Home Mortgage Loans

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Purchasing a home can be a stressful process, but it doesn’t have to be. At United American Bank, we strive to provide you with the tools you need to understand and stay in control of your mortgage loan.

Our lenders know the San Francisco Bay Area and San Mateo County areas, and they’ll be with you every step of the way as you search, find, and sign for your dream home!

Summary
  • Competitively low rates for home purchase, refinance, or construction
  • Available for primary residence, second homes, vacation homes, or investment properties
  • A wide range of terms customized to your unique situation
  • A wide range of financing programs available:
    • Fixed rate mortgages
    • Adjustable rate mortgages (ARMs)
    • Mortgage protection insurance
    • Mortgage disability income insurance
  • Helpful loan advisors with working knowledge of the local real estate market
  • Free pre-approval for extra confidence when it comes to securing financing
  • Refinance your current home to potentially lower your rate
  • Quick, local decision-making and processing in the San Francisco Bay Area
  • Detailed, attentive service from start to finish
Mortgage 101

Purchasing a new home is thrilling, but it can be confusing at times. There are a lot of considerations. At United American Bank, we work hard to make the mortgage loan an easy process. We provide attentive, personal service at every step. We listen to all your concerns and questions. Most importantly, we take the time to educate you on every aspect of the process.

As a community bank, we're more than just your lender; we're your neighbor. We give you the care and attention you deserve in the most significant purchase of your life.

The Basics
A mortgage loan is money borrowed using a home as collateral for the loan. The money is typically used to purchase the home, but a mortgage loan can also provide cash for other purchases. The loan requires a contractual agreement stating the loan will be paid back with interest, in specified monthly payments over a stated period of time.

You choose the payment term - the longer the term, the lower the monthly payment, but the more you'll pay in total interest. The interest paid on a mortgage loan is usually tax-deductible (consult your tax advisor).

A United American Bank mortgage professional can answer your questions, help you select the best financing for your needs, prepare closing cost estimates, calculate payment schedules, and help determine your price range for a home.

How Much Can I Afford?
Your monthly payments, including loan payment, property taxes and insurance, should be between 25-30% of your gross monthly income. We can help determine your price range for a home by reviewing your income, debts, and credit.

You can apply for a pre-approval loan. A pre-approval is valid for up to 90 days and makes your offer on a new home more attractive to sellers.

Closing Costs
Closing costs are up-front fees paid to United American Bank to cover the costs associated with the mortgage loan. Examples of these costs include credit report, appraisal, legal and loan work, and document recording costs. You may also choose to pay points to reduce your interest rate. (A point is a one-time charge that equals 1.00% of the amount you borrow.)

You are typically required to contribute some of your own money toward the purchase of a home (down payment). The amount of down payment can be as low as 3.00% of the purchase price. The mortgage loan officer will verify that you have accumulated these funds prior to the final purchase date (closing).

The Mortgage Process
In order to complete and ensure prompt approval, the mortgage professional will need the following information:

  • Most recent year-to-date pay stub(s) documenting one full month earnings and most recent tax year W-2(s).
  • Depository/investment account statements for most recent two months (assets).
  • Loan and credit card account names, required (liabilities).
  • Residential addresses for prior two years.
  • Landlord's name/address for prior two years.
  • Names and addresses of each employer for the past two years.
  • Copy of divorce decree (if applicable).

It’s fast and easy to apply!