Home Mortgage FAQ

How do I start a mortgage application with Home Bank?

Call one of our loan officers or stop by your local Home Bank branch today.

How do I know what loan is best for me?

Review your current situation and future goals, and then answer these questions to help determine the route you may want to take:


  • How long do you expect to stay in the house?
  • Which is more important: low monthly payments or low closing costs?
  • Will my income increase or decrease in the next three years?
  • How comfortable are you with your monthly payment potentially increasing?

What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?

A fixed-rate mortgage offers predictable payments and long-term protection against rising mortgage interest rates. If you plan to be in your home for more than seven years, you may want to consider this option. 


An adjustable-rate mortgage (ARM) could be a better fit if you plan to be in your home seven years or less. With an ARM, your monthly payments may increase each time your interest rate adjusts.

What are the benefits of refinancing?

There are numerous reasons customers refinance their current loans, including:


  • To lower the monthly payment or interest rate 
  • To switch an adjustable rate to a fixed rate, or a fixed rate to an adjustable rate 
  • To refinance for a higher amount to pay off other debts or get cash 
  • To change the remaining term of the loan


If you are unsure if you should refinance, contact us for help in the decision-making process.

What does “market value” mean?

Market value is the average price that a property should bring in a competitive and open market with a willing buyer and willing seller. 

What expenses can be included in closing costs?

Closing costs are fees and expenses that both buyer and seller must pay at closing. They generally include:


  • Origination fee 
  • Discount point(s) 
  • Appraisal fee 
  • Credit report 
  • Title search 
  • Recording fees 
  • Other costs described in the HUD-1 at settlement