CHOOSING A MORTGAGE LENDER

What should you know about mortgage lenders and loans before you make a decision? The following questions are designed to help you select the best loan and lender for your specific needs.

1. Does the lender offer a variety of Fixed and Adjustable Rate Loans with many terms and options?
At West Union Bank, we offer Adjustable Rate Mortgage Loans with initial intervals of one year, three years, five years, and seven years. We also offer Fixed Rate Mortgage Loans.

2. What is the APR?
The Annual Percentage Rate (APR) is the cost of your credit expressed as a yearly rate. All lenders must use the same guidelines in determining your APR, making this a good gauge when comparing the cost of different loans.

3. What are the Points or Origination Fees?
Most lenders charge fees to help cover the costs associated with processing and servicing mortgage loans. You may find that some lenders charge higher points and origination fees resulting in higher costs to you.

4. Is an Application Fee always required?
At West Union Bank, there is never an application fee.

5. Is there a Maximum or Minimum Loan Amount?
At West Union Bank, we have a loan program to meet almost every need. None have minimums, and most do not have maximums.

6. Will the lender retain the Servicing on any of the loans they make?
Most lenders, including West Union Bank, sell some portion of the mortgage loans they make. We keep and service all our Adjustable Rate Mortgage Loans. We also participate in Fixed Rate Loan programs through the West Virginia Housing Development Fund and other special programs. When loans are sold to investors, the servicing is also sold.

7. How long will it take for my loan to be approved?
Because West Union Bank is locally owned and operated, decisions can be made quickly by people you know and trust. Generally, the Bank can conditionally approve your loan within 48 hours. Review the Loan Processing Procedures for more information.

8. What is the required Down Payment?
At West Union Bank, we have mortgage loans that require as little as $0 down.

9. What are the estimated Closing Costs?
Closing costs are charges for various services that must be paid at the time a loan is closed. Lenders will give you a disclosure known as a "Good Faith Estimate of Closing Costs." We think you will find the closing costs at West Union Bank to be very competitive.

10. Is there a Prepayment Penalty?
West Union Bank does not charge a prepayment penalty for mortgage loans.

Click the choices below to Learn More + Prepare to Apply for a Mortgage Loan:

• Choosing a Lender – Questions to ask
• Loan Processing Procedures – Steps in the loan application procedure
• Information Checklist –Information and documents you will need to apply for a Loan
• Mortgage Prequalification Information Sheet - Form to fill out and bring to the bank when applying for a mortgage loan. Questions asked on the form cover information you will need to provide. (To access this form you will first be asked to read the Bank’s Privacy Policy and click to continue.)