Why Buy or Refinance with Catlin Bank?
- You are working with a local bank—pardon the pun, but we are in your backyard!! Our staff is accessible in person, on site and just a local phone call away. No foreign 800 #, No press 1 for….., No long waits for service. We make loans in Illinois and Indiana.
- Our system shrinks the time to complete your loan. Our processing supervisor manages your loan from application to closing. She has 30 years of lending and underwriting experience. The department works towards the goal of smooth and timely closings..
- Details are important. Our processors are trained to give attention to details. Strong management, organized files, and efficient job flows shorten your closing time.
- Communication is key. Our staff will give you loan progress reports. They will answer your questions when you call or stop in. They give you good news and do not hide unavoidable delays. They know how to correct situations and will work with you to obtain necessary documents.
- Every lender has competitive interest rates!! The national “Capital Markets” and the investor that will be purchasing your loan determine the interest rate that Catlin Bank will quote to you. You must be aware that the interest you pay for your loan will include not only the monthly interest on your loan balance but may include fees that must be disclosed to you as interest. Some fees are legitimate others just add to the lenders profit.
- FEE, Fi Fo, Fluff! Fees are broken into three categories:
- Required—the cost of your title policy, appraisal fee, mortgage recording fee, etc. These are charges, generally paid to a third party, that are required to close your loan. These fees are not considered interest.
- For your credit—amounts of money deposited into your escrow account at the loan closing. This money is your money and will be used in the future to pay your real estate taxes and homeowners insurance. These amounts are not considered interest.
- Administrative—charges that you will pay to the lender. These charges are considered as prepaid interest. These must be added to the interest you will pay over the life of your 30 year loan and will be disclosed as the Annual Percentage Rate (APR).
Some are legitimate: fees for underwriting, documents, and the application process. The cost adds only a very small decimal fraction to your interest rate and is spread over the life of your loan.
You must be concerned about FLUFF FEES. When you pay them you are just adding to the broker’s profits. Watch for fees for such things as copy expense, administration, file review, overnight mail/transport, and communication. Question any fee you do not understand.
- To hear more,
Call us and ask for the
Mortgage Loan Department