeowners insurance may increase, but
generally your monthly payments will be very stable.
Fixed-rate mortgages are available for 30 years, 20 years, 15
years and even 10 years. There are also "bi-weekly" mortgages, which shorten
the loan by calling for half the monthly payment every two weeks. (Since there
are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every
year.)
Adjustable-Rate Mortgages (ARMS)
These loans generally begin with an interest rate that is 1% to 3% below a
comparable fixed rate mortgage, and could allow you to buy a more expensive
home.
However, the interest rate changes at specified intervals (
for example, every year) depending on changing market conditions; if interest
rates go up, your monthly mortgage payment will go up, too. However, if rates
go down, your mortgage payment will drop also.
Ask your loan originator about these and other special kinds of mortgages that are tailored to fit your specific financial situation.
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There isn't a single, simple answer to this question. The right type of mortgage for you depends on many different factors:
Your current financial picture;
How you expect your finances to change;
How long you intend to keep your house;
And how comfortable you are with your mortgage payment changing from time to time.
For example, a 15-year fixed-rate mortgage can save you many
thousands of dollars in interest payments over the life of the loan, but your
monthly payments will be higher. And an adjustable rate mortgage may get you
started with a lower monthly payment than a fixed-rate mortgage -- but your
payments could get higher when the interest rate changes.
The best way to find the "right" answer is to discuss your
finances, your plans and financial prospects, and your preferences frankly with
a loan originator.
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It may seem that loan companies ask for a lot -- but actually all your loan originator or mortgage processor needs to know about you is your employment and finances, and information about the home you’re buying.
However, you will need to provide detailed information about these topics, and the quicker you respond, the more apt your application process is to go much more smoothly. Be prepared with bank statements, paystubs, and information about who you have existing credit with. Your mortgage loan originator knows what information you'll need to complete your application.
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Many home buyers are very worried about this issue. We've even heard one story that an applicant was denied a mortgage because he had returned a rented videotape late!
Of course, that could never happen. And most people don't need to worry about the effects of their credit history. However, you can be better prepared if you get a copy of your credit report to review before you apply for your mortgage. If there are any blatant errors on your report, you can take steps to correct them before you make your application.
If you have had credit problems, be prepared to discuss them honestly with your loan originator-- and come to your application meeting with a written explanation. Responsible mortgage lenders know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit will probably be considered satisfactory.
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It's probably less than you think. Many first-time buyers are surprised to learn there's no set answer to this question. Generally, though, your down payment can be anywhere from three to twenty percent of the home's value. Down payments can be lower for some special, first-time buyer loans, and veterans or those on active military service can obtain loans with no down payment at all.
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For most homeowners, the monthly mortgage payments include three primary parts: a payment on the principal of the loan (that is, the amount borrowed); a payment on the interest; and payments into a special account (called an escrow account) that your lender maintains to pay for things like hazard insurance and property taxes. These elements are called P.I.T.I. (Principal-Interest-Taxes-Insurance).
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Your lender will begin the work of verifying all the information you've provided. This process can take anywhere from one to six weeks, depending on the type of mortgage your choose, whether you're buying a home outside your local community, and other factors.
Within three business days after your application, the lender must give you an estimate of your closing costs. (The closing is the actual settlement of your loan.) You'll also get a statement that shows your estimated monthly payment, the cost of your finance charges, and other facts about your mortgage.
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You can reach us by e-mail us at
info@BankMortgageSolutions.com and if you need immediate assistance give us
a call at 866-603-3208 during business hours CST.
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