Land Loans

What types of properties and locations does your financing cover in Florida?
We provide financing for single-family homes that serve as your primary residence. Eligible properties must be located in one of the following Florida counties: Bay, Escambia, Holmes, Okaloosa, Santa Rosa, Walton or Washington.

What is a Home Equity Line of Credit (HELOC) Early disclosure?
For HELOCs, the early disclosure outlines crucial terms and conditions. It covers information such as what could happen to the borrower's home if they do not repay the HELOC as agreed, under what conditions the lender can terminate or reduce the credit line, and the length of the draw period. For specific questions regarding early disclosures, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours.

What is title insurance?
As part of the loan process, the lender orders a Lender's Title Insurance Policy to verify existing liens on the property. This policy protects the lender against issues with the title to the property, such as someone with a legal claim against the property. For specific questions regarding a Lender's Title Insurance Policy, please contact our Mortgage Services department at 850.862.0111, Option 3 during business hours or via secure email.

What is an escrow?
Based on your loan type, an escrow account may be required. This type of account is established at loan closing. Over time, a borrower continues making monthly contributions to the escrow account as part of their mortgage payment. When property taxes or insurance premiums come due, the lender uses the escrow funds to pay these items on the borrower's behalf. For specific questions regarding escrow accounts, please contact our Mortgage Services department at 850.862.0111, Option 3 during business hours or via secure email.

What is private mortgage insurance (PMI)?
Private Mortgage Insurance (PMI or MIP) is a type of coverage that is required if you obtain a Conventional mortgage - one that isn't federally guaranteed - and put down less than 20% to purchase a home or have less than 20% equity when refinancing. PMI protects the lender in case you default on the home loan. This premium is paid monthly and is factored into your mortgage payment. For specific questions regarding PMI, please contact our Mortgage Services department at850.862.0111, Option 3, during business hours.

What are closing costs?
If you are applying for a mortgage loan, there may be closing costs associated with it. The closing costs include fees for the credit report, flood certification, employment verification, appraisal, title, survey, and recording, etc. Please note this does NOT include prepaid items or escrow-related costs. Your lender will provide a detailed breakdown of these expenses early in the loan process so you know what to expect. For specific questions regarding mortgage closing costs, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours or via secure email.

What is a subordination agreement?
Typically, mortgage liens are prioritized in the order they are recorded in public records. However, if you refinance your mortgage or take out a second lien, the lender may require a subordination agreement for an existing lien to ensure the new loan is recorded in the correct lien position. For specific questions about subordination agreements, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours or via secure email.

What is a mortgage rate lock?
Once you lock in the interest rate on your mortgage loan, the lender will honor that rate for a set period while you complete the loan process. For specific questions about rate locks, including any associated costs or restrictions, please contact our Mortgage Services department at 850.862.0111, Option 3, during business hours or via secure email.