Q: What type of loan is best for me?
A: Each mortgage loan customer has a unique set of needs and circumstances that will determine the best loan. Some of the factors considered include how long you will be in your home, what monthly payment you would like to pay, and the amount of your downpayment. A qualified loan officer will help assess the best loan for your situation.

Q: If I pre-qualify for a loan, what is the next step in the process?
A: Find your home! Then, contact one of our experienced loan officers to discuss the type of loan that best fits your needs.

Q: How long will it take to get a loan?
A: Typically, 30 days; however, the loan process varies in length based on the type of loan requested and the complexity and details of your transaction.

Q: How do I check my credit?
A: It is a good idea to check your credit prior to beginning the mortgage loan process to ensure that it accurately reflects your credit history. Two companies that can provide a credit report are: Equifax and Experian.

Q: What documents do I need to facilitate the mortgage loan process?
A: In the mortgage loan process we will need a number of documents from you to get an accurate picture of the loan that best suits you and in order to process the loan.

Following is a list of some of the documents needed:
  1. Current pay stubs, covering a full month
  2. W-2s for past two years
  3. If self-employed, commission or rental income, past two years signed Federal tax returns
  4. Current bank statements, investment accounts, stock statements, etc. for the past two months to reflect the source of the funds to close; please bring all pages
  5. Leases on rental property if rental income is to be used to offset mortgage payment
  6. Offer to Purchase and Contract (signed by all parties) if you are buying a new home
  7. Copy of listing agreement, sales contract or settlement statement on the property you are selling or have sold, if you are selling your current home to purchase a new one.
Q: Why should I refinance?
A: When you refinance, you pay off your existing mortgage loan by taking out a new mortgage loan, a process similar to when you first purchased your home. If current interest rates are lower now than when you purchased your home, then you can reduce your monthly payment or adjust your loan so you can own your home in a shorter period of time.

If you have accumulated equity in your home, you may also be able to do a “cash out” refinance, which can free up funds for college tuition, paying off other debt, etc.

Q: What are the advantages of doing business with the North State Bank mortgage department?
A: As mortgage brokers, we “shop” your loan application among large, national lenders to find you the most attractive terms. Additionally, by using North State Bank, you will have the advantage of obtaining an equity line without re-applying


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North State Bank, Inc., Raleigh North Carolina, USA. 1-919-855-9925
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