Range Bank will help ease the home buying process.
- Fixed or variable rate mortgage options
- Low Down Payment options
- In-House Mortgages
- Construction Loans
- Home Equity Loans
- Home Equity Lines
- Bridge Financing
Why choose Range Bank Mortgage Services?
What is "In-House" Loan Service?
What does the Range Bank Mortgage Servicing Team do?
Home Buying FAQs
- Driver’s license or photo ID
- Verification of income (W-2s, current paystub, two years of tax returns and/or statements of earnings for retirement, Social Security income or self employment income)
- Two months of bank statements verifying funds to be used for a down payment
- Copy of a purchase agreement (if available/needed)
- How long you plan to keep your home
- How much you need to borrow
- How much financial risk you are willing to accept
To calculate the LTV, divide the loan amount by the appraised value. The bigger your down payment, the lower your LTV will be. A low LTV gives you a better chance of home loan approval and can also affect the interest rate of your home loan.
A Fixed Rate Mortgage is a home loan with a specific interest rate for the entire term of the loan.
Unlike fixed rate mortgages, Adjustable Rate Mortgages (ARM) have an interest rate that will change periodically throughout the term of the loan. Adjustable rate mortgages are generally preferred by borrowers who do not plan to stay in their home for a long time, who do not qualify for lower fixed interest rates and/or who can handle fluctuating payments.
To find out what interest rates are available to you or for other home loan questions, contact us
A home inspection is not an appraisal. Unlike an appraisal, a home inspection is an evaluation of the general quality of the home outlining the structural condition of the house and life expectancy of plumbing, heating and electrical.
A home inspection is generally included as a contingency in the purchase agreement. You have a set amount of time for a professional inspector to examine the house, and if any major issues are found, you can use them in price negotiations.
Closing day is the culmination of all your efforts and those of your lender to complete the financing of your home. Make sure to resolve all of your home loan questions prior to closing to make sure closing day is as stress-free as possible.
To close your loan, you'll need to bring certified funds totaling the down payment, closing costs, and prepaid items. The total amount of funds you'll need will be provided to you prior to your closing date.
Closing costs typically total between two and five percent of the purchase price of the home.
Closing costs include:
- Title insurance
- Closing transaction fee
- Loan origination fee
- Discount points
- Recording fee
- Underwriting fee
- Processing fee