Residential Mortgage Loans

As you continue the search for your next home or consider the refinancing of your existing home, please think of Hopewell Valley Community Bank to meet your mortgage needs. A full array of residential mortgage products are available from our courteous, helpful, and professional staff. Our goal is to simplify and expedite the mortgage process, and to help you fulfill your dreams.

APPLICATION CHECKLIST

Download our residential mortgage loan application and complete it. Then review this checklist and gather together the required documents so that when you schedule an appointment with Karen McIntyre, our Senior Mortgage Representative, everything will be in order to process your application as quickly as possible. Karen can be reached at (609) 466-7399.

Purchasing a New Home
When you're ready to buy a new home, let Hopewell Valley Community Bank take you there! Our lending professionals have years of experience in guiding homebuyers like you through the often confusing mortgage loan process to develop a loan that fits your needs. To help you with your new-home purchase, we have outlined four basic steps:

Step 1
Pre-Qualification - Determine the mortgage amount you can afford, using our home mortgage calculators.

Step 2
Determine the Appropriate Type of Loan – Hopewell Valley Community Bank offers a variety of mortgage loans.

Step 3
Compare Interest Rates - We offer competitive rates that help make home ownership affordable.

Step 4
Apply for a Loan - Our downloadable mortgage application and pre-approval offers you a fast, easy way to get the financing you need to purchase your home today!

What we can offer you:

• Loans with no downpayment
• Flexible housing and total debt rations
• Private Mortgage Insurance (PMI) if down payment is less than 20%

Whether you prefer the security of a fixed rate mortgage, or the flexibility of an adjustable rate mortgage, Hopewell Valley Community Bank can meet your home financing needs.

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What is a Fixed Rate Mortgage?
Fixed rate loans allow you to avoid any rate changes for the entire life of your loan. You determine the amortization or repayment period that best fits your needs. If rates are low and will be rising, fixed rate loans are a good option because they lock in the low rates. Fixed rate loan types include 30/20/15/10 year fixed rate mortgages with 0, 1, 2, or 3 point rates, including conforming and jumbo loans, fixed rate investment property loans, fixed rate second home loans, limited and no-doc loans, FHA/VA, and First Time Homebuyers Programs.

Consider a fixed rate mortgage if you:

• Want the certainty of a fixed principal and interest payment
• Feel that mortgage rates are low and believe the interest rates will likely increase
• Need to work with a fixed budget

What is a Bi-Weekly Mortgage?
This mortgage loan program offers a unique concept in mortgage loan financing. Instead of making a payment on your loan each month, you make ½ of a payment every 14 days.

• Reduce the principal balance more quickly
• Build up equity in your home faster
• Save substantial finance charges on your mortgage

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What is an Adjustable Rate Mortgage?
Adjustable rate mortgages (ARM) are set up with an initial term followed by periodic adjustments on the interest rate. Adjustments have a maximum 2% annual and 6% lifetime cap. ARM loans generally start at a lower rate and payment than fixed rate loans—which might qualify you for a larger mortgage. If rates are fluctuating or will be lowering, ARM rates are the best option because they don’t lock you into a higher rate. ARM loan types include 1/1 ARM, 2/1 ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM with 0, 1, 2, or 3 point rates, adjustable rate investment property loans, adjustable rate second home loans, debt consolidations loans, jumbos, and limited and no-doc loans.

Consider an adjustable rate mortgage if you:

• Want or need more home than you can qualify for at a fixed rate
• Are confident your income will increase
• Believe interest rates will probably stay the same or go down
• Plan on moving within five to seven years of buying your home

Fixed Vs. Adjustable Rates
Most loans offer either a fixed or adjustable interest rate, although some offer you a choice. This chart illustrates the advantages and disadvantages of both fixed and adjustable rate loans.

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Non-Conventional Loans
At Hopewell Valley Community Bank, we are able to offer the additional financing option of a non-conventional mortgage loan, which is held in the Bank’s loan portfolio. Portfolio loans offer the flexibility of expanded debt ratios and other unique features. Portfolio loan types include:

• Bridge and Interim Loans
• Fixed and Adjustable Rate Investment Property Loans
• Fixed and Adjustable Rate Second Home Loans
• Conforming and Jumbo Loans
• Debt Consolidation, Cash-Out, Rate and Term Refinance Loans
• Construction Loans with a Conversion Option
• Loans on non-conforming properties.

Pre-Approval Letter
Hopewell Valley Community Bank can provide a letter to the borrower stating that you have been pre-qualified for a loan with us. Oftentimes this can help you negotiate a lower price on your new home.
In order to give you every advantage in the marketplace as your are contemplating buying a new home, Pre-approval is quick and easy. Here is everything you need to complete the pre-approval process.

It's easy to start the pre-approval process. Just take a few minutes to download and complete our residential mortgage loan application. Then review our pre-approval checklist and gather together the required documents, so that when you schedule an appointment with Karen McIntyre, our Senior Mortgage Representative, everything will be in order to process your pre-approval as quickly as possible. Karen can be reached at (609) 466-7399.

Pre-Approval Checklist
Please bring the following with you when applying for your mortgage loan:

• Most recent pay statement with year-to-date totals (for all borrowers)
• Two most recent monthly bank statements
• Most recent statement on any other asset accounts (401K, IRA, stocks, mutual funds)
• Prior year’s Federal Income Tax Return, including all schedules.

Estimation of Closing Costs
So that you can make an informed decision about the largest, most exciting expenditure of your life, as a free service, Hopewell Valley Community Bank will estimate closing costs, monthly costs, and total first-year housing costs on the home and financing option of your choice.

Planning to Refinance?
If you have equity in your home, now may be the time to refinance at today's low rates! But refinancing your mortgage loan is so much more than just an interest rate reduction. When you refinance an existing mortgage, you borrow money and use those funds to pay off your current mortgage. Most people refinance their mortgages to save money on their monthly payment by getting a lower interest rate. The lower rate translates into a faster mortgage payoff or a lower monthly payment. But a low rate isn’t the only reason you should consider. Refinancing can help you:

• Lower your monthly payments
• Pay off your mortgage more quickly
• Lock in a lower rate
• Get a better adjustable rate for your adjustable rate mortgage
• Consolidate debt

How do you get started? Hopewell Valley Community Bank makes it easy. Get Started in 3 easy steps

Step 1:

Determine the rate you’re paying on your current mortgage. Perform some quick comparisons with our refinancing calculator.

Step 2:
Contact Marisol Manzano, Senior Mortgage Representative, at (609) 466-7399. She can provide you with a customized rate quote and determine other costs associated with refinancing.

Step 3:
Apply for a Loan - Our downloadable mortgage application and pre-approval offers you a fast, easy way to get the financing you need to purchase your home today!

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