Mortgages

Mortgages


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Rates & Mortgage Center

Conventional Mortgages

Heritage Valley takes the worries out of financing your new home by providing a loan that suits your specific needs.  

The below chart provides information on the most common mortgage programs. To best determine the loan that's right for you. please contact us and after looking at your entire picture, we can guide you to which loan program will best fit your needs.

Loan Program

Benefits

Drawbacks

30-year fixed rate

 

One of the most popular mortgages. Payment never changes over the life of the loan.

You’ll pay more interest over the life of the loan than you would with a shorter-term and equity builds slowly.

20-year fixed rate

 

Helps you pay off your home faster and build equity more quickly than longer-term fixed mortgages.

Generally has a lower interest rate than longer-term home loans but higher monthly payments

15-year fixed rate

 

Interest rate is lower than a longer-term fixed rate home loan, payments never change over loan life and you build equity more quickly.

Since the mortgage is paid much faster than a longer-term mortgage, payments are significantly higher.


Government Programs

FHA/VA
  • The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government-insured mortgage loans.

  • FHA mortgage insurance protects the lender if a borrower defaults on the FHA loan. Each FHA borrower pays a mortgage insurance premium. The premiums are collected and used by the FHA to reimburse the lender (not the borrower) should the borrower default and the lender must foreclose upon the loan/sustain a loss. This insurance enables a lender to provide loan options and benefits often not available through conventional financing.

  • VA Loans: The VA guaranty helps to protect the lender (not the borrower) against loss if the borrower fails to repay the VA loan. Borrowers pay an up-front funding fee towards the VA guaranty. This guaranty enables a lender to provide loan options and benefits to military veterans and other qualified participants that may otherwise be unavailable through conventional financing. Maximum Loan amounts vary by county.

  • These loans have features that may make them easier for first-time home buyers to obtain.  (Note: Government loans are not limited to first-time home buyers.)

FHA loan features
  • Low down payment 

  • No maximum income/earning limitations (Minimum credit scores apply. Not all applicants will qualify). Fixed- and adjustable-rate loans are available

  • Maximum loan amounts vary by county
VA loan features
  • Up to 100% financing—with as little as zero down payment for qualified borrowers (VA loans require a VA funding fee at closing. The fee is higher with a zero down payment. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable.)

  • Fixed and adjustable-rate loans available

  • More flexible qualification guidelines than those for conventional loans

Prepare
- Get Ready to Apply

What You'll Need

To apply for a new home mortgage or to refinance, you’ll need to provide your Mortgage Representative with documentation to help verify your employment history, creditworthiness and overall financial situation. If you are applying with someone else (called a co-borrower, such as your spouse), they will also need to provide the same documents. Be prepared to provide the following items when you apply for your home loan:
  • W-2s (for the last 2 years)

  • Recent pay stubs (your most recent consecutive pay stubs that cover a 30 day timeframe)

  • Bank statements for all financial accounts, including investments (for the last 2 months, all pages of the statements must be included)

  • Tax returns are required for all self-employed, commissioned and retired borrowers. Completed, Signed personal and business tax returns (all pages and relevant schedules). If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement

  • Most recent monthly statement for any mortgage, home equity loan or line of credit you hold on your home (refinance transactions only)

  • A copy of the signed Purchase and Sales Agreement (purchase transactions only)
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