FAQ

1. How do I know how much house I can afford? Answer 2. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer 3. How do I finance repairs on top of the price of a home? Answer 4. How do I know which type of mortgage is best for me? Answer 5. What does my mortgage payment include? Answer 6. How much cash will I need to purchase a home? Answer
Q : How do I know how much house I can afford? A : Generally speaking, you can purchase a home with a value of three  to four times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value.  We have no money down programs such as USDA and VA.  Give us a call, and we can help you determine exactly how much you can afford.
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan? A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. The only time we recommend going with an adjustable-rate mortgage is if someone plans to be in their home for only a few years.
Q : How do I finance repairs on top of the price of a home? A : We offer a program where you can get estimates from contractors/repairmen and finance them into your mortgage.  The house must appraise for the value of the cost of the home plus repairs.  The bank holds the money and pays out the contractor as repairs are completed.
Q : How do I know which type of mortgage is best for me? A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your credit score, cash on hand, and current employment situation.  Abacus Regional Mortgage can help you evaluate your choices and help you make the most appropriate decision.
Q : What does my mortgage payment include? A : For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like homeowners insurance and property taxes. This feature is sometimes optional when putting 20% down, in which case the fees will be paid by you directly to the County Tax Assessor and property casualty insurance company.
Q : How much cash will I need to purchase a home? A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply: Earnest Money: The deposit that is supplied to the realtor when you make an offer on the house. Down Payment: A percentage of the cost of the home that is due at settlement ( We offer many low to no down payment programs). Closing Costs: Costs associated with processing paperwork to purchase or refinance a house ( Most of our programs allow you the ability to ask the seller for help toward your closing costs).  
LOCATION

7291 Airport Rd,
Bath, PA 18014

Phone: (610) 837-1600
Fax: (610) 837-1616
NMLS # 113984

HOURS

Monday – Friday, 9AM – 6PM
Saturday, CLOSED
Sunday, CLOSED