North Country Savings Bank

There are several ways to apply for a mortgage through North Country Savings Bank: --In a meeting with a loan expert at our lending office. No appointment is necessary. --At one of our bank branches in the EagleNet Café using our Eagleview video conferencing. --Apply online from our website.

Pre-qualification is the first step in the mortgage process, when the lender determines if you are eligible to qualify for a mortgage loan, and determines how much money you are able to borrow based on basic financial information including your income, debt, and assets. There are no rate or loan amount guarantees with pre-qualification. The pre-approval process is when the lender performs a credit review. This gives the lender a closer look at your financial history, and provides you with more accurate interest rates and loan amounts. Once you are pre-approved, you know how much money you can borrow and how much “home” you can afford.

Whether you choose to meet with one of our lenders in person or apply online, having the following information on hand will speed up the application process: --Proof of income (W2s, recent paystubs or federal income tax returns, if you are self-employed) --Balances and monthly payments of all your current debts including credit cards, personal loans, auto loans and student loans --A list of all your assets including any real estate, automobiles, retirement accounts and deposit accounts --The address and an estimated value of the home you plan to purchase (if applicable)

Unlike big banks which run your application through a computer, all of the decisions related to your mortgage application are made in-house by a team of Loan Underwriters. During the decision process our expert Loan Underwriters take your entire financial standing into consideration, not just your credit score. If you do not have an established credit history, we will turn to alternative credit, including rental history from a landlord, utility payments or insurance payments.

Although your credit score is an important factor in qualifying for a mortgage, it is not the only factor considered. Even if you have less than stellar credit or no credit at all, North Country Savings Bank also analyzes your work history and “alternative credit,” including utility payments and rental history.

Yes, we do. Our loan experts can help you determine if you are eligible. Give us a call or stop into one of our locations for more information.

You will also have monthly expenses of taxes and insurances for the property.

Typically a 20% down payment is required, however you can apply with as little as 5% with Private Mortgage Insurance (PMI) coverage.

If the down payment on your home is less than 20%, most lenders require you to obtain private mortgage insurance (PMI). The cost of PMI varies depending on your credit score, down payment and the term of the loan. The payment will be added into your monthly loan payment and in some cases may be tax deductible.