Owning a home is not only a symbol of achieving the American dream but also a way to contribute toward the prosperity and growth of our great nation. Let Old Glory bank help you choose the best option for your home loan. Applying for a home loan is simple!
Table of contents:
*click on the link to go to the sections below
Applying for a loan:
Who can apply for an Old Glory Bank home loan?
Any US Citizen or valid US resident at least 18 years of age may apply for a home loan.
Those applying for:
- Residential Home Loans for all occupancy types (primary residence, second homes, and investment properties)
- Single Family Residences, Condos, and Multi Unit properties up to 4 units
Note: Minimum loan amount is $50,000
We are not currently lending in NY State.
Start by setting up an account:
- Go to Home Loans | Old Glory Bank.
- Click APPLY NOW.
- Use the calculator under Mortgage, Refinance, or Debt-to-Income to estimate your payments.
Our Home Loan team will help you determine the best options once you apply.
- Click Apply Now.
- Enter your email and Click Continue with email.
- Confirm your email and enter a password. Write it down for your records. Click Continue with email.
- Complete the registration page, including checking the box to consent to do business electronically.
- Under “I consent to receive messages from my lender for status updates on my loan“, click YES or NO to state your preference for receiving updates via text message. Please note the terms and conditions.
- Click Finish Setup.
- You are now on the page to Apply for a Home Loan.
To Apply for a Home Loan:
- Gather the documentation to support your income, assets, and other credit obligations and co-borrower information.
- Click Start Application.
- You will submit your personal information, co-borrower’s information, assets, liabilities, real estate, and loan information.
- You will review the information and click Submit to submit your application.
Don’t worry if you can’t finish your application in one sitting. Simply log out and log back in when you’re ready to continue!
Request support from your lending team:
If you have trouble or questions at any time during the application process, you can request help from your lending team. Just click “Request support” on the top right of the application box. They will receive your request and will reach out as soon as possible.
How will I be updated on my loan progress?
Your Old Glory Home Loan Consultant will contact you every step of the way, provide frequent updates, and be available to answer any questions you might have.
Interest Rates:
What are the current interest rates?
Mortgage rates can vary daily. Please contact a Home Loan Consultant for the current rates on a specific loan product.
Credit score:
- Does my credit score affect the interest rate?
Typically, the higher the credit score, the better the interest rate.
- Will checking the rates and terms I qualify for affect my credit?
Merely checking rates and terms will not impact credit scores. Pulling a credit report to determine what loan products and rates are available based on your credit score could affect your credit.
Locking the rate:
- Locking your rate allows you to keep the interest rate on your home loan from rising between the time you apply for a mortgage loan and the time you close.
- Depending on what stage of the loan process you are in, you can lock your interest rate. Please contact your Home Loan Consultant for details.
- Most rate lock periods are 30-60 days to cover the time from the lock date to the closing date.
- A rate lock can be canceled at no cost; however, the borrower cannot relock with Old Glory Bank on the same property for 30 days. At this point, the application will be canceled.
- A lock can be extended at a cost.
Payments:
- How do I set up recurring payments?
Setting up an automatic recurring payment can be done through the final mortgage servicer after the loan is closed.
- How can I view my mortgage balance and how my payments have been applied?
This information can be viewed with the servicer of the loan.
- What is an Amortization table:
An amortization table spells out exactly what you'll be paying each month for your mortgage. The table will show your monthly payment, how much of it will go toward your loan's principal balance, and how much interest will be paid. Your amortization schedule will be provided to you in your closing package.
- Interest rate vs. APR (Annual Percentage Rate)
The main difference between interest rate and APR is that interest rate represents the cost you will pay each year to borrow money, while APR is a more extensive measure of the cost to borrow money that takes additional fees into account. Since APR includes your interest rate and other fees connected with your loan, your APR will reflect a higher number than your interest rate. You can also consider APR to be your effective rate of interest.
- Prepayment penalty:
If your loan has a prepayment penalty it will be disclosed on the initial Loan Estimate.
- FHA & VA loans will not include a prepayment penalty.
Taxes:
- How are my real estate taxes paid?
If your loan included an escrow account, your mortgage servicer will deposit a portion of each mortgage payment into your escrow (an account managed by your mortgage servicer) to cover your estimated property taxes and your homeowners and mortgage insurance premiums.
Your taxes will then be paid from the escrow account by the servicer.
- How does OGB (Old Glory Bank) obtain my real estate tax information?
OGB will hire a title company to perform a title search to obtain the most recent tax bill. The loan servicer will then estimate future taxes and set the funds aside in an escrow account to pay the tax bill.
- How will I receive my year-end information for tax purposes and for my records?
This information will be provided by the servicer of the mortgage.
Closing:
Closing is the last step in buying and financing a home. Also called “settlement,” closing is when you and all the other parties in a mortgage loan transaction sign necessary documents.
Old Glory Bank’s online home loan closing allows you to complete paperwork and sign documents anywhere.
Closing Costs:
- Average closing costs are typically 3% – 6% of the loan balance, depending on the loan product.
- Closing costs can include an underwriting or administration fee, attorney or closing agent fee, transfer taxes, recording fee, and any other fee associated with obtaining a loan.
- Closing costs may be included or rolled into the loan amount on a refinance loan.
Escrow account:
An escrow account is essentially a savings account that is managed by your mortgage servicer. Your mortgage servicer will deposit a portion of each mortgage payment into your escrow to cover your estimated property taxes and your homeowners and mortgage insurance premiums.
Special Fees:
- UFMIP/Annual MIP — Applies to FHA Loans. Up Front Mortgage Insurance Premium is the initial mortgage insurance premium that can be financed in the loan amount or paid in cash. Annual MIP is the monthly mortgage payment included in the total monthly mortgage payment.
- Funding Fee - VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan. This fee helps to lower the cost of the loan for US taxpayers since the VA home loan program does not require down payments or monthly mortgage insurance.
Helping American Dreams Come True.