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FAQ
1.  How long does it take to get pre-qualified? Answer
2.  I've never purchased a home before, how does the process work? Answer
3.  What is the difference between pre-qualification and commitment? Answer
4. How do I know how much house I can afford? Answer
5.  What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
6. How do I know which type of mortgage is best for me? Answer
7.  What is mortgage insurance? Answer
8. What does my mortgage payment include? Answer
9. How much cash will I need to purchase a home? Answer
10. What documents will you need from me? Answer
11.  Money for Life, Mortgage Fee Guarantee FAQs

Do all new purchase loans get their Lender fees waived under the Money for Life, Mortgage Fee Guarantee program? Answer

12. Do new refinance loans get their Lender fees waived under the Mortgage Fee Guarantee program? Answer
13. What types of loans can the Money for Life, Mortgage Fee Guarantee program be used for? Answer
14. What are the Lender fees that will be waived under the Mortgage Fee Guarantee program? Answer
15. Are there any credit score, loan-to-value, loan term or loan amount restrictions for the Mortgage Fee Guarantee program? Answer
16. If I received a Mortgage Fee Guarantee certificate previously, but most recently refinanced that same property with another Lender, can I use the certificate to do a new refinance with Central National Bank? Answer
17. Do I need to have a copy of the Money for Life, Mortgage Fee Guarantee certificate to refinance and pay no Lender fees? Answer
18. Does the Money for Life, Mortgage Fee Guarantee certificate expire? Answer
19. When will I receive the Money for Life, Mortgage Fee Guarantee certificate? Answer

Q :  How long does it take to get pre-qualified?
A : Pre-qualification can be a very quick process. It can take as little as five minutes and Central National Bank has three options for you to get pre-qualified now: Apply online here, print an application to complete here, or contact one of our Loan Originators in your area.
 
Q :  I've never purchased a home before, how does the process work?
A : First, pre-qualify for a mortgage with Central National Bank. Next, go house hunting and find your dream home. After you have a fully executed purchase contract, contact your Lender and complete the loan application process. Your loan will then be fully processed and underwritten and the home will be appraised. When underwriting is complete, you will receive a loan commitment from Central National Bank and you're almost done! Schedule your closing, sign your documents and live happily, ever after!
 
Q :  What is the difference between pre-qualification and commitment?
A : A pre-qualification is given upfront, usually when you are in the beginning stages of house hunting. With just a few questions, your Lender can give you an estimate of how much home you can afford and issue a pre-qualification letter, that you can provide to your realtor. A commitment will come from our in-house underwriting team after they have reviewed all application documentation, including appraisal and title search.
 
Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. We will also take into account your employment history, credit history, current savings and debts, and the amount of down payment you are planning to make. You may also be able to take advantage of special loan programs for first-time buyers to purchase a home with a higher value. Give us a call and we can help you determine exactly how much you can afford.
 
Q :  What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
 
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Central National Bank can help you evaluate your choices and help you make the most appropriate decision.
 
Q :  What is mortgage insurance?
A : When you make a down payment of less than 20 percent of the purchase price on a conventional loan, many Lenders will require mortgage insurance. This helps lower the risk of the Lender and enable you to put a smaller down payment on your loan. Mortgage insurance is paid monthly, one-time at closing, or can be worked into your interest rate.
 
Q : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
 
Q : How much cash will I need to purchase a home?
A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing, underwriting, and closing your loan
 
Q : What documents will you need from me?
A : Documents we might need from you include, but are not limited to:
  • Paycheck stubs for most recent 30-day period
  • All W-2's received for the past two tax years
  • Federal Income Tax returns for the past two tax years, including all pages and schedules (include business returns, if applicable)
  • For any liquid assets (checking, savings, CD's, money markets, mutual funds, retirement, stocks, bonds, etc.), account statements for most recent two month period
  • If purchasing: signed purchase contract, including any amendments, addendums, etc
  • Copy of previous appraisal report (if available)
 
Q :  Money for Life, Mortgage Fee Guarantee FAQs

Do all new purchase loans get their Lender fees waived under the Money for Life, Mortgage Fee Guarantee program?

A : Yes! All new purchase applications received on or after January 7th, 2019 that close with Central National Bank will have their Lender fees waived at closing. You will also receive the Money for Life, Mortgage Fee Guarantee certificate to be used for any future refinances of that property. However, please see below for the types of loans and programs that are excluded from the Mortgage Fee Guarantee program.
 
Q : Do new refinance loans get their Lender fees waived under the Mortgage Fee Guarantee program?
A : Not at this time, with the exception of any first permanent financing on a home. Any new refinance that is not construction-to-permanent loan (without a certificate) will pay the Lender fees, however you will receive the Money for Life, Mortgage Fee Guarantee certificate to be used for any future refinances of that property.
 
Q : What types of loans can the Money for Life, Mortgage Fee Guarantee program be used for?
A : Any secondary market loans that are originated through the mortgage division of Central National Bank are eligible for the program, with the exception of the following loans/programs: down payment assistance programs, bond loan programs, assumptions, home equity line of credit loans, and any loans received by Central National Bank from a third-party loan originator (e.g., wholesale or brokered transactions).
 
Q : What are the Lender fees that will be waived under the Mortgage Fee Guarantee program?
A : “Lender Fees” are defined as, and include only, the Central National Bank underwriting fee, processing fee, and any closing fee payable to Central National Bank.
 
Q : Are there any credit score, loan-to-value, loan term or loan amount restrictions for the Mortgage Fee Guarantee program?
A : No! There are NO borrower restrictions, only restrictions on the types of loans and programs the Guarantee can be applied to.
 
Q : If I received a Mortgage Fee Guarantee certificate previously, but most recently refinanced that same property with another Lender, can I use the certificate to do a new refinance with Central National Bank?
A : No. A mortgage relationship with Central National Bank must be maintained on that property to use a certificate that was issued previously. However, while you will pay the Lender fees on the new refinance loan, you will receive a new certificate for Lender fees to be waived on future refinances of that property.
 
Q : Do I need to have a copy of the Money for Life, Mortgage Fee Guarantee certificate to refinance and pay no Lender fees?
A : Yes. On refinance loans, you must present the certificate (copy or original) to the Loan Originator at the time of application of the new refinance loan.
 
Q : Does the Money for Life, Mortgage Fee Guarantee certificate expire?
A : No! The certificate never expires for as long as you own that property.
 
Q : When will I receive the Money for Life, Mortgage Fee Guarantee certificate?
A : At closing, you will receive a copy of the Money for Life, Mortgage Fee Guarantee certificate. About a week after closing, Central National Bank will mail you the official certificate.