Welcome!
Welcome to the loan center for Riverbend Home Mortgage. Are you looking to buy a home or to refinance your current residence? Here you can find the information you need to learn more about the different types of loans and their prospective interest rates.

Please explore our site without any obligation or disclosure of personal information, or if you prefer, you can apply online!

At any time feel free to e-mail us or call regarding any questions you might have. Our contact phone numbers are listed at the top of each page, or visit our "Who We Are" section for individual information.

How to Compare Interest Rates

• You must compare the same interest rates. You can not compare 6.25% to 6.5%. It doesn't work.
• The rates you are comparing must be quoted from the same day. Rates change daily.
• You must compare the same length of time for the lock for both lenders. (i.e., 30-day lock to a 30-day lock).
• Only after you have the same interest rate, from the same day, with the same length of lock time should you look at the closing costs.

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Comparing Lenders
Now that you've compared interest rates, made sure your rates were quoted on the same day, and compared the same lock period, you are ready to look at APR. The one with the lowest fees has the best APR. You can now choose whom you would like to do business with.

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APR Confusion
Many people make the mistake of looking at the APR for the interest rate. Remember, this is a Government Demanded Percentage. The APR can be off by .125% and still be considered legal. It is one of the most confusing items in the mortgage industry. Remember, the APR is not the interest rate for your loan.

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Good Faith Estimate 101
When you look at your Good Faith Estimate, the lenders closing costs are listed at the top of the page and numbered 800 to 814. These are the only charges from the broker. All others are beyond the broker's control.

The lines numbered 900 to 905 are fees required by the broker's lender. If you have a loan with mortgage insurance, this is where it would be listed. On a purchase, this is where the first year of hazard insurance would be listed.

The lines numbered 1000 to 1005 are to show what will be required by the broker's lender to set up you escrow accounts to pay your insurance and taxes.

The lines numbered 1100 to 1113 are the fees the attorney or title company charges for closing, preparing your abstract and title work.

The lines numbered 1200 to 1203 are federal, state, or county charges to record your mortgage and collect any transfer taxes due.

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