Mortgages | Loans | Free Consultation | Commonly Asked Questions

Mortgages And Loans

Our team of lenders are experts in their field with a strong knowledge of the local market. We pride ourselves on being creative thinkers with the ability to custom design low-rate loans that best suit your needs and lifestyle. We have many flexible financing alternatives, including full and reduced documentation loan programs, even if your credit is "less than perfect." And because all Patriot loan decisions are all made locally, we can turn decisions around faster than most other banks. We're dedicated to helping you live your dreams!

Fixed Rate Mortgages are designed for individuals who prefer the stability and consistency of the same monthly payment. If you plan on living in your house for a long time or want to lock in current low interest rates, this is the option you may want to consider. Payments are fixed for 15 to 40 years. Your payment will stay the same even if rates increase but you can refinance if rates go down.

Adjustable Rate Mortgages (ARMs) are recommended if you want to take advantage of the lowest available rate. If you plan to live in your house a short time or anticipate a rising income, an ARM may be right for you. Borrowers can expect a lower initial interest rate and payment over a period of time, which may allow you to afford and purchase a more expensive home. However, payments may adjust periodically over the life of the loan.

Home Equity Line of Credit is a revolving account that lets you borrow on the equity in your home. You can borrow what you need, when you need it, to cover everything from the planned to the unexpected. Renovate a room, pay some debt or take that long-awaited vacation. You have low minimum payments at a competitive rate plus you pay interest only on the amount you use.

Home Equity Fixed Loan provides funds, based on the equity in your home, for a specific use, such as education expenses or home improvement. Terms are generally for 10 to 15 years with no worries about rising interest rates...your rate stays the same for the entire life of your loan. Ideal if you prefer a predictable monthly payment.

Other Available Types of Credit:

• Home Construction Loans
• Auto, boat and other major purchase loans
• Cash secured loans
• Loans secured by marketable securities
• VISA® Credit Card
• Overdraft protection

Free Consultation

For a free consultation, please fill out this form and one of our loan experts will contact you shortly to discuss your specific needs and requirements. You may also download the form and fax it to: Mortgage Department, 203.252.5929.

GET A FREE CREDIT REPORT. Go to www.annualcreditreport.com

Equifax www.equifax.com
Experian www.experian.com
Transunion www.transunion.com

Commonly Asked Questions

When Should I Refinance? A good rule of thumb is to think about refinancing when rates are 1% lower than the rate you currently have on your loan. Even if the difference is less than 2%, refinancing is worth considering to trim your monthly payment. For instance, if you borrowed $200,000 at 8.5%, your monthly payment (exclusive of taxes and insurance) would be about $1537. If the rates were lowered, even one point to 7.5%, your new monthly payment would be $1398 — a savings of $138 per month.

What is an APR (Annual Percentage Rate)? The APR is an interest rate that reflects the annual cost of a mortgage over the life of the loan. It is designed to measure the true cost of a loan including interest, service charges, points, loan fees and mortgage insurance. The APR allows homeowners to compare different types of mortgages based on the annual cost for each loan. It should be noted that the APR generally results in a rate slightly higher than the stated rate on the loan.

What does it mean to lock in an interest rate? Mortgage rates often fluctuate, sometimes rising during your application process. This could result in making a borrower's monthly payment larger than they thought. A lender can allow a borrower to 'lock in' their rate, guaranteeing the borrower the quoted rate for a specified period of time. Many times this will include a free 'float down' option if rates drop prior to closing.

What is credit scoring? Lenders use this system to determine whether or not to give a proposed borrower credit. Factors such as bill-paying history, the number and types of accounts you have, late payments, collection actions and outstanding debt are analyzed using a statistical program that compares your credit performance with consumers with similar profiles. Your account is assigned a credit score that predicts how creditworthy you are and how likely you are to repay a loan and make payments on time. We recommend contacting www.freecreditreport.com to obtain a copy of your credit report. You may also contact any one of the three credit agencies below, who may charge up to $9 per report.
Equifax: 1. 800.685.1111 or www.equifax.com
Experian: 1.888.397.3742 or www.experian.com
TransUnion: 1.800.916.8800 or www.transunion.com

What happens at a closing? The closing is where ownership of a property is officially transferred. Generally the seller, buyer, realtor, attorneys and representatives from the title/escrow firm attend. Much of the paperwork has been prepared in advance by attorneys and real estate professionals. Your involvement on the actual day may vary depending upon what is customary in your state and, the professionals with whom you are working.