When mortgage rates are 1.5% lower than the current rate on your loan. It may be a benefit even if the interest rate difference is only 1% or less. A rate reduction can reduce your monthly mortgage payments. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.

A good start is, you try our mortgage calculators to see how much mortgage you could pay. You are also welcome to contact us if you do no hear from us within 24 hours. We are in the business and know what kinds of mortgages programs are out there and can help you choose a program that might be right for you. Another good idea is to get pre-qualified for a loan which will also speed the process.

A rate lock gives you protection from financial market fluctuations that could affect your interest rate range. You can choose to lock or not lock your interest rate range. On the date and time you lock, that interest rate range remains available to you for a set period of time. If there are no subsequent changes to your loan and your interest rate range is locked, the interest rate range on your application generally remains the same. If there are changes to your loan, your final interest rate at closing may be different.

When your down payment is less than 20% of the purchase price of the home, the lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage payments. Sometimes you may need to pay up to 12 month’s worth of PMI premiums at closing which can be costly. The best way to avoid this expense is to make a 20% down payment, or ask about other loan program options that may be fit for you.

A credit score is one of the pieces of information that Fidelity Funding Bancorp uses to evaluate your application. Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness. Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use and the number of inquiries that have been made about your credit history in the recent past. Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments will not be paid as agreed. Using credit scores to evaluate your credit history allows Fidelity Funding Bancorp to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.

Your interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees. (Your actual fees may not include all of the items above.) While your interest rate is the rate at which you will make your monthly mortgage payments, the APR is a universal measurement that can assist you in comparing the cost of mortgage loans offered by different mortgage lenders.

A pre-payment penalty is a fee charged to the borrower for paying off their mortgage early. A pre-payment penalty is usually attached to a loan in exchange for a slightly lower rate. Pre-payment penalties benefit lenders by discouraging refinancing if rates fall. In theory, this guarantees a higher rate of return on the money lent. Pre-payment penalties are typically a percentage of the outstanding balance at the time of the pre-payment, or sometimes a specified number of months of interest. However, loans differ on how they structure the pre-payment penalties. We recommend you think twice before agreeing to a pre-payment penalty. No matter how enticing that lower rate, in the long run, you’ll probably be better off paying the higher rate. Why? Because statistics show it’s likely you’ll be refinancing or moving long before you’ve paid off your mortgage.

Yes, as long as certain criteria are met. Typically, you must be a U.S. citizen with established credit and income history. We can occasionally assist borrowers who are not U.S. citizens if the home being financed is a primary residence. Additionally, the property must be located in the 50 United States or the District of Columbia. As always, every situation is different, speak to one of Consultants because each program is unique.

Here is a list of documents that are required when you apply for a loan programs.
Purchase documents. Refinance documents.
Each application is different and you may be required to provide additional documentation. Your cooperation and patience will help speed up the application process.

Your Federal Income Taxes for the past 2 years • Copies of your pay-stubs for the most recent 30-day period and year-to-date • Copies of your W-2 forms for the past two years • Names and addresses of Employers
If self-employed or receive commission or bonus, interest/dividend, or rental income: • Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)e • K-1’s for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1’s are not attached to the 1040.) • Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.) If you receive Social Security income, Disability or VA benefits: • Provide award letter from agency or organization
Complete Debt or Obligations • Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements • Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation.

A good faith estimate (GFE) is an estimate that outlines the costs you will incur during the mortgage process. This is provided to you when you apply for your loan.