Home Loans

How do I start the home buying process?

Here are some helpful tips to help you prepare to purchase your first home:

• Pay attention to (and improve) your credit score
• Use our home mortgage calculator to see how much home you can afford
• Save money for a down payment
• Save for additional home buying costs (inspections, insurance, deposits, etc.)

How can I get information on mortgage loan options?

You can choose from several types of mortgage loans to finance your home purchase. Our experts can help you understand the differences between the various loan options, so you find one that best suits your financial situation. Contact us at 855-305-3701.

How much mortgage can I afford?

Use our home mortgage calculator to help see how much home you can afford.

What’s better – a fixed or adjustable rate mortgage?

If you plan to be in your home for more than seven years, you may want to consider a fixed-rate mortgage, which offers predictable payments and long-term protection against rising mortgage rates. If you plan to be in your home for seven years or less, an adjustable-rate mortgage (ARM) could be attractive. Keep in mind that with an ARM, your monthly payments have the potential to go up each time your interest rate adjusts.

Where can I see current mortgage rates?

Please contact us 855-305-3701 for the most current rates. Our experienced staff will help provide the most up-to-date information you need.

Should I pay discount points?

When you pay a discount point, you’re essentially paying part of your interest to the lender upfront. This will lower your interest rate — as well as your monthly payment — over the life of the loan. One discount point is always equal to 1% of the loan amount. For example, one point on a $100,000 loan would require payment of $1,000 at closing. The longer you plan to remain in a property or hold your mortgage, the more advantageous it is to pay points. There’s no requirement to pay discount points. The decision is completely up to you.

Which mortgage and homeowner costs are tax-deductible?

Some types of mortgages and homeowner costs may be tax-deductible, including discount points, interest paid on a home loan and property taxes. Consult your tax advisor for advice about your unique needs.

What is a mortgage refinance?

Refinancing your mortgage means you’ll obtain a new mortgage loan to replace the one you currently have.

What are the benefits of refinancing?

You may want to consider refinancing if you’re interested in paying off high-interest debt, shortening the length of your repayment term for your mortgage, or lowering your monthly mortgage payment.

When should I consider refinancing my mortgage?

Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing:

• Mortgage rates are falling
• · Your home has significantly appreciated in market value
• · You've been making payments on your original 30-year mortgage for less than 10 years

Can I refinance to take cash out of my house?

Yes. PCB Bank offers a variety of options that allow you to tap into your home's equity and take cash out. Contact our experts 855-305-3701 for the best cash-out refinancing option for you.

Why should I consider refinancing?

There are several reasons to consider refinancing:

• You want to lower your monthly payments. Looking to increase your cash flow? One benefit of refinancing is that you can free up some money in your budget by reducing the amount you’re paying for your loan each month. You can lower your payments by refinancing for a longer timeframe, like a 30-year fixed loan. Or, if you’re planning to stay in your home for only a few more years, you may choose to refinance at a lower interest rate using an adjustable-rate mortgage (ARM).
• You want to reduce the total amount you pay for the home. If you want to pay off your home sooner and lower the total amount of interest you’re paying for it, you can refinance for a shorter loan term. If interest rates have dropped, you may be able to keep your monthly payment where it is and pay off your home a few years earlier – potentially saving thousands of dollars in interest over the life of the loan.
• You want to use your home’s equity to take cash out. Another reason to refinance is to take cash out to pay for home improvements, debt consolidation or a big purchase. Taking cash out means using your home’s equity to receive a one-time cash payment during refinancing. To receive a cash-out, you'll need to get a loan for more than you owe on your principal mortgage balance. Remember that cash-out refinancing also increases your overall level of mortgage debt.

How can I consolidate debt when refinancing my mortgage?

Cash-out refinancing can help homeowners who want to consolidate high-interest debt. Because your mortgage rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments.