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home is where the heart is

 

and we put the art in heart

Prequalify for a Mortgage

Mortgage

There is a certain art to providing you the right mortgage that suits your needs and wants. Well, just call us Banksy. Whether you’re a first-time home buyer or looking for a new house, we have the talent to make a house, your home.

Chat with us today

Home Equity Line of Credit

Homebuyer Dream Program

  • up to $20,000 grant for first-time homebuyers (income limits may apply)
  • Offered 1/8/24 to 8/30/24 – or until funds are used
  • Homebuyer Education and a fully executed contract required
  • Can be combined with other offers
  • Eligibility requirements apply

Speak with one of our Mortgage Loan Officers today!

The Homebuyer Dream Program (HDP) is a registered trademark of the Federal Home Loan Bank of New York.

Your mortgage loan options:

Evans Affordable

  • Low down payment – little as 3% and no PMI
  • Evans Bank will pay up to $3000 of your closing costs
  • Up to 25% of the loan amount can be used for renovations/repairs
  • Only available for purchases

Evans Neighborhood

  • Low down payment – little as 3% and no PMI
  • Evans Bank will pay up to $500 of your closing costs
  • Up to 25% of the loan amount can be used for renovations/repairs
  • Only available for purchases

Evans Ignite

  • Evans Bank provides $500 off the closing costs
  • Eligible for active duty service members; teachers employed full-time in a public or private school; police officers and emergency medical responders employed with local municipality, city, county, or state; and firefighters employed or who volunteer with local municipality, city, county, or state
  • Property must be a one-unit, owner-occupied home

Conventional

  • Looking for peace of mind?
  • Want to know how much you’ll be paying a month even 10 years down the line?
  • Thinking you’ll stay in your home for a long period of time?

Then a conventional loan is the mortgage for you.

Veteran Administration (VA)

  • Available to active duty and retired servicemembers
  • Federally insured
  • Low or no down payment financing available
  • Sellers can pay up to 100% of eligible closing costs
  • Can only be used for a primary residence

Evans Bank thanks veterans for their service.

Federal Housing Administration

  • Low down payment requirements
  • Minimum down payment of 3.5%
  • Up to 6% seller’s concessions to help pay closing closes
  • Allows gifts to cover down payment and closing costs
  • Greater flexibility for buyers who may not meet conventional loan guidelines
  • FHA loans are for purchase or refinance of primary residence only

Jumbo

  • For loan amounts exceeding $726,200
  • Interest rates and underwriting requirements may be different than conventional based on the higher loan amount

New Construction

Designed to take you through and beyond the construction period, the short-term construction loan cover costs during construction.

  • Funds are drawn as phases of the building are completed
  • Interest-only payments are made for a 12-month period only on the amount drawn
  • Once the draw period ends, the loan will convert to a permanent amortizing mortgage

Mortgage Frequently Asked Questions

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts:

Principal: Repayment on the amount borrowed

Interest: Payment to the lender for the amount borrowed

Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like homeowners insurance and property taxes. It also may include payments such as flood insurance or Private Mortgage Insurance (PMI)

What is escrow in a mortgage?

A mortgage escrow account is where part of your monthly loan payment is deposited to cover costs associated with real property taxes, homeowners’ insurance and/or private mortgage insurance.

How much cash will I need to purchase a home?

The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:

Earnest Money: The deposit that is supplied when you make an offer on the house

Down Payment: A percentage of the cost of the home that is due at settlement

Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

How do I know which mortgage type is best for me?

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Evans can help you evaluate your choices and help you make the most appropriate decision.

How do I know how much house I can afford?

Generally speaking, you can purchase a home with a value of slightly over two times your annual household income. However, the amount that you can borrow will depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Contact us and we can help you determine exactly how much you can afford.

How can I avoid an escrow shortage?

Mortgage payments can increase due to a shortage in the escrow. This can be for a few reasons including tax increases or if you deferred your payments at any point during the year. In order to make the shortage payment more manageable, the amount is spread over 12 months, increasing the monthly mortgage payment.

For further assistance or questions regarding your escrow analysis, please contact Customer Experience Center during regular business hours.

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