First-Time Home Buyers’ Guide: The Basics of a Mortgage

Buying a home for the first time can be daunting, to say the least. There are a lot of decisions to be made and factors to consider especially when it comes to selecting an affordable mortgage. Overwhelmed? Don’t worry—we’ll make it easier for you. We’ve put together this guide to mortgage loan services to help you save money in the long run.

Getting to know your options.

There are different types of mortgage loan services, but not all of them will be the right fit for your situation. If you are having difficulty putting together enough funds for the down payment, consider the following loans:

• FHA loans – The Federal Housing Administration has insured loans that allow down payments that are as low as 3.5 percent.

• Conventional mortgage – These comply to the standards set by Fannie Mae and Freddie Mac, government-sponsored entities. Down payments can be as low as three percent.

• VA loans – The Department of Veterans Affairs guarantees these loans, and in some cases, they will not require a down payment.

Making a bigger down payment typically means enjoying lower monthly mortgage payments.
If you want the lowest possible monthly payment, consider a fixed 30-year mortgage. Can you afford to pay more monthly? Consider 15- or 20-year fixed mortgage loan services—they will give you lower interest rates.

Saving up for a down payment

If you are planning to buy a home in the next few years, start saving up for the down payment as early as now. The standard used to be 20 percent, but lenders are now accepting much less especially if you are buying your home for the first time. With first-time homebuyer programs, the down payment could be as low as three percent.

However, take note that putting down anything below 20 percent could result in higher costs and spending for mortgage insurance. Also, a small down payment is not always ‘small.’ For instance, if you are buying a $200,000 home and you are putting five percent down, then you still need to save $10,000.

A loan officer from Queensborough National Bank can discuss this matter with you. You can also find a lot of online tips on how to save for a down payment—including saving all your work bonuses and tax refunds, having an automatic savings plan, and meticulously tracking down your progress.

Finding the best lender

It’s always a good idea to compare lenders offering mortgage loan services in your area. Find at least three to four different lenders or banks, including Queensborough National Bank, and consult with their loan officers for advice.

Loan officers understand the challenges of buying a home, and they can help you pre-qualify and minimize the guesswork involved in finding the best mortgage. Don’t hesitate to visit Queensborough National Bank to talk to someone.

Getting pre-qualified

This is a great way to determine how much house you can afford. Getting pre-approval will also show sellers that you are a serious home buyer.

Follow These Tips to Avoid Debit Card Fraud

Bank and debit card fraud are real and present dangers, especially in this day and age of fast-paced technology and widespread use of online banking. Modern conveniences—although highly beneficial—can likewise have adverse implications in terms of safety, especially when it comes to banking and similar types of financial transactions. With the rising cases of fraud in the banking world, it pays to be vigilant in the way you use your debit card or an online banking app to reduce vulnerability to such fraudulent activities. By following helpful safety tips, you can keep hackers and suspicious entities out of your banking accounts, starting with being careful where you give out and use your debit card information in order to keep your account and your hard-earned money safe. Here are even more tips to help you avoid debit card fraud:

1. Cover your pin whenever using an ATM and only use machines that are located in well-lit and guarded areas. As often as possible, use your own bank’s branch ATM and withdraw funds during business hours to avoid unnecessary risks when accessing your account.

2.  Keep small amounts in your checking account and leave larger amounts in your savings account. Moving bigger funds to a more protected, less used account is a good way to keep your savings from a potential breach. The less money you keep in accounts that you frequently access and use, the smaller the chance for hackers to gain access to huge sums of your money. If you don’t want to keep a separate checking account, consider getting a credit card to facilitate daily purchases.

3.  Opt for daily alerts with the bank. Most banks offer alert services, either through text messages or some other form of communication, so clients stay informed about transactions using their debit cards. This will let you know right away when your account has been compromised, such as when an unauthorized transaction is made.

4.   Set-up a more secure multi-factor authentication. You may likewise prevent debit card fraud by setting up a 2-factor authentication or another form of additional security offered by your bank. This will keep your account better protected from fraud.

5.  Keep in mind that fraud is a likely risk for any bank account and debit cardholder. This way, you stay on your toes for a potential breach, enabling you to be more careful with your debit card transactions.

Queensborough National Bank and Trust is your trusted partner against the threats of banking fraud. You can rest assured that QNB online banking is kept safe and secure from different kinds of fraudulent activities online, protecting clients from ever-evolving scams that keep banks and consumers alike on guard for suspicious activities that endanger finances.

