M O R T G A G E
Buying your home is exciting. Whether you re purchasing or refinancing a home, Broadway Bank can help you find the loan that s right for you. Let our mortgage experts guide you through the home buying process. We offer a variety of mortgage programs to best fit your needs. Plus, we offer customized lending specifically for Private Banking customers including physician and professional mortgage loan programs. CONVENTIONAL LOAN Conventional loans are the most popular type of mortgages. They re not backed by the government and are ideal for buyers with good credit. As low as 5% down Competitive fixed or adjustable rates Variety of loan term options Loans up to $1 million FHA LOAN An FHA home loan is a great option for first-time home buyers or borrowers. Flexible qualifying guidelines As low as 3.5% down payment Variety of loan terms Gift funds allowed Down payment assistance programs available VA LOAN* Our lenders have extensive experience working with current service members, veterans and eligible surviving spouses. No private mortgage insurance 0% down payment No pre-payment penalties Streamline refinance No funding fee for qualified disabled vets CONTACT US @ broadway.bank/mortgage 210.283.6585 800.531.7650 *Available to veterans, reservists, active-duty personnel, & surviving spouses of veterans, based on military entitlement. Other eligibility requirements apply. All loans subject to credit approval, verification and collateral evaluation. Rates, terms and conditions are subject to change without notice. Eligibility, lending area and other restrictions apply. 1
Broadway Bank offers a completely digital mortgage application backed by local loan officers ready and waiting to answer any questions you may have. You can access our simple online application from your phone, tablet or computer. You can track your progress, upload documents and ask questions throughout the process. BELOW IS A CHECKLIST OF ITEMS TYPICALLY NEEDED TO APPLY FOR A MORTGAGE. Income verification (tax returns, W-2s, 1099s, and your pay stubs) Drivers license (or alternative ID) Bank statements Proof of funds to close Additional documentation may need to be provided depending on individual circumstances. APPLY NOW @ broadway.bank/mortgage 2
FREQUENTLY ASKED QUESTIONS Q. WHAT ARE THE BENEFITS TO BUYING VERSUS RENTING? Buying provides stability for you and your family. Every time you make a payment, you know you re closer to owning that asset. When you own a home, you are no longer at the mercy of a landlord who may change the terms. Buying helps with budgeting, cash flow and other parts of financial planning. Plus, there are certain tax benefits. Check with tax advisor for details. Q. WHAT KIND OF CREDIT IS NEEDED TO GET A HOME LOAN? The minimum score depends on the type of loan you re applying for. Some loans, like the conventional loan, require a higher credit score, and others, like the FHA and other programs, can work with lower scores. In general, the lower the credit score, the higher the interest rate, if you get approved. Q. HOW DO I GET STARTED? Visit broadway.bank/mortgage to get started. We have a simple and quick application. Most people fill it out in under 12 minutes. It ll ask you about your personal finances and the home you d like to purchase. Most of the questions are easy to answer. Q. WHAT ARE CLOSING COSTS, AND HOW MUCH SHOULD I EXPECT THEM TO BE? The term closing costs refer to all the charges you ll need to pay before your loan is completed. This can include origination fees, title insurance, prepaid escrows and more. Closing costs can vary significantly, but generally, expect closing costs to be around 2% to 3% of the home s price. The home seller can pay some of these costs, and there are down payment assistance options for those who qualify. Q. WHAT IS A PRE-QUALIFICATION? A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. It can give you an idea of how much house you can afford. It doesn t include a credit check or any documentation, so it s not a firm guarantee of a loan. 3
ABOUT BROADWAY BANK For more than 75 years, Broadway Bank has been an integral part of South Central Texas. It has evolved from a neighborhood institution into one of the largest privately-owned banks in Texas with $3.6 billion in assets. Today, Broadway Bank offers a full-range of sophisticated financial services, including consumer, private and business banking, mortgage lending and wealth management services. The bank is committed to enhancing the customer experience through leading edge technology and mobile offerings, while still providing high-touch service through more than 35 financial centers across San Antonio, Austin and the Hill Country. Visit www.broadway.bank for more information. 4
210.283.6585 800.531.7650 broadway.bank BNB0231 10-18