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.

Fixed rate or an adjustable rate (ARM)?

With a fixed rate loan, the interest rate stays the same over the life of the loan. If you are committing to a forever home, a fixed rate may be the best option.

An adjustable rate mortgage has an interest rate that is fixed for a specific amount of time, then will go up or down based on an external financial index. This is a good option if you plan to sell your home before the rate becomes variable.

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.

Why should I refinance?

  • You are interested in a lower monthly payment
  • You would like a lower interest rate
  • You would like an adjustable rate or a fixed rate
  • You want to refinance for a higher mortgage to pay off debts or obtain cash
  • You want to change the term of your current mortgage

Do I need a property/home appraisal?

An appraisal will be needed in almost every situation.  The market value of the home you want to purchase is set by the appraisal.  We need to be sure that the house is worth what you are requesting for a loan as it is the collateral for the loan.

What is the difference between interest rate and APR?

An interest rate is comparable to a fee for borrowing the funds disbursed by a loan. The APR (annual percentage rate) is the total fee including interest, points and bank fees expressed in an annual rate.

Is a down payment required?

Most often, some form of down payment is required. Heartland Bank offers low down payment options for several mortgage programs. Program qualification depends on each individual situation and your needs.

How do I know what my prospective home is worth?

Ultimately, this is determined by the appraisal.  However, you could check online real-estate resources to verify what homes in the neighborhood are selling for.  It is also possible to check local auditors' websites for recent tax information.

How will you determine how much my property tax and insurance payments will be?

Your homeowner’s insurance company will provide figures for insurance costs. For the tax portion, we will estimate the annual taxes bases on the most recent tax documents available for the property.

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