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APPLY FOR A MORTGAGE

When you're ready to apply for that mortgage, we're here to help. GCF offers an array of mortgage products for qualified homeowners.

FIXED RATE MORTGAGE: The interest rate will remain the same throughout the term for the original borrower. Check out our competitive rates!

ADJUSTABLE RATE MORTGAGES: Commonly referred to as ARMs, these mortgages have a fixed interest rate for the first 3 or 5 years and then adjust annually thereafter with a repayment term of 30 years. The initial rate is typically lower than a traditional fixed rate. However, after the initial period, the rate is adjusted annually and can go up or down according to the index, margin and adjustment period/lifetime caps given. ARMs are usually a good choice when you are looking for lower initial payments and/or expect to move or move up to another home in a short period of time.

AFFORDABLE HOUSING & FIRST TIME HOME BUYER: If neither you nor your co-applicant have ever owned a home, you just might qualify for this special no-points mortgage. You can borrow up to 95% of the sale price or the appraised value, whichever is less. Private Mortgage Insurance will be required until your principal balance reaches 80% of the appraised value. You'll need adequate income, held your current jobs for at least two years and have excellent credit to qualify. Good records of your savings and checking accounts for a least one year will make a homeowner out of you!

HOME EQUITY LOAN: Convert the equity in your home into cash with this fixed rate loan. You may borrow up to 90% of the appraised value less any outstanding balance of your first mortgage. Now's the time to finance home projects or consolidate those debts at one low, low rate! There will be a recording fee associated with this product. This fee may range from $36.00 to $126.50 based on county and state where the property is located. New Jersey and Pennsylvania residents closing outside of a GCF branch office will be charged a closing fee of $150.00. Delaware is an attorney state, therefore, closing must be conducted by an attorney with a closing fee of $350.00. If you close your loan within 12 months of the date upon which it is opened, you will be required to pay an early account closure fee of $250.00.

HOME EQUITY LINE OF CREDIT: This variable rate loan is based on the prime rate as published in the Wall Street Journal. You may borrow up to 90% of the appraised value less the outstanding balance of your first mortgage. Interest is only accrued as you take the money. Qualify now and draw the funds as you need them. There will be a recording fee associated with this product. This fee may range from $36.00 to $126.50 based on county and state where the property is located. New Jersey and Pennsylvania residents closing outside of a GCF branch office will be charged a closing fee of $150.00. Delaware is an attorney state, therefore, closing must be conducted by an attorney with a closing fee of $350.00. If you close your line of credit within 12 months of the date upon which it is opened, you will be required to pay an early account closure fee of $250.00.

INVESTMENT MORTGAGE: If it's investment property you're buying, this mortgage is for you. GCF can finance one to four family homes for qualified buyers. Financing investment property has never been easier!

INVESTMENT HOME EQUITY LOANS: Turn the equity in your investment property into cash with a no-cost 0 point GCF Investment Home Equity Loan. If you close your loan within 12 months of the date upon which it is opened, you will be required to pay an early account closure fee of $250.00. Call Debbie on ext. 349 ext. or Betty C on ext. 354 for details.

APPLY NOW!

Apply online, by phone or stop into one of our local GCF branch offices.

Phone applications or questions about the process call or email: Rita Muse (ext 353) or Debbie Shaw (ext 349)

Once we receive your application we will mail out initial disclosures for you to sign and return to GCF. We will review your application to insure you meet the bank’s criteria for a conditional approval which will be subject to verification of income, assets and property evaluation. Upon verification of these items, we will issue a mortgage commitment. Please sign and return the commitment letter to GCF Bank.

Purchasing a home: We need a copy of the executed agreement of sale along with your application.

Note: An Upfront Application Fee of $395.00 is required to cover costs associated with your loan such as a credit report and appraisal.

After you receive your commitment contact GCF to begin the settlement process. You will be asked to choose a title company or attorney to complete your mortgage transaction.

We'll need to keep a few documents in your mortgage file such as:

The MORTGAGE. A mortgage is a lien that is filed against the property to secure the debt.
The NOTE. A note is a written promise to pay a certain sum of money at a certain time.
The SURVEY, prepared by a registered land surveyor. It is a measurement of land, showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any buildings.
The attorney or the title company will be ordering a TITLE, (a document that shows evidence of your ownership of the property), TITLE SEARCH (a document that gives evidence of your ownership of the property) and TITLE INSURANCE, a policy which insures a home buyer against errors in the title search. The cost of the policy is usually based on the value of the home and paid for by the purchaser.