Applying for your new mortgage is easy. Security Bancorp is here to guide you through the entire process and answer any questions you may have. Here's what you need to know:
We'll ask for your permission to review your credit history.
Credit scores play an important role in your ability to get a loan and determine what interest rate you'd qualify for.
2. We'll review your current mortgage.
What is the market value of your home? What is your loan-to-value ratio?
3. We'll ask you to collect your financial information.
We'll need to know about your household income, your debts, your personal loans and assets (like CD's, checking, savings, 401K or other retirement plans).
4. We'll tell you how much you're qualified to borrow.
We'll help you consider whether you're better off with a fixed-rate loan or an adjustable-rate; and whether a 15-year or a 30-year loan term makes more sense for your budget.