Residential Loan Frequently Asked Questions
You’ve got questions, we’ve got answers! Check out our frequently asked questions below. Still have a question or need additional information? Contact one of our Loan Officers for help.
|Will a mortgage inquiry lower my credit score?
A mortgage inquiry has a tiny effect, typically lowering a credit score by only 3-5 points. Mortgage lenders evaluate your credit based on a scoring model, with the bulk based on to portions of your credit history: Payment history and credit utilization. What is weighted heavily is how much money you are borrowing from creditors, and if you are (regularly) paying creditors back. Additional credit score factors are credit history and type of credit. All of this will only lower a credit score by an estimated 3-5 points.
If you want to monitor your credit easily, Fidelity Bank personal banking customers who are using online banking services can also take advantage of Credit Score.
|I've already been pre-approved. Will I be penalized if I shop another lender?
You have the right to shop with as many lenders as you like. Credit bureaus have made a formal policy (and, in fact, encourage) to allow for "rate shopping." The important thing to note is the time frame to make these mortgage lending inquiries is constrained and definitive. Make sure your applications or lending inquiries are managed properly in order to fit these guidelines. All of your credit pulls should happen within a limited, 14-day window. This will ensure your credit score is not negatively impacted. Connect with a Loan Officer for additional help.
|What types of loans does Fidelity Bank offer?
Fidelity Bank currently offers the following types of loans:
- Residential Loans
- Commercial Loans
- Conventional-FHA-VA-USDA Loans
- Home Equity Loans
- New Construction Loans
- Investor Loans (rental homes)
- Lot Loans
- Rehab or Remodel Loans
- Bridge/Temporary Loans
|What items do I need to process my loan?
There are essential documents you will need to produce in order for your loan to be processed following approval:
- Pay stubs from the previous 30 days
- Copies of your W-2 forms and tax returns from the previous two (2) calendar years
- Bank statements from previous two (2) months
- Recent investment statement (ex: 401k, capital market)
- Copy of your photo identification
- Insurance agent name and contact information
- History of residence and employment for past two (2) years