-
Chat
We are here to help! Connect with us.
Call (888) 569-9909 during business hours for additional support.
- Monday-Friday: 8:30 AM – 5:30 PM
- Saturday: 8:30 AM – 12:00 PM
Call (888) 569-9909 during business hours for additional support.
Access essential mortgage resources with Bank Five Nine. Get the tools, tips, and information you need to make informed home financing decisions.
Amortization, CD, LE, Right of Rescission, CFPB, TRID, what does it all mean? It’s all information related to mortgage lending and lucky for you, we know it all!
Whether you’re purchasing or refinancing your first home or your hundredth, Bank Five Nine is with you each step of the way to help navigate the process for you. Here, you can find some quick tips and resources about what to expect during the process and tools to hopefully help answer some of your questions.
Jump to a section to explore Frequently Asked Questions:
Prepare your mortgage application with confidence using Bank Five Nine’s resources. Get expert guidance and tips to navigate the application process smoothly.
Yes. Applying for a mortgage loan before you find a home may be the best thing you could do. If you apply and qualify for your mortgage, we’ll issue an approval subject to you finding the perfect home. You can use the pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-approval for a mortgage may give more weight to any offer to purchase you make. When you find the perfect home, you’ll simply call your Mortgage Lender to complete your application. You’ll have an opportunity to lock in our great rates and fees, and we’ll complete the processing of your request.
Yes, you can borrow funds to use as your down payment. However, any loans you take out must be secured by an asset you own. If you own something of value that you could borrow funds against such as a car or another home, it’s a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Liabilities section of the application. Discuss options with your Mortgage Lender.
We take full advantage of an automated underwriting system, allowing us to request as little information as possible to verify the data you provided during your loan application. In many cases, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.
If you will be working for the same employer, complete the application as such but enter the income you anticipate you’ll be receiving at your new location. If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you’ll be leaving should be entered as a previous employer. Your Mortgage Lender will work with you to identify the documentation required to verify the change in employment.
We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you don’t have an award letter, we can contact the source of this income directly for verification. If you’re receiving tax-free income, such as social security earnings in some cases, we’ll consider the fact that taxes will not be deducted from this income when reviewing your request.
Generally, two years of personal tax returns are required to verify the amount of your dividend and/or interest income so an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates, or promissory notes. Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.
First, you’ll complete our online application.
The application will ask you questions about the home and your finances and will take approximately 20 minutes to complete. As soon as you’ve finished the application we’ll review your request for a loan and, if authorized by you, will obtain a credit report.
After completing your application, a Bank Five Nine mortgage lender will contact you to discuss your loan application. Your mortgage lender is a mortgage expert and will explain the process and provide guidance along the way. Your lender will ask you for any information and documentation required to make a decision about your loan. If you are purchasing a new home, the lender will also contact the Real Estate Broker or the seller so they’ll know whom to contact with questions.
We’ll send you your application package.
The application package will be sent via U.S. mail or delivered by your lender and will contain information and documents for you to sign along with a list of items we’ll need you to provide. An application deposit may be requested in the package. We may order an appraisal from a licensed appraiser who is familiar with home values in your area. Depending on your loan amount request and value of the property an appraiser may need to schedule an appointment to view the interior of the home.
Title insurance will be necessary. If you’re purchasing a home, we’ll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing we’ll take care of ordering the title work for you. We’ll use the title insurance to confirm the legal status of your property and to prepare the closing documents.
Your lender will keep you informed every step of the way via telephone or email.
We’ll contact you to coordinate your closing date.
After we have received the application package from you, including requested documentation and application deposit, appraisal, and title work, we’ll review the application and your mortgage lender will be in contact to advise you if your loan is approved with or without changes.
If you are purchasing a home, we’ll also schedule the closing with the real estate broker and the seller. For a refinance of your current mortgage, your mortgage lender will coordinate the time and place for closing with you.
The closing will take place at one of our offices, or the office of a title company in your area who will act as our agent. A few days before closing, your lender will contact you to walk through the final information.
A credit score is one of the pieces of information we’ll use to evaluate your application. Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender determine the likelihood that you will repay the loan on schedule. Credit scores are calculated by comparing your credit history with millions of other consumers. The credit score is calculated by the credit bureau, not by the lender.
Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past. Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk your payments won’t be paid as agreed. Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are other factors when making a loan decision and we evaluate an application by looking at the total financial picture of a customer.
You are not required to have an impound/escrow account unless the Loan-to-Value ratio on your loan is over 80%. Some loan programs require an escrow account regardless of Loan-to-Value ratios. Electing not to have an impound/escrow account will not affect the interest rate on your loan but the points may be increased by .25.
An abundance of credit inquiries can sometimes affect your credit score since it may indicate your use of credit is increasing. However, the data used to calculate your credit score doesn’t include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry.
Learn how to chose the right loan program, lock in a rate and navigates fees.
None of the loan programs shown on our website have prepayment penalties (except for home equity lines of credit), meaning you have the ability to prepay your loan and refinance if rates fall.
Mortgage interest rate movements are as hard to predict as the stock market. If you have a hunch that rates are on an upward trend then you’ll want to consider locking the rate as soon as you are able to do so. Before you decide to lock, make sure your loan can close within the lock-in period. If you’re purchasing a home, review your contract for the estimated closing date to help you choose the right rate lock period. If you are refinancing, in most cases, your loan could close within 30 days. However, if you have a second mortgage on your home that won’t be paid off with this loan, allow some extra time since we’ll need to contact that lender to get their permission to originate your new loan as a first mortgage. You may want your rate to “float” instead of locking. After you apply, you can discuss locking in your interest rate by contacting your Mortgage Lender.
A 15-year fixed rate mortgage gives you the option to own your home free and clear in 15 years, unless you refinance before paying the loan in full. While the monthly payments are somewhat higher than a 30-year loan, the interest rate on the 15-year mortgage is usually a little lower; and more importantly – you’ll pay less than half the total interest cost of the traditional 30-year mortgage. However, if you can’t afford the higher monthly payment of a 15-year mortgage, don’t feel alone. Many borrowers find the higher payment out of reach and choose a 30-year mortgage.
No one loan product is objectively better than another. The best mortgage for you depends on a variety of factors, including your financial situation and housing goals. Generally speaking, adjustable rate mortgages (ARMs) offer lower initial interest rates than fixed rate loans, but also have the potential to fluctuate every month, every six months, or every year, depending on the type of adjustable mortgage you get. An ARM therefore may be more attractive to homeowners who plan to sell their home in the timeframe before the adjustable rate surpasses a fixed-rate loan. On the other hand, homeowners who plan to remain in their home, or who want more stability in their rate and monthly payments, may find a longer-term 15, 20, or 30 year fixed rate more attractive. A fixed interest rate provides homeowners with a stable mortgage payment that does not change. Ask one of our Mortgage Lenders about Bank Five Nine’s adjustable, short term fixed, and long term fixed rate loan programs to see what can best help you with your individual goals.
The Federal Truth in Lending Act requires all financial institutions disclose the Annual Percentage Rate (APR) when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring some of the closing fees charged at closing be included, in addition to the interest rate, to determine the cost of financing over the full term of the loan. For adjustable rate mortgages, the APR can be complicated. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments. You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that’s best for you. The APR doesn’t include all the closing costs. Consider the total fees, possible rate adjustments in the future if you are comparing adjustable rate mortgages, and consider the length of time you plan on having the mortgage. Don’t forget the APR is an effective interest rate – not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.
Points are considered a form of interest. A point is equal to one percent of the loan amount. You pay them at your loan closing in exchange for a lower interest rate. This means more money will be required at closing, however, you will have lower monthly payments over the term of your loan.
To determine whether it makes sense for you to pay points, you should compare the cost of the points to the monthly payments savings created by the lower interest rate. Divide the total cost of the points by the savings in each monthly payment. This calculation provides the number of payments you’ll make before you actually begin to save money by paying points. If the number of months it will take to recoup the points is longer than you plan on having this mortgage, you should consider the loan program option that doesn’t require points to be paid.
A home loan often involves fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender or broker should be able to give you an estimate of their fees.
Homeowners who plan to remain in their home, or who want more stability in their rate and monthly payments, may find a longer-term 15, 20, or 30 year fixed rate more attractive. A fixed interest rate provides homeowners with a stable mortgage payment that does not change.
