Mortgages

Here at First National Bank, we not only serve this community, we live in it too. We take pride in the fact that we have been serving Burke County and its surrounding counties for more than a century!  Whether you are looking to buy a new home or you just want to refinance your existing mortgage for equity or rate reasons, let First National Bank handle your mortgage needs.

First National Bank's Home Purchase Process
We know that purchasing a home will probably be the biggest purchase you’ll ever make and that’s why our experienced loan officers are here for you.  Our officers will ask certain questions to narrow down the choices of mortgages that are available, so that they may find the perfect one for you!  We want to know your long and short-term goals, the monthly amount you wish to pay, and most importantly, your financial condition. At First National, we want to do all we can for our customers and will do everything in our power to aid you in purchasing your new home!

Serving Waynesboro and Burke County for over 100 years shows our commitment to our community.  We get it right the first time with no surprises and no hassles.

Personalized Home Loans
First National Bank offers a variety of mortgage financing options. Our experienced and knowledgeable loan officers will assist you in deciding which is perfect for your needs.

Fixed-Rate Mortgages

  • There is a fixed rate for the term of the loan
  • The principal and interest payment never changes so it is easy to budget each month
  • There are a variety of terms available
  • This is well suited for those who plan to be in their home for a long period of time and want to have a payoff plan
  • This is ideal for those who are on a fixed income

Adjustable Rate Mortgages (ARMs)

  • There are a variety of different types of adjustable rate mortgages with fixed-interest payments for one to five years depending on your need
  • This allows for lower initial payments which provides you with more disposable income
  • This offers a below-market interest rate, which helps to keep your payment low
  • This is ideal if you plan to sell your home within five years

Government Loans (FHA and VA)

  • These types of loan are insured or guaranteed by the Federal Housing Administration or Veterans Administration
  • There is a minimum down payment to free up your cash for other purchases or expenses
  • This allows for relaxed qualifying guidelines
  • Gift allowed for 100% of down payment
  • This is ideal for first-time homebuyers or qualified veterans

Investment Property Loans

  • This is specific to non-owner occupied properties
  • These are mortgage loans for one- to four-unit properties

Call any of the following at 706.554.8100 and we will be more than happy to assist you:

Jesse Palmer, III - NMLS ID#539398
Clifford Lewis - NMLS ID#539400
Jesse Palmer, IV - NMLS ID#539397
Monica Tinley - NMLS ID#539401

Frequently Asked Questions

Q:  What’s the projected time for processing and closing a mortgage loan?
A:  The amount of time varies from mortgage to mortgage.  This matter should be discussed with your loan officer during your first meeting.  We will work closely with you and all involved to determine your closing date and time.

Q:  Is there anything I can do to ensure a smooth process and transaction of my mortgage?
A:  Be sure to provide us with any requested documentation, and be sure to notify your loan officer should any of your qualification information change.

Q:  Is there a difference between pre-approval and pre-qualification?
A:  The lender’s decision to fund your loan after a thorough review of your completed loan application and any supporting documents you provide them with is pre-approval.  The lender’s opinion of your capability to obtain the loan is pre-qualification.

Q:  What is the determining factor when it comes to my interest on my loan?
A:  There are various economic indicators that affect mortgage rates.  Normally, your interest rate can be locked in for a specified time, such as 30-60 days, during the time of the application process. You should consult with your loan officer to decide when to lock in on your loan rate.

Q:  How frequently do rates change?
A:  Mortgage rates change every day, sometimes more than once!  Your rate is not locked until you instruct your loan officer to do so. Discuss with your loan officer to determine the best time to lock in the best loan rate for you.  Usually, a change in prime does not affect mortgage rates.

Q:  What is a discount point?
A:  A discount point is the cost associated with buying down your interest rate.  A point is equal to one percent, 1%, of your loan amount.  These points are paid at the time of closing.

Q:  What is a credit score?
A:  A credit score gives your loan officer a summation of your individual credit history. Higher credit scores are a good indication to the loan officer that you are willing and able to repay the money that they are lending to you.  A lower score may be an indication that you have several delinquencies, such as a high balance to available credit, bankruptcy or foreclosure.

Q:  What is an escrow account and am I required to have one?
A:  An escrow account is established by the lender and is used at closing to disburse taxes and insurance on your behalf.  The lender will then use this account to make payments for you when they come due.  On government loans it is required that you establish an escrow account.  The only way to waive this requirement is if you have a loan to value ration of 80% or less.

Q:  Do I bring anything to closing?
A:  Yes.  You will need to bring adequate certified funds and proof of insurance. Your loan officer and closing attorney should provide you with the exact amount needed for closing and any further documents.

Q:  Where do I close and do I need my own attorney present?
A:  Usually your closing will take place in the attorney’s office that was chosen by the borrower and/or seller. It is not necessary to have your own attorney present at closing.

Q:  Am I required to have insurance at closing?
A:  It is the borrower’s responsibility to have adequate homeowner’s insurance at closing. There are different kinds of policies available, including hazard insurance, flood insurance and condominium insurance.