What if I don't have perfect credit?

A higher credit score may qualify you for a better interest rate and more options.  We will determine if your credit scores and history shows that you have the ability to repay and are willing to repay in a timely manner.  Perfect credit is not necessary.

How can I Pre-Qualify?

  • Online prequalification
  • Complete the Mortgage Inquiry online form
  • Call our Mortgage Department at 614.552.0511
  • Stop in at any Heartland Bank location

Once pre-qualified, you’ll know how much you are eligible to borrow, thus making your shopping easier. Sellers also appreciate pre-qualified buyers.

What is an appraisal?

An appraisal is a property valuation completed for a fee by a licensed or certified, third party professional. It is based on the opinion of the appraiser with respect to the market value of the property being considered.

What is a comparable sale?

Comparable sales are used by appraisers to determine an accurate property market value. They are properties that have recently sold with qualities similar to the property under consideration. The appraiser is responsible for choosing properties that best reflect the local marketplace and closely match the desired property.

Explain PMI?

PMI stands for Private Mortgage Insurance. It is usually required if you have less than a 20% down payment on your new property.  The monthly payment for this insurance is usually included in your monthly payment.  This can often be dropped when the lender is comfortable with the amount of equity achieved over time.

What factors will determine if I am approved for a loan?

Our underwriting department will look at:

  • Property value
  • Credit history
  • Credit score
  • Your debt-to-income ratio

What determines my interest rate?

  • Credit history and credit scores
  • Daily changes in the market
  • Specific individual qualifications
  • Purchase or refinance
  • Value of the property
  • Mortgage amount
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