1. Trust Is The Number Attribute When Selecting a Mortgage Bank

According to our research, the most important characteristic a consumer looks for when you choosing a mortgage banking or broker is TRUST! Invariably, almost all consumers are not aware of this at the very beginning of the process. However as they begin researching various mortgage loan programs, they quickly realize that not all mortgage loan officers are created equal. It is a fact that not every mortgage loan officer is capable of providing the guidance and assistance that makes consumers comfortable and confident that they will be given the proper attention they need and deserve. At NORTH COUNTRY MORTGAGE BANKING CORP., you will be thoroughly guided through the entire mortgage selection and application process by a professional and courteous loan officer who will be with you every step of the way-guaranteed.

North Country Mortgage Banking Corporation - "Real People, Great Rates and No Voicemail!"

By selecting NORTH COUNTRY MORTGAGE BANKING CORP. as your lender of choice, you will be making the right choice. A loan officer will be working with you very closely to provide you with all the information to help you identify the best mortgage loan program the best for you. They will provide you with the current mortgage interest rates for the mortgage loans programs, explain and review all closing costs and fees, provide you with a list of documents you will need to provide the mortgage banking and discuss pre-qualification for you mortgage. Again, we are with you every step of the way. Once you are comfortable with all aspects of the mortgage loan process, a mortgage loan application is take by a mortgage loan officer. It takes approximately 15 minutes to a half hour for a loan officer to complete the mortgage loan application. The mortgage application can be taken at your convenience either by phone, by mail or in person. This is your choice and you decide what is most convenient for you.

2. Total Cost of A Mortgage

When calculating the overall total mortgage costs, you need to start with the current mortgage interest rate for the particular mortgage loan you have chosen. The next step is to consider whether you want to pay points to "buy down" the mortgage rate. In other words, would it be more advantageous to take a lower rate with points or opt for the rate without points. A point is the exact equivalent of 1% of the mortgage loan amount, which is paid as fee at closing.

When calculating the total cost of a home mortgage loan consists you need to take the following into account: the interest rate on the loan, origination fees, discount points, and miscellaneous other closing charges. One point is the equivalent of one percent of the amount of the loan and is usually part of the overall mortgage loan closing costs. The interest rate determines the amount of the monthly payment, while points and other closing fees affect the amount of cash you must have at closing. The vast majority of consumers borrow additional money to offset the closing costs and points.

3. Points Versus No Points

Given the current interest rate market conditions, consumers are faced with the decision of choosing a mortgage loan with a zero points or opting for a loan with points and a lower interest rate. At NORTH COUNTRY MORTGAGE BANKING CORP., your loan officer will offer a range of interest rate/point combinations to meet your needs. Generally speaking, the higher the interest rate, the lower the points. For example, if the current market rate on a 30 year fixed rate mortgage is 6.0%, you can for example opt for a 5.5% mortgage interest rate with 2 points. If you choose the points option, then you will need additional finds at closing which you can borrow from the mortgage loan amount or pay from your savings. Your mortgage loan officer is prepared to explain options to you.

4. Mortgage Interest Rate Locks

Locking in a mortgage interest rate in times of rising rates will work to your advantage and could save you thousands in interest over the term of the loan. Should rates go down significantly after you lock in, then depending on the type of loan you choose, you may be able to have your locked rate reduced on a time basis only. Be sure to ask your mortgage loan officer to explain this to you. At NORTH COUNTRY MORTGAGE BANKING CORP. you will be quoted a rate and respective fees when speaking to your loan officer both at the time of first contact and at the time the application is taken. The rate quoted is typically quoted assuming a 45-day rate lock. Rates in some cases can be locked for longer periods of time (i.e., 60, 75 + days). What this means is that should the mortgage loan application and approval process take longer than the 45 days, the rate lock may have to be extended to guarantee the rate. If the rate lock needs to be extended, there may be charge to do so depending on the current mortgage interest rate market conditions. The additional fee to extend the rate lock for another 30 days could be as high as .5 points or less. Be sure that you are quoted a mortgage interest rate that you ask the loan officer what the rate lock period is for the quoted rate. Also, if you are purchasing a home, you need to strategize with your loan officer the timing of when to lock a mortgage interest rate and for the period of time given a pre-established contractual closing date. Please make sure you understand the terms of the lock-in agreement.

5. Completing The Loan Application Form

The information that needs to be captured on the mortgage loan application varies depending on the type of type of home loan selected. For a full documentation loan where employment and earnings will be verified and substantiated, you will need to provide your loan officer with:

• Name of employer for each applicant
  
  
• Monthly earnings for each applicant
  
  
• Assets and liabilities of each applicant

The list of supporting documentation required is dependent on the type of loan you are applying for. The range of loan documentation ranges from full documentation (as described above) to no documentation. The mortgage interest rates for this range varying significantly as well. Be sure you ask your mortgage loan officer for advice as to the best type of mortgage loan given your employment and income situation.

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