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And if you’re reading this, you
just found the right mortgage.

Mortgage Services

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Republic Mortgage has the answers, the options and the keys to your new home. Plus more ways than ever to help you get there.

Find the financing that gets you inpre-qualify today. Or contact us today.

  • Conventional, FHA and VA mortgages for home purchases and refinancing
  • Construction loans for the flexibility to build your dream
  • Mortgages for 2nd homes, condos, manufactured homes and investment properties
  • Leased land financing and lot loans
  • Home equity loans and lines of credit for financial flexibility
  • Fixed-rate mortgages for predictable monthly payments over the life of the loan
  • Adjustable-rate mortgages and interest-only loans for traditionally lower initial payments
  • Jumbo mortgages for substantial property

For more information, click on the topics below to expand:

Fixed-Rate Mortgages

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This type of loan provides a fixed term, meaning the interest rate and monthly payment stay the same for the life of the loan.

  • Various terms
  • Competitive rates apply to purchase and refinance mortgages
  • Can be used to buy a primary residence, invest in a second home or purchase an income property
  • No prepayment penalty
  • Best choice for people planning to stay in their home for a long time and who want a guaranteed payment as interest rates rise
Adjustable-Rate Mortgages (ARMs)

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This loan offers an initial interest rate that is lower than that of fixed-rate mortgages. As rates fluctuate, however, payments will be adjusted either up or down.

  • Competitive rates apply to purchase and refinance mortgages
  • Rates are generally capped to keep them from increasing beyond a specific point
  • Initially lower monthly payments allow for a more substantial home purchase
  • No prepayment penalty
Interest-Only Mortgages

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Mortgage that requires payments of just the interest, not the mortgage principal.

  • Lower monthly payments
  • Interest-only payment periods based on buyer’s preference
  • Good for those who want a more expensive home or who need funds for other expenses
Low Down Payment Mortgages

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This loan offers a smaller down payment option.

  • Lower initial cash upfront
  • An easier way to buy a home
  • A good option for first-time buyers or those without a large down payment
  • No prepayment penalty
Construction Loans

This loan offers the flexibility to build a home and convert the loan into a standard mortgage.

  • Fixed rates
  • Flexible terms
  • No duplication of fees on most construction loans
  • Interest payments are charged only against the funds as they are used—not against the entire loan
  • Converts to standard mortgage after the home is built
Construction/Permanent Financing

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Construction Document Requirements

  • Complete Set of Plans
  • Description of Materials (to be completed by Contractor)
  • Sworn Construction Statement (to be completed by Contractor)
  • Signed Construction Contract
  • Signed Purchase Agreement on Land if Purchasing
  • Title/Abstract to Land if Already Owned or Lease Agreement if Leased Land
Loan Application Process
The information obtained is used to appraise the property and qualify the borrower. We offer free pre-qualification processing prior to having the plans and specs completed. A two-year employment and residence history is verified. A credit report is reviewed for a satisfactory history of paying debt. We will verify sufficient funds to close on the loan by reviewing the asset information you provide. The time frame from application to closing should take 30-45 days.

Down Payment Requirements
The down payments can be in the form of cash or equity. The minimum down payment is 10% of the construction cost or appraised value (whichever is lower) for a loan with Private Mortgage Insurance. A down payment of 20% or more would eliminate the requirement for Private Mortgage Insurance. Private Mortgage Insurance is a cost to you that insures the lender in the event you default on your mortgage.

There are two types of equity that can be used to meet down payment requirements:

Land:
If owned for more than one year, the appraised value is used. If owned for less than one year, the purchase price is used.

Improvements:
Well, septic system, driveway, garage, etc... previously built on the property.

Loan Qualification
Generally up to 28% of the Borrower’s gross monthly income is allowed to go towards the PITI payment. The PITI payment includes principal and interest, property taxes, homeowners insurance, and private insurance, if required.

Approximately between 36% - 45% of the Borrower’s gross monthly income is allowed to go towards the PITI payment plus all other monthly obligations. Monthly obligations include loan payments, credit card payments, child support payments, etc.

In the event an applicant does not qualify under the above guidelines, Republic Mortgage does have alternative programs available. One of our professional, experienced Mortgage Loan Originators will discuss the different options available.

Loan Application Documents
  • Completed Loan Application
  • Current Pay Stub(s) Covering a 30-day Period
  • Previous two years’ W-2s
  • Previous two years’ Personal/Business Tax Returns, if self-employed
  • Bank Statements for Past Three Months
  • Written Credit Reference From current Landlord
  • Divorce Decree, if applicable
  • Bankruptcy Papers, if applicable
  • Check for appraisal and credit fees (approximately $400)

Construction Financing
At Republic Mortgage, our construction financing combines the construction loan and the permanent loan into one easy process.

The six-month construction loan has a fixed interest rate during construction. You pay interest based only on the amount of funds drawn from the construction loan. When the home is 100% complete, we simply modify the construction loan into permanent financing for 15 to 30 years. By doing this modification, there is no duplication of closing costs! We will work with you to customize your construction financing to fit your individual needs and situation.

Closing the Loan
Once your loan has been processed and approved, we will get together in our office for the closing. All title insurance requirements must be met and evidence of builder’s risk insurance and hazard insurance are required. At the closing, you will pay the balance of the funds required for the down payment and closing costs. The loan proceeds and funds provided by you are held in a construction account. At the time of closing, photos of the site will be taken. It is imperative no work has begun prior to closing the mortgage loan. This includes clearing trees, digging, etc.

Disbursing the Construction Loan
Before any disbursements or draws can be made, a plat sketch of the property is ordered through the title company. The plat sketch will show the house location within the lot lines. When requesting a draw on the construction account, the contractor should provide an invoice to you showing the amount requested. The invoice must be signed by you to acknowledge the amount is acceptable and delivered to Republic Mortgage.

The property will be inspected by Republic Mortgage to determine the progress of the construction and whether the invoiced amount is consistent with the work completed. After inspection, the title company will make the disbursement from the construction account and collect lien waivers.

Modifying the Construction Loan To Permanent Financing
Modifying to permanent financing cannot occur until the house is 100% complete AND all funds are disbursed from the construction account. A well/water evaluation and septic certification is required on those properties with new or existing systems. The interest rate is normally locked 30 - 60 days prior to final completion of the home. Extended interest rate locks are available at an additional fee. Funds necessary to complete the modification will cover odd days interest, deposits to the escrow accounts for taxes, insurance, and miscellaneous fees.

The New Construction Specialists
No one knows new home loans better than Republic Mortgage. We know precisely what is involved in building and financing a home and which financing option will best fit your needs (including our construction to permanent loan). We know how to make your dreams come true. If you are planning to build, be sure to include Republic Mortgage in your construction plans.

Call your Republic Mortgage Loan Originator today for details.