Types of Loans
While many home buyers are best served by conventional fixed-rate or adjustable-rate loans, we also offer non-traditional credit for home purchases including; FHA, VA, NIFA and USDA Mortgage Loans.
Conventional Loans
A conventional loan is a mortgage that is not guaranteed by any government agency. A variety of rates and terms are available - from 10 years to 30 years, fixed and variable.
Jumbo &
Physician Loans
Unique financing options for Jumbo loans, Executive Clients and Physicians and Residents. Use up to 90% of the value of your 'For Sale' home as the down payment for your new home purchase. Contact our team today for more information.
Government Loans
A government loan is either an FHA, VA, or USDA mortgage loan guaranteed by a U.S. agency. The loan may be issued by qualified lenders. These loans were designed to offer long-term financing to eligible borrowers. Both fixed and variable rates are available.
Our Latest Mortgage Rates
See how the ACCESSbank Mortgage team can save you money on your next home purchase or home loan refinance. Call us today!
Frequently Asked Questions - Mortgage Loans
What are the steps involved with getting a mortgage?
The first step would be to visit with a mortgage expert from ACCESSbank to determine which loan works best for you. Our mortgage lending team will help you determine the loan amount you may qualify for. Throughout your home-buying journey, they will provide you with the valuable information you need, and the customer experience you deserve.
What income do I need to apply for a mortgage?
To help determine how much house you can afford, it's good practice to use the 36% rule, which states your monthly mortgage expenses and other debt payments should not exceed 36% of your gross monthly income. Use our mortgage calculators to help you determine what kind of mortgage you might qualify for, or contact our mortgage team to discuss any questions you may have.
How large of a down payment do i need?
It depends which type of mortgage loan you use. If you want a conventional mortgage, lenders typically require a 20% down payment. However, for loans like VA or FHA, the down payment is much lower. Our mortgage team will work with you to find the best mortgage solution.
what information is required during the mortgage loan process?
The following information is typically required during the Mortgage Loan Process:
- Social Security Number(s) for all borrower(s)
- Current pay stubs and previous two years of W-2s for all borrower(s)
- If self-employed, most recent two years of tax returns, including all pages and schedules
- Bank statements for the previous two months
- Investment account statements for the previous two months
- Retirement account statements for the previous two months
- Credit card account information
- Auto loan account information
- Personal loan account information
- Fully signed purchase contract (if purchasing a home)
What costs are associated with buying a home?
In addition to the down payment and monthly mortgage payment, you also have:
- Closing costs
- Real estate agent commission
- Property taxes
- Homeowners insurance
- Mortgage insurance
- HOA's (if applicable)
- As a homeowner, you're responsible for upkeep and maintenance. It's a good idea to have extra money budgeted for those expenses.
what can i do to increase my chances of getting a mortgage?
There are several ways to improve your chances of getting a mortgage:
- Check your Credit Report:
- Lenders review a detailed report of your credit history to determine whether you qualify for a loan and at what rate.
- Fix any Mistakes:
- Once you have your credit report, don't assume everything is accurate. Take a close look to see if there are mistakes that could negatively affect your credit. Check your credit score at least six months before you plan to shop for a mortgage.
- Improve your Credit Score:
- A credit score is the single number that lenders use to evaluate your credit risk and determine how likely you are to make timely payments to repay a loan. In general, the higher your credit score, the better the mortgage rate you can get.
- Lower your Debt-to-Income Ratio:
- A debt-to-income ratio compares the amount of debt you have to your overall income. It's calculated by dividing your total recurring monthly debt by your gross monthly income, expressed as a percentage. Lenders look at this to measure your ability to mange the payments you make each month, and determine how much house you can afford.
why should i get my mortgage loan with accessbank?
We know you have tons of options, but the ACCESSbank mortgage team is here for a reason - you. We make buying a home simple. Whether you're a first time home buyer or an experienced homeowner looking to trade up, it's easy to find us and meet with us. Or, if you'd rather get started online, you can do that, too. We offer a highly streamlined online mortgage application process. Plus, we offer a number of online decision-support tools to help you answer key questions. With ACCESSbank, you're in control and we're always here, ready to help.
what are the government loans accessbank offers and what are their benefits?
NIFA (Nebraska Investment Finance Authority). Generally, the main benefit of the NIFA bond program is a lower fixed rate mortgage loan, resulting in interest savings on the loan over the 30-year mortgage term. The program offers low down payment requirements and limits the amount of closing costs that may be charged by the originating lender. Generally a 3% down payment is required. NIFA offers some loan products that require little or no down payment depending on the location of the property and buyer eligibility. NIFA provides assistance in an amount up to 5.00% of the purchase price. This may be used for down payment or closing costs charged by the lender. The second mortgage loan will bear interest at a rate of 1%. The borrower is required to contribute a $1,000 minimum investment and execute a second mortgage.
FHA (Federal Housing Administration). Both fixed and variable rates available. An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Adminstration. FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
VA (Veterans Administration). Both fixed and variable rates available. A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs. The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
USDA. A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
what is the difference between a fixed rate & variable rate mortgage?
Fixed Rate. A fixed interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments. Variable rate loans, by contrast are anchored to the prevailing discount rate.
ARM (Adjustable Rate Mortgage). A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.
