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At Heritage Bank, our employees live and work in the communities it serves. We take pride in the fact that we have been in the southern crescent for over 50 years. Whether you are looking to buy a new home or you just want to refinance your existing mortgage for equity or rate reasons, let Heritage Bank handle your mortgage needs.
You can count on our expertise when it comes to the communities in the southern crescent of Atlanta. Why? Because, we have helped with many of the developments within the Clayton, Henry, and Fayette markets. Allow us to help you as you look to purchase your new home in our neighborhood.
Heritage Bank's Home Purchase Process
At Heritage Bank, we know buying a home is one of the largest purchases you'll ever make. That's why our mortgage lenders take the time to ask the right questions in order to understand your unique situation - and what's important to you regarding your home loan.
As a part of the home purchase process, we conduct a pre-purchase consultation and explore your current financial condition, needs and desires, long- and short-term financial goals, target monthly payment, and home equity objectives. After the consultation, we will develop a home loan program with the most favorable combination of term, rate, fees and initial investment that fits both your present situation and your future plans. Talk to one of our experienced mortgage loan officers today about how we can help you buy the home of your dreams.
Home Loans
Frequently Asked Questions
Customized Home Loans To Meet Your Needs
Heritage Bank offers a variety of mortgage financing options. One of our loan officers will guide you through the process and help you find the solution that is just right for you.
Fixed-Rate Mortgages
Fixed rate for the term of the loan
Principal and interest payment never change so it is easy to budget each month
A variety of terms available
Well suited for those who plan to be in their home for a long period of time and want to have a payoff plan
Ideal for those on a fixed income
Adjustable Rate Mortgages (ARMs)
Variety of different types of adjustable rate mortgages with
fixed-interest payments for one to five years depending on the need
Lower initial payments providing you with more disposable income
Below-market interest rates which helps to keep payment low
Ideal if you plan to sell your home within five years
Government Loans (FHA and VA)
Insured or guaranteed by the Federal Housing Administration or
Veterans Administration
Minimum down payment to free up your cash for other purchases or expenses
Relaxed qualifying guidelines
Gift allowed for 100% of down payment
Ideal for first-time homebuyers or qualified veterans
Affordable Housing Programs
Down-payment assistance for qualified homebuyers
Up to 100% financing available
Numerous programs that make it easier than ever to purchase a home
Investment Property Loans
Non-owner occupied properties
Mortgage loans for one- to four-unit properties
Interest Only Loans
Interest-only loans provide the lowest payment possible giving you maximum disposable income each month
Choose from a variety of options with payments that fluctuate as
often as once a month or that are fixed for up to five years depending on your preference
Ideal for borrowers with fluctuating income
Piggyback Loans
Make a minimum down payment and avoid private mortgage insurance (PMI) by obtaining a first mortgage loan and a second mortgage "piggyback" loan
Have two mortgage loans with the option of paying off the second
mortgage at any time
Choose from a variety of different terms on the second mortgage
as well as the first
Call any of the following and they will be happy to assist you:
Serving All Three Counties:
Stewart Esary
Sherry Downing
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Frequently Asked Questions
Q. How long does it take to process and close a mortgage loan?
A. Usually three to four weeks. The amount of time varies depending on the transaction. Discuss your projected closing date with your loan officer during your initial consultation. Heritage Bank will work closely with you, your real estate agent, the seller and attorney to schedule your closing date and time.
Q. What can I do to ensure a smooth mortgage transaction and expedite the process?
A. Provide the requested documentation, such as pay stubs and bank statements, as soon as possible during the loan application process. If any of your qualification information changes, please notify your loan officer immediately.
Q. What is the difference between pre-qualification and pre-approval?
A. Mortgage pre-qualification is the lender's opinion of your ability to obtain a loan. Pre-approval is based on the lender's underwriting decision after a thorough review of your complete loan application and supporting documentation.
Q. Who or what determines the interest rate on my loan?
A. Generally, the interest rate may be locked in for a period of 30 - 60 days at the time of application or at some point during the loan application process. Consult with your loan officer to determine when to lock in on your loan rate. Various economic indicators affect mortgage rates.
Q. How often do rates change?
A. Mortgage rates change daily - sometimes more than once a day. Rates are not locked until the loan officer is instructed by the customer to do so. Consult with your loan officer to determine the best time to lock in your loan rate. A change in the prime rate does not typically affect mortgage rates.
Q. What are discount points?
A. Discount points are the costs associated with buying down your interest rate. One point is equal to one percent of the loan amount. Discount points are paid at closing.
Q. What are credit scores?
A. A credit score is a snapshot of an individual's credit history and is subject to regular fluctuation. Higher credit scores are typically favored by lenders. Negative influences to your credit score include delinquencies, high balance to available credit, bankruptcy and foreclosure.
Q. What is the difference between the Annual Percentage Rate (APR) and the note rate?
A. The APR will always be slightly higher than your note rate unless there are zero closing costs on your loan. The APR is the cost to finance your loan on an annual basis.
Q. What costs are involved in closing a mortgage loan?
A. Closing costs are approximately 2-3% of the loan amount. Typical costs include an origination fee, attorney's fees, title insurance, recording fees, appraisal fee, credit report fee and underwriting fees. Costs also associated with the closing that are considered separate from closing costs include prepaid expenses for taxes and insurance. Prepaid expenses vary greatly depending on the value of the property.
Q. What is an escrow account?
A. An escrow account is an account established by the lender at closing to disburse taxes and insurance on your behalf. Once this account is established at closing, the lender makes these payments for you when due.
Q. Am I required to have an escrow account?
A. You must establish an escrow account for taxes and insurance on government loans. You may waive the escrow account requirement on conventional loans if your loan to value is 80% or less, and usually for an additional fee.
Q. What do I have to bring to closing?
A. You will need to have sufficient certified funds at closing and also proof of insurance. Your loan officer and the closing attorney will provide you with the exact amount of funds needed to close once a closing package has been released by Heritage Bank.
Q. Where do I close? Do I need to have my own attorney present?
A. The closing must be performed by an approved attorney, usually in their office. The attorney is selected by the borrower and/or seller. It is not necessary to have your own attorney present to close your mortgage loan.
Q. What insurance am I required to have at closing?
A. Homeowner's insurance is required to protect against loss or damage to property. Different types of policies available include hazard insurance, flood insurance and condominium insurance. It is the borrower's responsibility to have adequate homeowner's insurance coverage at closing. Check with your loan officer to obtain the correct mortgage clause for your insurance policy.
Q. What should I do after the closing?
A. Refer Heritage Bank to a friend!
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