loans

Trust Gilmore Bank for your lending needs. We make borrowing fast, simple and affordable. Plus, your monthly payment can be automatically deducted from your GILMORE BANK checking account.

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Mortgage

Purchasing a home can be one of the most exciting experiences of a lifetime. Whether you’re a first-time buyer, moving into a larger home or refinancing your current residence, Gilmore Bank is here to help you every step of the way.

why choose GILMORE BANK for your mortgage?

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local lenders who provide attention to every detail of your loan

we'll guide you every step of the way

Mortgage lenders at Gilmore Bank have the experience, and will take the time, to lead you through the home loan process. You can be assured we’ll be with you step-by-step . . . from the day you apply for your loan to the moment you’re holding the keys to your new home.

In five basic steps, here’s what you can expect:

STEP 1: MEET WITH A LOAN REPRESENTATIVE

A lender will meet with you to explain everything you can expect when buying a home. They’ll meet at a time and location that is convenient for you, and answer many of your questions. To get the greatest benefit from this initial meeting, please bring the following:

income/expenses – accurate list of monthly/annual household income and expenses
bank accounts – savings, checking and investment account balances
loans – balances due to banks, finance companies and others
credit cards – list of all balances and bring copies of most current statement(s)
equity in your home – if you own your residence, equity is the difference between what your house is worth and what you owe; copies of the most recent property tax assessment and monthly mortgage statement would be helpful
tax returns – most recent federal income tax return

STEP 2: PRE-QUALIFY FOR YOUR LOAN ... THEN GO HOUSE-HUNTING

An important step in purchasing a home is determining what you can afford to spend on the monthly mortgage payment. That amount depends on your:

employment status
current debt
credit factors

We will quickly evaluate your financial situation and give you an on-the-spot estimate of what you can afford. Then, you’ll be ready to shop for only the homes that are in your price range.

STEP 3: APPLY FOR YOUR LOAN

During the initial meeting with your loan representative, you’ll receive a loan application that requests additional financial, employment and personal information. The more complete your financial information, the faster we can process, approve and close your loan. Once we have all the required information, your lender can usually provide your loan approval status within 24 hours.

Our mortgage representatives will assist you in finding the right type of loan by explaining your options, such as a fixed-rate versus an adjustable-rate mortgage.

STEP 4: CONSIDER ALL THE COSTS

Once you’ve decided on the home you desire, you need to be fully aware of expenses beyond your monthly mortgage such as:

property taxes
insurance
utilities
down payment
closing costs

For estimates of these expenses, ask the present owners or your real estate agent. You can verify property taxes through the local tax assessor’s office. Also, contact your insurance agent to obtain an estimate for homeowner’s coverage. Pass this information to your loan representative for review before you sign a real estate contract.

Gilmore Bank will also make sure you fully understand your closing costs prior to your loan closing so you can plan expenses – and avoid last-minute surprises. Closing costs vary depending on financing, but they generally include items such as: down payment, appraisal fees, prorated property taxes and insurance, and lender’s fees/expenses.

STEP 5: THE LOAN CLOSING

The final stage in the loan process is the loan closing. It’s the date on which the title for the property passes from the seller to the buyer; the day you take legal ownership of your new home!

During closing, all details are finalized, monies are exchanged, paperwork is completed, fees are paid and you receive the deed to your property. The meeting could take place at the bank or an escrow office.

TYPES OF LOANS

There’s a range of mortgage choices available for home loan financing. Some offer payments that are set for the life of the mortgage, while others feature smaller initial payments that will fluctuate with interest rate changes. Your choice in financing will depend on your unique set of circumstances. To help you make an informed decision, we’ll make sure you understand the best option for your current situation.

fixed-rate mortgage – this type of financing features an interest rate that is set for the life of the loan, offering predictable monthly payments and typically has a higher interest rate than an adjustable-rate mortgage
adjustable-rate mortgage– these loans generally have an initial interest rate lower than fixed rate mortgages. However, the interest rate and the corresponding monthly loan payment will move up or down according to market conditions. Most adjustable rate mortgages have both periodic and life-of-loan rate caps as well as corresponding interim payment caps to help prevent dramatic payment changes

REFINANCE ... AND SAVE!

If current interest rates are 1.5% - 2.0% below your existing loan rate, you may be able to save money by refinancing your loan. We can help you determine if refinancing will allow you to:

reduce your interest rate
reduce your monthly payment
pay off your loan faster - save thousands of dollars in interest charges over the life of the loan