Helpful Information

How Much Can You Afford?
Total housing costs, including house payment, property taxes and homeowner’s insurance, shouldn’t be more than 28% of your gross monthly income — your pay before taxes. Total monthly expenses, including car payments, credit cards and other installment loans, shouldn’t be more than 36% of your gross monthly income. These are just guidelines and can be adjusted based upon compensating factors.

Getting Pre-approved
One of the best things you can do in the mortgage process is to get pre-approved before you start house shopping. There are a couple of reasons for this:

• You’ll know exactly how much house you can afford before you start looking
• You’ll have more bargaining power if the seller knows you are already pre-approved for a mortgage loan

In either case, the approval process usually takes two to four weeks, once the application is completed. During that time, we’ll keep you updated on the status of your loan. And as always, we’re available to answer any questions you may have.

Interest Rates
The interest rates on our mortgages are the most competitive available. Because they vary due to economic conditions, we are happy to lock rates once your application is completed. Our quoted rates may be "locked in" for up to 60 days. Click here to see our current mortgage rates on 15- and 30-year mortgage loans.

Down Payment
A typical down payment usually ranges from 0 to 20% of the cost of the house, depending on the terms of the loan and your financial situation. Remember, the more you pay up front, the less your monthly payments. A Countybank mortgage lender will be happy to help you determine the appropriate down payment for your loan.

Closing Costs
Other costs are involved in buying a home, besides the home itself. These are considered closing costs, and they may include items such as attorneys’ fees, loan origination fee, appraisal, credit report and other miscellaneous charges. On average, closing costs represent about 3% of the loan amount. There are loan programs with little or no closing costs also available. In some instances, the person selling the home will agree to pay closing costs.

If you choose, you can pay “points” at closing, which will lower your initial interest rate. Paying points is a prepayment of interest, enabling you to get a lower interest rate. Paying points may be tax deductible. Consult your tax advisor for more information.

A Countybank mortgage lender will walk you through all of your closing costs and review the bottom-line impact they will have on your total closing package.

What You Need to Apply
All we need from you is basic financial information. The application will provide space for you to list sources of income and assets such as savings and checking accounts, in addition to liabilities such as credit cards and other loans. And we’ll need current employment information as well as other credit references. If you are self-employed, a little more information may be required. We can help you complete the application.