6 Tips to Secure Mobile Banking Transactions

Mobile devices—especially web-enabled smartphones—have quickly taken over the tech world and the consumer market in general. Today, people rely on their smart devices for almost everything, from checking the weather to online shopping, facilitating communication, and performing all kinds of personal transactions online. Whereas people were slow to adopt other web-capable devices in the past, people have been more open and accepting of smartphones and tablets, particularly when it comes to online mobile banking and similar types of money-based transactions made online. Thanks to more robust security measures, online banking services GA are perceived to be safer by the majority of the market—hence the popularity of mobile banking apps that make it easier to complete basic banking transactions.

While mobile banking services are generally safe, it never hurts to be more careful when using mobile apps to facilitate your banking transactions. Here are tips to make sure that your online banking sessions are secure:

1. Only download banking apps from trusted sources. It is easy to create apps that look like the real deal or appear to be official and legitimate, but are actually designed merely to collect your sensitive information and use it against you. This is why it is important to make sure that you are downloading and using the right applications deployed and accredited by your bank.

2. Check app reviews before you download and use any mobile payment app. This will help you make sure that the app is reliable and well-rated by real user standards.

3. Use password protection on both your account and your mobile device. This puts an added layer of protection against anyone who might try to gain access to your banking information.

4. Send sensitive data and information over secure internet networks and connections to avoid the risk of third parties peering into your personal accounts.

5. Make sure that the website you are doing transactions with uses a secure HTTP connection. Look for the green lock symbol and watch out for the HTTPS tag on your mobile browser to ensure a secure connection.

6. Be wary of unusual, often-malicious links and never click on something you are even slightly suspicious about to avoid security risks.

Queensborough National Bank and Trust offers safe and secure online banking services GA so clients can take advantage of technology to facilitate convenient mobile transactions. With online mobile banking becoming the standard for quick and easy banking transactions, the bank is constantly on the lookout for even more safe and fool-proof ways to provide remote and mobile services to help clients manage their finances on the go, without worrying about the safety of their remote transactions. 

Staying Safe from Cybercrime: Steps to Improve Your Online Security

In the advent of online services, banks and financial institutions have embraced the use of web technologies to extend financial services online. This doesn’t come without certain risks—especially with the sensitive nature of information, accounts, and transactions that online banking entails. The good news is that safe online banking is possible if you know how to keep yourself secure and protected when conducting transactions online. Robust online banking security systems are also in place to reduce clients’ vulnerability to different kinds of online banking risks and threats:

1. Two-factor authentication systems. The best online banking services are equipped with multiple-factor authentication (some two, others more) to help keep clients safe when banking online. These systems make use of devices that generate unique codes every time an account holder logs in. Codes are valid only for limited periods of time and are required additions to standard login credentials when accessing online bank accounts.

2. Computer and device security. Consumer-end security is also crucial in keeping online banking secure. This is why it is crucial to keep the computers and devices from which you access your online banking account up-to-date with the latest software and security updates to protect yourself from vulnerabilities and more sophisticated cyber threats that are being released almost daily. With malware, keyloggers, and Trojan viruses becoming stronger by the minute, you cannot afford any holes in your security system if you want to protect your financial and personal data from unscrupulous cyber hackers.

3. Password strength. Arm your account with a strong password based on the online bank standards. Refrain from using a single password for all your accounts—while this may seem more convenient, it can also be the death of your online accounts once your password has been compromised. Make sure to use a good mixture of characters that will make it difficult or impossible for decryptors to crack your code and access your accounts without your knowledge. Avoid using common phrases or words and refrain from using your initials, name, or even your date of birth. Change your password as often as needed or as required by the online banking system.

For safe online banking, trust only Queensborough National Bank and Trust and its range of secure, easy to use online banking tools. QNB has some of the toughest online banking security protocols to help ensure your protection as you perform financial tasks and transactions online, from viewing your statements and check images to paying your bills, scheduling transfers, making loan payments, and reordering checks, among others. 

Tips for Safe Online and Mobile Banking

In today’s age of the smartphone and web-based service convenience, businesses and service providers are turning to the web and mobile apps to meet client demands for fast, efficient service. Web connectivity and fast-paced information exchange certainly have many benefits, but also open doors for security threats. The digital world is fraught with risks, but safe online banking is possible, thanks to the different measures that banks and service providers take in order to keep transactions and activities secure.

Online banking security has always been a major concern. As a matter of fact, many forgo the convenience of mobile banking because of the risks that it entails. There are many ways that you, as a customer, can help make sure that these risks are minimized. Here are some tips and tricks to follow to help keep your mobile banking transactions safe and secure:

1.Take advantage of two-factor authentication. Most online apps now offer multi-factor authentication, which adds several layers of security to your account so that only you, or someone authorized by you, can access your account and perform transactions from it. This kind of authentication generates unique codes, valid only for a short period of time, which you need to input to gain access to your account in addition to your usual login credentials.

