Home Loan Guide

ABOUT THIS GUIDE

Congratulations! You are about to make what is probably going to be the greatest financial investment of a lifetime. This is an exciting yet somewhat confusing process and we at United Commercial Bank would like to help. You have put a great deal of consideration in determining exactly what you are looking for and have done a lot of research and planning up to this point. Now it is time to find the right financing to make your dream of home ownership come true.

This home loan guide is designed to walk you through every step of the process. We have included valuable information and recommendations for everything from loan application to loan closing. Some highlights are:

At United Commercial Bank, we make home ownership easier for you. This guide is provided for your information only. We encourage you to speak to one of our representatives at 1-800-821-3899 or visit one of our branches for more information.

Step 1

Getting Started with a Home Loan

Before considering your loan options, you need to look closely at your future plans. The answers to the following questions could greatly affect your best loan option.

How long do you plan to live in the home you are buying?
What is the possibility of future changes that would require you to move to another location?
Do you expect any significant change of your income in the next few years?
Do you have a contingency budget for unexpected expenses?
Will you need to make any major improvements to this home?
Is it important for you to build your equity rapidly?

The answer to each question will have a significant impact on the type of loan which will be appropriate for you. Before you even start to search for your home financing, you should carefully consider each of the questions above and answer them as realistically as possible.

Remember, there are many loan programs available and there is no single home loan program that fits everyone. Before you can make the right decision of choosing your home loan, you have to start by identifying your needs. For example, if your career and income are stable and you plan to live in your home for a long time, a fixed rate mortgage may be suitable for you; however, if you expect to live in your home for a short period of time, an adjustable rate mortgage may fit your needs; if you want to build your equity quickly, a 15-year loan will help to build your equity much faster than a 30-year loan.

The examples show different home loan programs that are geared to provide different benefits. Remember to focus on your needs when choosing a loan.