Own your dream

This depends on the purpose of your mortgage, how you will use the home, and the mortgage product you choose. Contact a mortgage representative to discuss your options.

A pre-approval confirms that you are “credit” approved for a mortgage. This means that we have analyzed your income, assets, and other key factors to determine that you qualify for a mortgage. As a result, the pre-approval also tells you the amount for which you qualified. You can then look for a home within your budget.  

Since a pre-approval is evidence of your ability to obtain financing, it is useful for real estate agents and sellers. It indicates that you are a qualified buyer. Contact a mortgage representative to start the pre-approval process.

There is no fee to apply. We also offer free pre-approvals.

PMI is required if your mortgage amount is more than 80% of the value or purchase price of your home. The value of your home may not cover the amount due if you are unable to repay the mortgage. This insurance gives the lender added protection in such cases. You pay the PMI each month until the value of your property reaches a certain percentage. Depending on the percentage that is reached, we will either automatically cancel the PMI or you can request a cancellation.

An escrow account is set up at closing. The purpose of an escrow account is to help you budget for expenses such as property taxes and insurance. If you are in a special flood hazard area, your flood insurance will also be covered by the escrow account. 

To fund the escrow account, we add a portion of your property taxes and insurance premiums to your monthly mortgage payment. When your tax or insurance amounts are due, we pay the amounts from your escrow account. This saves you time. It also gives you peace of mind that your tax and insurance bills will be paid on time.