2. Don’t ignore weak password warnings. You don’t want a weak password protecting your important financial accounts. Create strong passwords that are the recommended length and have a unique mix of characters, numbers, and upper/lower case letters, which when combined, can make passwords a lot more difficult to figure out. Avoid using common phrases or words, and refrain from using personal identifiers like your date of birth, name, and initials. Many banks require their clients to change their password at least every few months.

3. Keep your devices up-to-date when it comes to software security to make sure you are protected against more recent forms of attacks and online schemes. Outdated devices are prone to breaches because they don’t have the right security patches to combat newer threats.

Queensborough National Bank and Trust offer safe online banking and mobile banking options, enabling clients to conduct a wide range of financial tasks in the most convenient and secure way possible. With QNB’s superior online banking security, you can view your bank statements and check images, make loan payments and pay your bills, and schedule transfers between accounts with the peace of mind that your transactions are private and cannot be tampered with. 

Top 5 Common Mortgage Terms You Need to Know

Whether you are in the home market to buy or sell, you need to familiarize yourself with important mortgage terms and concepts so you don’t get confused in the process. It’s important to work with mortgage loan services like Queensborough Bank and Trust to ensure a professional approach toward your mortgage loan.

Mortgage loan service providers will help you make sense of all the options that are available to you when it comes to mortgage terms and financial products that will best serve your requirements. They can help simplify the process and make sure that you understand every aspect of the mortgage loan, so that you are in the best position to pay your future dues responsibly. Here are five of the most common mortgage terms you should know when dealing with mortgage loans:

1. Amortization – Amortization refers to fixed payments you must make to pay off your mortgage debt over a set period of time. Your mortgage debt covers the principal cost of the purchase plus interest. An amortization schedule is typically presented upon taking out a loan. This schedule details which part of your payment goes towards your principal debt and which part goes towards interest.

2. Adjustable Rate Mortgage – Adjustable rate mortgage or ARM is a type of mortgage in which the interest rate is adjustable throughout the payback period, according to market interest rates. Adjustable rate mortgage loans typically have restrictions on how much interest rates can adjust on a yearly basis, as well as a maximum amount that can be adjusted over the lifetime of the loan.

3. Escrow – An escrow account is an account that a lender sets up in order to hold money for the payment of home insurance and property taxes. These accounts are usually required when a borrower is putting down 20% less than the home purchase.

4. Construction mortgage – A construction mortgage is a short-term loan in which a borrower is given funds to pay for the building of a new home. Like conventional mortgage loans, payments are made based on a schedule determined by the construction timeline, with the final payment typically paid when the home can finally be occupied by the owner or buyer.

5. Conventional mortgage – Conventional mortgage loans are usually insured by private entities. Since they are not backed by government sponsors, they are considered high-risk loans, and as such, conventional mortgage loans have stricter requirements when it comes to down payments and credit standards than government-sponsored loans. 

What is Mortgage Loan Processing – Four Stages in the Loan Cycle

Buying a home can easily be one of the largest purchases you’ll make in your lifetime. This is why you need mortgage loan services to help you finance your dream. Getting in touch with a mortgage loan officer in Georgia is a good first step toward easing the financial burden of buying a home. Fortunately, established loan providers like QNB Trust Bank offer great mortgage loan programs and services designed to help clients turn their dream home into a reality.

Acquiring a mortgage loan involves a lot of details that need to be taken care of, making the process quite stressful for most people. This is where a mortgage loan officer in Georgia comes in handy, helping clients work through the entire loan application and approval process so they can finance their dream home fast. There are 4 general stages to the mortgage loan process, starting with the application.

Applying for a loan is the first step in getting approved for mortgage loan services. This is the time to present all required documents, which will determine your qualifications to take out a loan. These documents may include bank statements, tax returns, pay stubs and other such documents, which your loan officer will need so that the lender can review your ability to repay the loan plus interest. Most banks today allow online applications, which makes applying for a loan a lot more convenient for clients.

Step two is document processing. This is where documents are verified and reviewed. When everything is in order, the lender orders an appraisal, along with the title deed, so that the next stage of the loan process can occur.

Following the document processing is underwriting, during which the loan and all supporting documents are submitted to an underwriter for further review and a final approval. The underwriter will set conditions that the loan applicant must meet before the loan can be cleared for closing.

The fourth and final step to the loan process is closing. This is when all documents are thoroughly explained to each party involved. It is also when all paperwork must be signed. Loan closing is also a time for confirming closing costs, payable amounts, and interest rates, after which funds must be transferred in order to complete the process. This is how typical mortgage loan services work through the loan process, although certain steps may vary depending on the loan provider or bank you are working with.