Navigating a landscape of lenders, Realtors, and title companies can be a nightmare. Add to that packing, moving, and changing addresses, and you’ve got a recipe for stress. That’s why you need a partner in home buying, one who’s there to answer your questions before you even have them.

How much should I put down for a new home?

This depends on the buyer. If you put down 20%, you will not be required to carry mortgage insurance and your payment will be lower. Most people put down between 3% to 5% since coming up with 20% down can be a challenge.

How much can I borrow for a new home?

If you are a first time homebuyer, we can lend up to 97% of the purchase price of the property. You cannot have owned a property for the last three years to qualify for this program. If you are under the 3-year requirement, we can lend up to 95% of a home’s purchase price.

What loan options do I have?

Our two most popular loan options are Power Mortgage1 and Power Rate2. With a Power Mortgage, you can save up to $5,000 on closing costs, plus pay no origination fee. Power Mortgage is available for fixed- or adjustable-rate conventional and jumbo loans, construction loans, and lot/land loans.

With a Power Rate, you receive our lowest, discounted rate, saving you on monthly payments. Power Rate is available for 15- and 30-year fixed-rate conventional and jumbo loans. You’ll pay closing costs plus a 1% origination fee, so you can save even more with possible tax benefits.

We also offer FHA, VA, One-Time Close Construction loans, and Adjustable Rate mortgages.

What’s the difference between a 15- and 30-year loan?

A 30-year loan is repaid over a 30-year period. A 30-year, fixed-rate loan is the most common type of mortgage.

A 15-year loan is repaid over a 15-year period. The rates for these loans are usually lower than their 30-year counterparts, but monthly payments are higher because of their shorter payment schedule.

What’s the difference between a fixed and adjustable rate?

A fixed rate does not change over the life of your loan. Fixed-rate loans are best if you plan to own your home for longer periods.

An adjustable rate is one that changes over the life of the loan. These are known as ARMs, or adjustable rate mortgages. ARMs come in a variety of terms, like 15/15.3 This means your rate would remain constant for the first 15 years of the loan, then change for the remaining period to reflect current market trends.

An adjustable rate is one that changes over the life of the loan. These are known as ARMs, or adjustable rate mortgages. ARMs come in a variety of terms, like 15/15.3 This means your rate would remain constant for the first 15 years of the loan, then change for the remaining period to reflect current market trends.

Can I make extra payments on my loan?

Yes. You can make extra payments to bring down the principal loan amount and pay it off faster.

What are closing costs?

Closing costs are the final costs and fees associated with closing on your home loan. These costs vary by loan product and amount.

With a Power Mortgage, you pay no closing costs up to $5,000 and no origination fee when you buy or refinance your home.

What is Mortgage Insurance?

If your down payment on a home is less than 20 percent, you will have to pay mortgage insurance. Private mortgage insurance (PMI) reimburses the lender if you default on your home loan. You, the borrower, pay the premiums.

You can reduce mortgage insurance costs by putting down a minimum of 20% of the final cost of your home.

What is an escrow account?

An escrow is required when your loan amount is more than 80% of the value of your home, but can sometimes be required by your lender even if your loan amount is less than 80% of the home value.

You can request to have an escrow account set up for you even if the lender does not require it.

What are the types of title insurance policies?

The two types of policies are owner’s policies and loan policies.

The owner’s policy protects you against losses from the covered risks listed in the policy that arose before you bought the property, but that were not known at the time of purchase, such as fraud, errors, or omissions in previous deeds. The loan policy is issued to the mortgage lender to protect their interest until the borrower pays off the mortgage.

What information do I need to have ready for a loan application?

When submitting a loan application, you will need the following information:

  1. Name
  2. Address
  3. Date of Birth
  4. Social Security Number
  5. Monthly Income
  6. Residential living history for the past two years
  7. Job history for the past two years

How much can I borrow for a new home?

If you have owned property in the last three years, we can lend up to 95% of a home’s purchase price.

If you are purchasing an additional property as an investment property, we can lend up to 80% of the appraised value.

What loan options do I have?

Our two most popular loan options are Power Mortgage1 and Power Rate2. With a Power Mortgage, you can save up to $5,000 on closing costs, plus pay no origination fee. Power Mortgage is available for fixed- or adjustable-rate conventional and jumbo loans, construction loans, and lot/land loans.

With a Power Rate, you receive our lowest, discounted rate, saving you on monthly payments. Power Rate is available for 15- and 30-year fixed-rate conventional and jumbo loans. You’ll pay closing costs plus a 1% origination fee, so you can save even more with possible tax benefits.

We also offer FHA, VA, One-Time Close Construction loans, and Adjustable Rate mortgages.

What’s the difference between a 15- and 30-year loan?

A 30-year loan is repaid over a 30-year period. A 30-year, fixed-rate loan is the most common type of mortgage.

A 15-year loan is repaid over a 15-year period. The rates for these loans are usually lower than their 30-year counterparts, but monthly payments are higher because of their shorter payment schedule.

What’s the difference between a fixed and adjustable rate?

A fixed rate does not change over the life of your loan. Fixed-rate loans are best if you plan to own your home for longer periods.

