Q.  Why should I use M&P Bank for my home purchase or refinance?

A.  Along with offering very competitive interest rates, the home loan staff at M&P Bank are highly experienced professionals that have been in the mortgage business for a number of years.  They can walk you through the process and make sure all of your questions are answered in the best way possible.

Q.  How much down payment is required to purchase a home?
A.  You can purchase a home with as little as a 3.5% down payment if your loan amount is within current FHA limits.

Q.  How do I lock in my interest rate?

A.  Interest rates change on a daily (sometime hourly) basis.  If you are quoted a rate and fee structure by one of our Loan Officers that you would like to "lock" or secure, you can sign a lock agreement form that will allow us to secure that interest rate on the secondary market and take out any of the volitility that may be occuring in mortgage markets.

Q.  How does an ARM or adjustable rate mortgage work?
A.  ARM loans are fixed for a pre-determined period of time and then may adjust after that time period has elasped.  Your loan officer can describe in detail how each loan works and you will also receive a disclosure statement with further explanation.

Q.  What is an FHA Loan?
A.  An FHA loan is a loan with minimal down-payment requirements that is insured by the Housing of Urban Developement.  These loans will have an Up-Front mortgage insurance premium that is rolled into the loan balance as well as a monthly Mortgage Insurance premium that is included in the monthly payment.

Q.  What is PMI?

A.  PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.