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Monthly Mortgage Tips - October

Mortgages for seasonal and second homes: The same general rules apply

Given real estate's historically solid reputation as a sound investment, you may at some point want to consider the merits of purchasing a seasonal or second home. Essentially, the qualification requirements are the same as for a primary residence: a down payment of at least 10 percent; compliance with credit standards and debt-to-income specifications; and documentation verifying income and asset holdings.

Click on a link below for more information:

First-Time Homebuyers

Our mission is to help first-time homebuyers through the entire process.

Buying your first home can be overwhelming. At SIS, our mission is to help first-time homebuyers through the entire process. Our loan originators will take you through the process, step-by-step, keeping your experience as fun, exciting and hassle-free as possible.

For more information, click here to go to our video library and review some brief videos that will help you get through the process.

Want to learn more?

Our mortgage experts are available to answer any questions you may have about your particular situation and we welcome your inquiries. Let’s get started.

Stop by your local branch or call us at 1-888-BANKSIS.

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Fixed Rate Mortgage

A SIS FRM offers you the security and stability of a monthly payment that never changes for the term of your loan.

A SIS fixed rate mortgage offers you the security and stability of a monthly payment that never changes for the term of your mortgage loan. This can make budget planning easier and can be a wise choice if you believe interest rates will rise. Our best fixed rates are available to 1-4 family owner occupied, single unit second home and new 1-4 family construction properties. We have a variety of fixed rate loan terms that we can tailor to your own individual needs.

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Adjustable Rate Mortgages

ARMs can generally offer you lower starting interest rates and corresponding monthly payments than our fixed rate loans.

Adjustable rate mortgages, or commonly known as ARMs, can generally offer you lower starting interest rates and corresponding monthly payments than our fixed rate loans. This can be a wise choice if you do not plan on long-term ownership or if you expect interest rates to decrease. Our best ARM rates are available to 1-4 family owner occupied, single unit second home and new 1-4 family construction properties. Although your rate and payment can increase, you do have the protection of annual and lifetime interest rate caps.

In addition, you can lower the annual and lifetime cap through our rate buy-down options. 

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Jumbo Loans

If you are looking to buy a home that is higher priced than the average, you may need a Jumbo Loan.

If you are looking to buy a home that is higher priced than the average, you may need a Jumbo Loan. A jumbo loan is like a traditional mortgage, only bigger. A Jumbo Loan is a mortgage in excess of the limit for a conforming loan on the secondary market, currently $424,100 in most communities but can be higher in some NH “high cost” areas.

Jumbo Loans may offer fixed and adjustable rates. We can help you calculate the payments for fixed or adjustable rates to see how they can comfortably fit your income.

If you’re a well-qualified buyer looking for a Jumbo Loan, you’ve come to the right place.

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Mobile Home Loans

SIS offers some very competitive financing terms for new or used single and double-wide mobile homes.*

SIS offers some very competitive financing terms for new or used single and double-wide mobile homes.* Rates, terms, and down payment requirements vary based on the size and age of the unit being purchased. Double-wide mobile home units placed on the borrower’s land are treated like a conventional residential mortgage loan.

Terms for new/used double-wide and single-wide units located in parks vary based on size and down payment. Rates for single-wide units located on borrower’s land will vary based on age and down payment.

*SIS does not finance Maine State Housing single-wide mobile homes in a mobile home park.

VA, Rural Development, and Rehab Loans

Contact us for more information on these government loans

Government subsidized loans help to make home ownership affordable for those who qualify. SIS offers VA, Rural Development and Rehab government loans. Contact us for more information on how you may qualify.

Construction Loans

SIS has always made building your dream home easy and affordable with our single closing construction mortgage loan
SIS has always made building your dream home easy and affordable with our single closing construction mortgage loan. Whether you want to build your primary, second, or seasonal home SIS is ready to help and will allow you to be the builder or general contractor. During the construction phase (usually 6 months, but tell us if you require more time), we only charge you interest on the funds used, and disbursements are based on work completed. When your building is complete and funds are fully disbursed, we will convert your loan to the permanent repayment terms you selected without a second loan closing. Both fixed rate and adjustable rate terms are available for your building needs.
 