An adjustable rate is one that changes over the life of the loan. These are known as ARMs, or adjustable rate mortgages. ARMs come in a variety of terms, like 15/153. This means your rate would remain constant for the first 15 years of the loan, then change for the remaining period to reflect current market trends.

The 15/15 ARM gives you the best of both worlds—our lowest rate possible for the first 15 years of your loan, plus you’ll be eligible for the $5,000 on closing costs provided by Power Mortgage.

Can I make extra payments on my loan?

Yes. You can make extra payments to bring down the principal loan amount and pay it off faster.

Can I pay points to lower my rate?

Yes. On Power Mortgage, you can pay a point to reduce the rate by 1/8th and Security Service will still pay the closing costs.

On Power Rate, you are already paying a point for the lowest discounted rate plus all fees.

What information do I need to have ready for a loan application?

When submitting a loan application, you will need the following information:

  1. Name
  2. Address
  3. Date of Birth
  4. Social Security Number
  5. Monthly Income
  6. Residential living history for the past two years
  7. Job history for the past two years

What are closing costs?

Closing costs are the final costs and fees associated with closing on your home loan. These costs vary by loan product and amount.

With a Power Mortgage, you pay no closing costs up to $5,000 and no origination fee when you buy or refinance your home.

What are the types of title insurance policies?

The two types of policies are owner’s policies and loan policies.

The owner’s policy protects you against losses from the covered risks listed in the policy that arose before you bought the property, but that were not known at the time of purchase, such as fraud, errors, or omissions in previous deeds. The loan policy is issued to the mortgage lender to protect their interest until the borrower pays off the mortgage.

What is a Lot or Land Loan? 6

A Lot or Land Loan enables you to purchase unimproved land with a 15-year fixed loan up to $250,000.

Do I have to pay closing costs twice for a land/lot loan and a power mortgage?

No. Security Service offers a One-Time Close option that allows you to close on your two separate loans at the same time. This means you only pay closing costs and the fees associated with closing once rather than two separate times. Plus, you lock in your interest rate early, which means you won’t end up paying a higher rate when your construction loan converts.

I am purchasing a home. Can I roll my closing cost fees into my loan?

No, you are not able to roll closings cost fees into purchases. However, with a Power Mortgage1 you pay no closing costs up to $5,000 and no origination fee when you buy a home.

What is a Home Equity Loan? 4

A Home Equity Loan uses the equity in your home as collateral. With a Home Equity Loan, you receive money in one lump sum. Home Equity Loans are often used to finance major expenses such as home repairs, medical bills, or a college education.

What is a Home Equity Line of Credit? 5

A Home Equity Line of Credit (HELOC) uses the equity in your home as collateral. A HELOC gives you the ability to withdraw money as you need it during the term of the loan. As you pay off what you borrow, you can use the money again.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

A Home Equity Loan provides you money in one lump sum. You begin paying interest on the full amount when you receive it.

A Home Equity Line of Credit gives you the ability to withdraw money as you need it during the term of the loan. You only pay interest on the amount you use.

Membership eligibility required. Financing available for properties in Texas, Colorado, or Utah only. Loan subject to credit approval. 1) Power Mortgage offer to save up to $5,000 on select closing costs does not cover mortgage insurance, seller paid closing costs, discount points, or pre-paids and reserves. The program is not valid for FHA or VA loans. Closing costs may vary based on transaction. If loan is closed or paid off within first 36 months of the term, member may be required to reimburse all or some of the closing costs incurred. This offer is subject to change without notice. 2) Power Rate offer borrower pays one percent (1%) origination fee, closing costs, pre-paids, and reserves. Not available on all mortgage loan products and subject to change without notice. 3) For adjustable-rate mortgage (ARM) products, the interest rate is fixed for a set period of time, and may increase thereafter. 15/15 ARM: Based on a $135,000 loan amount with a 75% LTV and FICO>=740, the interest rate would be 4.75% with a 4.806% APR and estimated monthly payments of $704.22 for the initial period of 180 payments. After an evaluation following the initial period, the interest rate could go up to 5% resulting in an estimated monthly payment of $700.45 for the remaining 180 months. Rate information accurate as of 2/1/2019. Estimated payments do not include taxes, private mortgage insurance, or insurance premiums; actual payment may be greater. All rates are subject to change without notice. 4) 1: 60-month term; estimated monthly payment of $18 per $1,000 borrowed. 80% LTV only. 1st or 2nd lien only. Owner-occupied (Homestead) property only. May not be used to pay off an existing Security Service Loan or Mortgage. Loans to refinance an existing Security Service Home Equity Loan require a minimum advance of $5,000 new money. 2: 60-month term; estimated monthly payment of $19 per $1,000 borrowed. 5) APR = Annual Percentage Rate. Rates are variable. All loans are subject to normal qualifying criteria. For information regarding rates and other product features, see the disclosures for full details. 6) Based on a $135,000 Loan Amount with an 80% LTV and FICO>=740, the interest rate would be 6.750% with a 6.867% APR. Estimated payments would be $1,194.63 for a period of 180 months. Payment examples do not include taxes and insurance premiums; actual payment may be greater.