search
Press Enter to search

Experienced Buyers

Man painting in octopus in his home

More mortgage options can open new front doors

Change is easier if you know someone has your back. That’s us. We can show you some mortgage options to help make the change you want possible.

Since it may be several years since you last purchased a home, we’ve assembled a few resources for you to re-familiarize you with the key concepts and critical information.

 

  • Predictable payments for the life of the loan.
  • Good choice if you’re planning to stay in your residence for a long time.
  • Offers the predictability of a fixed payment amount over the term of the loan.
  • Lower initial interest rate and monthly payment.
  • Provides annual and lifetime caps to protect you from extreme interest rate swings.
  • Keeps your initial payments low.
  • Good choice if you don’t plan to make your current house your forever home.
  • Fixed and variable rates.
  • A variety of terms.
  • Allows you to combine a mortgage to purchase your home with the financing to make improvements.

Application and closing FAQs

 

Your application

Can I prequalify for a loan before I find a house to purchase?

You can give this letter to your real estate broker to assure them that you are a serious buyer. When you find the perfect home, simply call your Residential Lending Officer at Kennebunk Savings to start the mortgage application process.

When I’m ready to apply, what is my role in the mortgage process?

As part of the application process, in addition to filling out the application form, it is important to provide all the requested documentation needed, like income verification and bank statement documents. To help you prepare, check out our handy Mortgage Application Checklist.

There are steps you can take to help speed up the loan process.

Be available because the loan processors and underwriters will have questions. Your quick response to their inquiries will keep the process moving forward.

Provide all information requested right up front. Your lender will provide a list of items needed to process your mortgage application and if you omit important information or are not accurate with the information you provide, it could slow down the process.

And finally, do not hesitate to reach out to a member of your lending team when you have questions. It is important to provide the right type of information when needed, instead of leaving out details for not being sure of their importance. Not having all the information can slow down the process.

Can I borrow funds to use towards my down payment?

Yes, your down payment can include borrowed funds, however if you are planning on obtaining a loan for all or part of your down payment, make sure to include the details of this loan in your application.

I’m self-employed. How will you verify my income?

Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. We’ll review and average the net income from self-employment that’s reported on your tax returns to determine the income that can be used to qualify for a loan.

As always, if you have additional questions about qualifying for a mortgage loan, do not hesitate to give us a call.

I’m getting a gift of funds from someone else. Is this an acceptable source of my down payment?

Yes, down payments can include gift money if the gift giver is related to you or your co-borrower. We’ll ask you for the name, address, and phone number of the gift giver, as well as the donor’s relationship to you.

Prior to closing, we’ll verify that the gift funds have been transferred to you by obtaining a copy of your bank deposit receipt or statement to verify that you have deposited the gift funds into your account.

Why do you need information about properties I own if I am not financing them?

We need information about all the real estate you own to insure we understand any payment obligations you have on the properties and to have a reasonable estimate of your net worth. If you don’t know the exact value of your real estate holdings, provide your best guess – in most cases that is all we will need to process your new mortgage request.

Your Closing

Will I need to have an attorney represent me at my mortgage closing?

In some areas of the country it is customary, and sometimes required by law, to have an attorney represent you at the closing. In Maine, the borrowers have the right to choose their own attorney and pay for that attorney and settlement agent’s fee. In New Hampshire, they do not have the right to choose.

Please contact the closing agent if you have questions about the attorney representation process. If your attorney has any questions about your new mortgage, please refer them to your Residential Lending Officer.

Who will be at the closing?

The closing attorney acts as the Bank’s representative at the closing. However, your Residential Lending Officer will contact you prior to closing to talk about your final documents and to provide a final breakdown of your closing fees.

If I apply, where will the closing take place?

In most cases the closing for purchasing and refinancing mortgages occurs at the title company’s office. Prior to closing, you will receive your closing disclosures which will include the cost of the loan. Once all the documents are received and accepted, your closing will be scheduled.

Get Personal Financial Counseling from our Partner, GreenPath

  • Budgeting
  • Credit Counseling
  • Debt Counseling
  • Debt Management
  • Student Loan Counseling
  • Homebuyer’s Assistance
  • Credit Report Review