Home Equity Loans and Lines of Credit

Take advantage of accumulated equity in your home.

Whether you are planning to purchase a new car, go on that well-deserved vacation, make home improvements, pay for college tuition, or even debt consolidation, taking advantage of accumulated equity in your home is a smart and inexpensive way to meet these needs. At SIS, we offer you two home equity loan choices.

Home Equity Line of Credit

If you want the convenience and ease of being able to access future advances for any worthwhile purpose without a new credit application, then an SIS Home Equity Line of Credit is a smart equity loan choice. Although your interest rate will be variable, it is generally priced below our fixed rate equity product and requires “interest-only” monthly payments. You can borrow up to 90% of your home value minus any other mortgage debt. Eligible properties include owner-occupied primary residences, second homes, and certain seasonal properties located throughout Maine and parts of New Hampshire. With our Line of Credit option, you’ll have access to your funds anytime, anywhere, 24/7, simply by writing a Line of Credit check or by using our toll-free telephone banking service.

Fixed Rate Home Equity Loan

With our SIS Fixed Rate Equity Loan, you can borrow a specific amount for a fixed period of time. Your monthly payments are fixed, so you will have the comfort of knowing your payment will remain the same every month. Borrow up to 90% of the value of your home minus any other mortgage debt. Eligible properties include owner-occupied primary residences, second homes, and certain seasonal properties located throughout Maine and parts of New Hampshire.

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How Much Can I Afford?

Consider the amount of payment that is comfortable for you.
You must keep in mind, when determining how large a mortgage payment you can afford, that your monthly payment generally should not exceed 33% of your gross monthly income and 38% when you include your other monthly debt. You should also consider the amount of payment that is comfortable for you. Remember, this is only an estimate. Oftentimes when we review your total financial picture we are able to find ways to help you afford more than you thought possible. Our lending professionals will be happy to work out a plan that best fits your financial needs.

Application Checklist

A list to help you organize the paperwork and information you need to apply for a loan.
  • Check to cover cost of Appraisal, Credit Report and Bank Inspection
  • Your contract of sale signed by both the buyer and seller
  • A copy of the legal description of the subject property (Warranty Deed)
  • A property listing sheet which can be obtained from your realtor
  • Two most current pay stubs and prior 2 years W-2 forms for the borrower and co-borrower
  • Verification of all income listed on the application – i.e., copy of Social Security or SSI Award Letter, copy of Divorce Decree if using alimony or child support income*
  • Past two years signed individual tax returns if the following income is to be considered:
    • Rental Income – Include copies of leases
    • Dividend, Interest, Overtime and Bonus Income
    • Alimony and Child Support – Include a copy of the divorce decree and deposit receipts or canceled checks
    • Self Employed – Include corporate return and/or partnership return if ownership exceeds 25% as applicable
  • If you are self-employed and more than 3 months have lapsed since the last tax year, please include a year-to-date Profit and Loss Statement
  • Current 2 months bank statements for verification of down payment and closing funds
  • If you are refinancing your loan to make property improvements, please provide a copy of any and all estimates of the improvements to be done
  • Copy of most recent property tax bill
  • In addition to the above, construction loans will require additional information to be provided.

Correspondent Lending

Tools to help you through the mortgage process.

Maximizing Your Home Buying Experience

We understand every borrower is different. We’re committed to providing the highest level of customer service and offer a wide variety of loans to meet the needs of every individual. We’ll make sure you understand your mortgage financing options, and will help you choose the best loan so that you’re able to get a mortgage you are comfortable with.

Looking to buy a home or are you looking to do some home improvements? We have the program to meet your needs.

 
 
Start now! Click here to choose a mortgage lender, or begin filling out your application today. As always you can call 1-888-BANK-SIS to have a mortgage lender walk you through the application process.