![]() ![]() Insurance Homeowner’s insurance provides protection against losses and damages to your home and is required if you owe a mortgage on your home. Home Inspection A home inspection examines the safety of the structure and mechanical condition of the home. ![]() If the property is within a flood zone, the lender will require flood insurance. Flood Certification A flood certification indicates if the property is located within a designated flood zone. Flood insurance, if required, must also be escrowed. Escrow Account An escrow account is a separate account held in a borrower’s name to pay property taxes and insurance premiums. Down Payment Your down payment is the amount of money you are required to pay in cash when you close your mortgage loan. These fees may also be called Settlement Fees. These fees range anywhere from 3% - 5% of the purchase price of your home. These cover any fees associated with the sale of the home like title and settlement services, title insurance, appraisal, lender fees and any other fees carried out during closing. Closing Costs Closing costs are the fees required to pay at closing. Closing The closing is typically held at an attorney’s office and simply means the completion of the transaction involving the sale or exchange of real estate. Mortgage Vocabulary Appraisal A home appraisal is a detailed summary of how much a home is worth and compares the home to similar properties in the same area. Rates, terms and conditions vary depending on the type of loan, loan amount, loan to value ratio, credit evaluation and underwriting requirements.ĥ Compared to other Founders fixed rate mortgage products. All costs, including processing fees, associated with the loan are the responsibility of the borrower. Loan to value and debt to income limits apply. Not NCUA Insured - No Credit Union Guarantee - May Lose Value - Not Deposits - Not Insured by any Federal Government Agency.Ĥ 30-year Fixed Rate Mortgage loan is available for purchase or refinance of your primary residence. Insurance products not underwritten by Founders Financial Group, LLC, or any affiliated company. Additional credit requirements apply.ģ Founders Insurance Services offered through Founders Financial Group, LLC, doing business as Founders Insurance Services. Additional requirements based on length of service and type of discharge apply. Military issued DD214 or Leave and Earnings Statement for Active Duty Military required. Rates and terms vary depending on loan to value ratio, credit evaluation and underwriting requirements. Additional home ownership and credit requirements apply.Ģ Military 15/15 Adjustable Rate Mortgage for our Service members is available for purchase or refinance of your primary residence. ![]() ![]() Rates and terms vary depending on the type of loan, loan to value ratio, credit evaluation and underwriting requirements. Rates and terms may vary depending on the type of Mortgage Loan, loan to value and evaluation of your credit.ġ First Time Homebuyer 7/1 Adjustable Rate Mortgage loan is available for the purchase of your primary residence. Institution's NMLS Identifier Number: #410646 You may obtain information about the Mortgage Loan Originator by accessing the Nationwide Mortgage Licensing System and Registry at Federally insured by NCUA. The SAFE Act requires a mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry and provide their Mortgage Loan Originator Identifier number to a consumer when engaging in a mortgage loan transaction. ![]()
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