Mortgage Frequently Asked Questions

Click on your question:

What is the difference between a 1st & Second Mortgage? Return to Top

A first mortgage is the primary loan on your home. A second mortgage is any loan that you take out on the equity you have built in your home. Equity is the appraised value of your home minus what you owe on the first mortgage.

What is the processing time for a 1st mortgage? Return to Top

Generally, a first mortgage can close in three to four weeks.

What is the processing time for a 2nd mortgage? Return to Top

Approximately 2 - 3 weeks.

What is the processing time for a Home Equity Line of Credit? Return to Top

Approximately 2 - 3 weeks.

How does a Home Equity Line of Credit work?Return to Top

With a Home Equity Line of Credit, or HELOC, you have control over how much you need to borrow and when. You pay interest only on the amount you borrow. The maximum you can borrow on a HELOC is $50,000.

What is LTV (loan to value) and how is it calculated? Return to Top

The acronym LTV means loan to value and is determined by dividing the present value of the home into the loan amount.

What are closing costs? Return to Top

Closing costs are charges and fees that apply to mortgage loans.Generally, these fees include, but are not limited to, application fees, appraisals, title insurance, doc stamps, recording fees, etc.

What happens if I do a lot loan and decide to build on the property?Return to Top

You will need to pay off the lot loan.


For information on any of our mortgage products, contact our Mortgage Department at 321-455-9400, x 5439.