The maximum percentage of your home’s value depends on the purpose of your loan, how you use the property, and the loan type you choose.
If you’ve ever purchased a home, you may already be familiar with the benefits and terms of title insurance. But if this is your first home loan, or you are refinancing, you may be wondering why you need another insurance policy.
The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and your mortgage lender, want to make sure the property is indeed yours: That no individual or government entity has any right, lien, claim, or encumbrance on your property.
The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.
Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies:
Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner’s policy that was issued when you purchased the property, so we’ll only require a lender’s policy be issued.
Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company’s own title plant.
After a thorough examination of the records, any title problems are usually found and can be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.
The fact that title companies try to eliminate risks before they develop makes title insurance significantly different from other types of insurance. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen future event; say a fire, accident, or theft. On the other hand, the purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that may have happened in the past.
This risk elimination has benefits to both the homebuyer and the title company. It minimizes the chances that adverse claims might be raised, thereby reducing the number of claims that have to be defended or satisfied. This keeps costs down for the title company and the premiums low for the homebuyer.
Buying a home is a big step emotionally and financially. With title insurance you are assured that any valid claim against your property will be borne by the title company, and the odds of a claim being filed are unlikely.
The interest rate market is subject to movements without advance notice. Locking in a rate protects you from the time your lock is confirmed to the day your lock period expires.
A lock is an agreement by the borrower and the lender that specifies the number of days for which a loan’s interest rate and points are guaranteed. Should interest rates rise during that period, we are obligated to honor the committed rate. Should interest rates fall during that period, the borrower must honor the locked rate.
Within 24 to 48 hours of submitting your on-line application, a Mortgage Lender will contact you to discuss interest rate and lock options.
Fees
We do not charge a fee for locking in your interest rate.
Lock Period
We currently offer lock-in periods of 30, 45, 60, and 90 days. This means your loan must close and disburse within this number of days from the day your lock is confirmed by us.
Learn about the key considerations for your property during the mortgage process with Bank Five Nine. Get tips on appraisals, inspections, and more.
Licensed appraisers who are familiar with home values in your area perform appraisals. We order the appraisal as soon as the application deposit is paid. Generally, it takes 2-3 weeks before the written report is sent to us. We follow up with the appraiser to ensure it is completed as soon as possible. If you are refinancing, and an interior inspection of the home is necessary, the appraiser should contact you to schedule a viewing appointment. If you don’t hear from the appraiser within seven days of the order date, please inform your Mortgage Lender. If you are purchasing a new home, the appraiser will contact the real estate agent, if you are using one, or the seller to schedule an appointment to view the home.
Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm you’ve found the perfect home.
The appraiser will make note of obvious construction problems such as termite damage, dry rot, or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.
However, appraisers are not construction experts and won’t find or report items that are not obvious. They won’t turn on every light switch, run every faucet, or inspect the attic or mechanicals. That’s where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.
Accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.
An appraisal report is a written description and estimate of the value of the property. National standards govern not only the format for the appraisal; they also specify the appraiser’s qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states. The appraiser will create a written report for us and a copy will be delivered to you prior to your loan closing. After the appraiser inspects the property, they will compare the qualities of your home with other homes that have sold recently in the same neighborhood. These homes are called “comparables” and play a significant role in the appraisal process. Using industry guidelines, the appraiser will try to weigh the major components of these properties (i.e. design, square footage, number of rooms, lot size, age, etc.) to the components of your home to come up with an estimated value of your home. The appraiser adjusts the price of each comparable sale (up or down) depending on how it compares (better or worse) with your property.
Navigate the final steps of your home purchase with Bank Five Nine’s mortgage resources. Learn what to expect during closing and beyond to ensure a smooth process.
The closing will take place at a Bank Five Nine branch or the office of a title company or attorney in your area who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you, but in some states, these two events actually happen separately. During the closing you will be reviewing and signing your loan documents. The Mortgage Lender or closing agent conducting the closing should be able to answer any questions you have or you can feel free to contact Bank Five Nine if you prefer. Your Mortgage Lender will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.
Bank Five Nine Routing #: 075902421
If you need assistance accessing the information on this website, please call (888) 569-9909
© 2025 Bank Five Nine Inc. All Rights Reserved.
