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Congratulations on your decision to buy a new home! We’ve outlined some important details you’ll need to know about the process:

What to plan for:

• Make sure you’re pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
• Keep your realtor and lender informed of any questions or concerns as they develop.
• Keep the process moving by providing documentation and decisions as soon as possible. By doing so, many of the details will be taken care of early in the process, adding to your comfort and peace of mind.
• Enjoy purchasing your home but remain objective throughout to make decisions that are best for you.

Count On Your Gate City Bank mortgage lender to:

• Assist you in selecting the best loan to meet your specific needs. (This can save you thousands of dollars throughout the years.)
• Keep you informed of your loan status throughout the entire process.
• Keep your realtor informed of our loan progress. (Note: Your personal information is always kept confidential between you and us; only deal points and progress are shared.)
• Get the appropriate loan for you at the best rates and fees. This will save you significant money up front and throughout the years to come.

Here are a few important things to know about home appraisals:

• The appraisal inspection is a step within the overall appraisal process. Much of the process happens offsite and includes research of the home, neighborhood, real estate market, construction costs and comparable property values.
• Appraisers act independently from the mortgage lender. Appraisers would not have access to previous appraisals or mortgage details, nor would they be privy to any current home loan or application provided to your lender.
• Market value, tax-assessed value, construction cost and replacement cost can each be different values for the same home.
  • Market value: The most probable price your home would sell for in a competitive and open market.
  • Tax-Assessed Value: The value assigned to your home to measure appropriate taxes. This is typically performed as a mass appraisal based on limited information such as only the exteriors of homes, generalized neighborhood data and an overall index.
  • Construction Cost: All costs paid to construct and complete the build or renovation of your home.
  • Replacement Cost: The cost to rebuild your home if it’s damaged or destroyed. This value is typically used for insurance purposes.

Our mortgage lending team members are available to answer any questions you have on the appraisal or general homebuying process. We look forward to working with you and providing guidance.

Great question! It’s an account used to pay for items related to your property, such as taxes and insurance, and is a calculated portion of your monthly mortgage payment.

Interest rates are determined based on the type of personal loan, collateral and terms. (Note: We offer a 1% discount on some personal loans with automatic payment from a Gate City Bank checking account.) Current rate information is available for:

• Auto loans
• Home Equity loans
• Boat loans
• RV loans
• Ice house loans

Your mortgage escrow payment is composed of three portions:

1. The anticipated amount needed to make your tax and/or insurance payments in the coming year.
2. A cushion to cover two months of anticipated payments.
3. Catch-up amounts for a shortage (if applicable). A shortage occurs when the amount that was paid for taxes and/or insurance increased from what was anticipated. The anticipated amount is always the amount of the prior year’s payments.