Mortgage Center - Frequently Asked Questions

Please review these frequently asked questions regarding mortgage loans. You may also view our financial wellness video series on home ownership.  If you have other questions or need additional information, please contact our Loan Specialists.

Is buying a home the right decision for you? Review steps you can take to prepare yourself for the home-buying process. Learn More
 

How do I know how much house I can afford?

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts:
  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

How much cash will I need to purchase a home?

The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
Have Mortgage Questions?
Contact Our Mortgage Team
 
Alesia Jones
NMLS # 630592
903-843-4136

Morgan Whiteley
NMLS # 767740
903-763-4545


Email:  mortgage@fnbgilmer.com
 
Online Mortgage Application Center

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Related Resources
Considering a mortgage but don't know where to start? Learn about the different types and application process. Learn More

 
Home Loan Toolkit - A guide to home ownership, click here