How long will it take before I know I am approved?

Depending on your credit history and down payment and the loan program selected, we may be able to approve your mortgage request in as little as 24 to 72 hours. However, 5 to 7 business days is typical.

What is the difference between the APR and the interest rate?

The APR (annual percentage rate) reflects the cost of your mortgage loan on a yearly rate. It also includes the costs to obtain the mortgage, such as discount fees and points paid. The interest rate is the actual rate you pay on your note. The APR is used as a guide for comparison shopping with other lenders to determine fees associated with the loan.

What documentation should I bring to my Loan Officer?

You should bring any income and asset information along with any other information you feel is pertinent such as a Purchase and Sale agreement, if applicable. Additional documentation may be requested depending on your current income situation.

Who do I contact if I have a question or problem with my loan while it is in process?

You may either contact your loan officer directly or the Residential Lending Department at 508.568.3266.

If I have an existing mortgage with you, will I have to pay all the closing costs again?

Yes, there are costs to process any new loan application, but some of the fees are reduced for refinancing with us.

Will the lender agree to include my closing costs in the loan amount?

For Refinance Transactions you may include your closing costs as part of the loan amount. Although, on purchase transactions, typically you may not finance your closing costs.

Do I need to hire my own attorney?

No. The bank will hire an attorney for the transaction. If you are purchasing a property it is recommended you hire an attorney on your behalf to review the contract.

Can I close my mortgage without being present?

You may appoint someone to sign for you on your behalf using a Power of Attorney. A Power of Attorney requires certain restrictions and requirements, so please contact your closing attorney. Please note, there are additional fees for these options and it may require some additional time to coordinate.

Do you require title insurance?

Yes. Title insurance is required on transactions.

What is PMI and when is it required?

PMI is Private Mortgage Insurance written by a private company that protects the lender should the borrower default on the mortgage. Borrowers are required to pay the premium as part of their monthly mortgage payment. If you make a down payment less than 20%, even if you have a good credit history, PMI insurance is required for most loans.

What homeowner’s insurance requirement will I need at closing?

The bank requires a one year pre-paid receipt of homeowner’s insurance for at least the amount of the mortgage at closing.

Do I need to send in my Real Estate Tax bill?

The Bank does not require you to send in a copy of your tax bill.  If we escrow for your real estate taxes, our system will automatically retrieve the bill and submit payment to the Town.

What is an escrow account?

An escrow account is typically established at closing. This account is held by the bank for the future payments of recurring items relating to the mortgaged property, such as real estate taxes and flood insurance.

Do you escrow real estate taxes and insurance?

The bank is required to collect escrow for real estate taxes if the loan to value is 80% or greater. You may request to have your real estate taxes escrowed at any time if you wish. The bank does not escrow for homeowners insurance. You are responsible for maintaining homeowners insurance on your property at all times as part of your mortgage contract.

Can I discontinue my escrow account?

You may request to discontinue escrowing for real estate taxes if your current loan to value is less than 80%.

Can I have my principal and interest payments recalculated?

Based on a principal reduction of at least $10,000 most of our investors will allow a recalculation and reduction of the mortgage payment. The request must be made in writing to the bank and may require a fee to be paid.

How long does it take the Appraisal to be completed?

We order the appraisal upon approval of your mortgage application. The estimated turn around time is typically 5-7 business days.

How do I receive a copy of the Appraisal that was completed?

The bank will provide a copy of the Appraisal at closing or you may request a copy in writing to request before closing.

How do I change the deed to my property?

Any changes to the property must be requested in writing to the bank for approval along with a draft of the proposed change. This will not change the terms of the mortgage and note agreement.

When will I receive my year-end interest statement?

Year-end statements (IRS Form 1098) are mailed out by the end of January. This statement includes interest and real estate taxes paid on your mortgage loan for the previous year.

Can I mail my payment?

Yes. Please use the self-addressed envelope that is included with your statement or address and an envelope with payment to: The Cooperative Bank of Cape Cod 1470 Orleans Road East Harwich, MA 02645