mortgage loan faq

What is the basic eligibility criteria needed to apply for a Mortgage Loan?

To be eligible for a home loan from Prince George's Federal you must:

  • Be over 18 years of age
  • Have a regular income
  • Have permanent residence status or citizenship in the USA
  • Be purchasing a home within the USA and planning to reside in it

Other criteria may apply depending on which home loan solution is right for you.

How can I get an idea of how much I might be able to borrow?

With Prince George's Federal's Borrowing Calculator, you can see how much you might be able to borrow. All you need to know to use the calculator is your yearly income (before tax) and any debt that you may have.

What fees are associated with a home loan?

There are a number of fees associated with taking out a home loan that may be charged by Prince George's Federal.

These may include:

  • Establishment fees
  • Valuation fees
  • Early repayment fees

In addition, there can be further government charges, such as stamp duty on purchasing your new home, stamp duty on the mortgage, search fees and registration fees.

A list of all fees and charges will be provided when enquiring about a home loan so there are no unexpected surprises.

Am I eligible for the $8,000 First Time Home Owner Tax Credit?

To check if you are eligible for the First Time Home Owner Tax Credit visit IRS.gov

What is the difference between variable and fixed interest rates?

A variable interest rate is a rate that varies in accordance with money market rates.

A Fixed Interest Rate is a rate that remains unchanged for a set period of time.

I have a loan elsewhere, can I switch to Prince George's Federal?

Prince George's Federal loans are not just for first home buyers. If your lifestyle has changed or you are interested in renovating or perhaps debt consolidating, Prince George's Federal may be able to refinance your existing home loan with another financial institution into a Prince George's Federal loan.

What do I need to do to apply for a home loan?

To apply for a home loan you first need to contact Prince George's Federal. Before you call, make sure you have an idea of how much you are earning and any debts that you are repaying so that our customer service consultants can provide you with an estimate of how much you may be able to borrow.

The next step is to meet with one of our loan consultants. Prior to this appointment, an information pack will be sent to you which includes a checklist of what you will need to provide at your interview.

How can I find out more information?

Our professional, friendly bankers are waiting to serve your needs and the needs of the communities we live in. If you have a question, don't hesitate to visit a nearby location or contact us.

CALL 301-627-3504 TO APPLY FOR A MORTGAGE