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Frequently Asked Questions

You’ll find a variety of home financing options on our mortgage home loans page, including:

  • Fixed rate mortgages that securely lock in one low interest rate and monthly payment over the life of your loan
  • Adjustable rate mortgages that can make a great home more affordable with lower upfront payments 
  • Primary home mortgages with terms ranging from 3 to 30 years 
  • Home equity loans and lines of credit that let you finance improvements or get needed cash, using the value of your current home 
  • No closing cost loans and non qualified mortgage loans
  • Multi-family and commercial mortgage loans

 

Finding the best mortgage also means finding the best terms, so talk to one of our loan professionals for answers and advice. Is a 10-year term a better fit for you than 30 years – or do you want a smaller down payment and lower monthly payment? Do you like the security of fixed rates, or can an adjustable rate mortgage help you afford the home you really want?

We can walk you through all the possibilities. Simply call 877-672-2265. There’s no obligation – just good advice you can trust. You can also get pre-approved in as little as a few minutes. It’s easier than you think!

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Financing a home of your own might seem like only a dream. But dreams can come true with these basic tips.

  1. Document your finances. Look at how you spend your paycheck, including credit card or student loan payments. If you can keep your monthly debt obligations below 43% of your income, you have a better chance of qualifying for a mortgage.
  2. Don’t put it off. It costs nothing to meet with our mortgage professionals and decide if you’re ready financially. We can also show you mortgage programs that might fit your unique needs. 
  3. Maintain good credit. If your credit score is around 620 or below, talk to us about ways you can raise it before applying for a mortgage.
  4. Avoid new debt. Don’t get new credit cards or make big purchases with plastic that can drive down your credit score.
  5. Save toward a down payment. A down payment of just 5% can make all the difference in getting approved if your credit score isn’t the best.
  6. Find a co-signer. If you can’t qualify for a mortgage on your own, having a co-signer can help compensate for less-than-perfect credit.

 

At North Shore Bank we’re happy to help you start on the path to home ownership. Call us at 877-672-2265 today, or apply online for a mortgage right now.

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We offer both fixed and adjustable rate loans, as you’ll see on our mortgage rates page. While some of the differences between the two loan types can be complicated, these simple points of comparison can give you a better idea of your options.

A fixed rate mortgage might be better if you:

  • Prefer the peace of mind that comes with one locked-in interest rate and monthly payment 
  • Plan on staying in your home for many years 
  • Are near the peak of your earning potential or don’t want to risk taking on a larger monthly payment in the future

An adjustable rate mortgage might be better if you:

  • Prefer a lower upfront rate or wish to qualify for a larger mortgage 
  • Plan on selling or refinancing your home in just a few years 
  • Expect your earning potential or financial worth to increase by the time your monthly payments increase

Your personal preferences can offer important clues to the best choice. Contact our loan professionals today or call 877-672-2265 to schedule an appointment at no obligation.

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When you close on a mortgage, you may have the option of paying points in exchange for a lower interest rate that can reduce your monthly loan payments. If you’re not sure what points are or how they can affect your mortgage costs, here are some basics to help you decide.

A point is basically a measure of prepaid interest, equal to 1% (one point) of the total loan. For a $100,000 mortgage, that means an upfront cost of $1,000 per point.

Generally points are worth the cost if:

  • You can save more on payments over the life of the loan than by putting the money into a bigger down payment
  • You intend to stay with your home (and your mortgage) for a long time

 

You can use our mortgage points calculator to calculate your own savings. For example, paying two points to get a 4% rate on a $100,000 mortgage could save you $2,000 over 10 years. But if your plan is to sell your home after only four or five years, you’re better off putting the money into your down payment.

For all your mortgage options, contact a loan professional today or call 877-672-2265. At North Shore Bank we’ll help you maximize the value of your mortgage.

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After you apply for a home mortgage, we’ll ask you for a variety of documents in order to prepare your loan for closing. Having these papers ready can dramatically shorten your turnaround time and get you into your new home that much sooner:

  • Income verification, including paycheck stubs and W-2 forms
  • Tax documents for two recent years, including all tax return pages and schedules
  • Bank and investment statements 
  • Current profit-and-loss statements if you run your own business 
  • Proof of rental property income going back two years, if applicable
  • A gift letter from anyone providing cash toward your down payment, stating that the money is a gift rather than a loan

Depending on your situation, you may need to provide other documents as well. A quick talk with our loan professionals can make it clearer, so feel free to call us at 877-672-2265. We’ll help guide you through the home buying process with a minimum of red tape.

 

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