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Worthington Federal Bank Online Banking: 

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Today's rates:

30 yr Fixed 95% Cashout Refi 6.25% APR

30 yr Fixed Conv 6.125% APR

15 Yr Fixed Conv  5.75%APR

20 Yr Fixed Conv 6.00%APR

10 Yr Fixed Conv 5.75%APR

3/1 ARM  7.00%APR

5/1 Fixed Period ARM  7.25% APR

Jumbos   Call

Updated 10/10/2008

10:05 am CST

These rates are not considered advertising under Reg Z and are subject to change without
notice. Rates are for purchases and refinances $175,000 and greater, conventional limits of $417.000. APR may vary with amount financed. Other programs available on request such as Jumbos, 5/25,  InterestFirst,  7/23.
Not an offer to extend credit,  Equal Housing Lender, Member FDIC.

 

 

 
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 is an index and margin used in an ARM? 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
7. What do I do if I forget my password? Answer
8. After I submit my loan, what happens next? Answer
9. Do I need to pick the property I want to buy before I fill out the application? Answer
10. How secure is the information that I provide to Worthington Federal Bank? Answer
11. What does it cost to submit a loan application? Answer
12. Would it be better to get a Home Equity Loan or refinance my first mortgage loan instead? Answer
13. Is the interest I pay on this Mortgage Loan tax deductible? Answer
14. What are the closing costs associated with my loan? Answer
15. Is there a pre-payment penalty? Answer
16. How long does it take to close my loan? Answer
17. Does Worthington sell my Loan? Answer
18. Can I set up my payments on automatic bank draft? Answer

Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three 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. 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 your loan agent.
 
Q : How is an index and margin used in an ARM?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
 
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 current financial picture and how long you intend to keep your house. Worthington  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 hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property 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 when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
    		•
     
    Q : What do I do if I forget my password?
    A : If you forget your password, just call our toll-free number at (800) 239-8562. Our customer support representatives will be happy to assist you with locating your password.
     
    Q : After I submit my loan, what happens next?
    A : Once your loan has been submitted, one of our loan representatives will be assigned to your account and will be calling you (usually within one business day) with information about your loan.
     
    Q : Do I need to pick the property I want to buy before I fill out the application?
    A : No, you can fill out the application first, and once your loan is approved, you can make changes to it up until the time that your loan rate is locked.
     
    Q : How secure is the information that I provide to Worthington Federal Bank?
    A : Worthington Federal Bank uses a secure protocol (Secure Socket Layer or also know as HTTPS) using a certificate that we purchased through Verisign. This is very common among web sites that do purchases or require secure information on web pages. If you notice the address, it starts with a "https://" instead of the normal "http://" that you normally see. (2.) Worthington  also compress the application files on the server using a custom compression scheme and then decompress them on the client program. Even if the files were intercepted at some point, it would be "garbled" without knowing our compressed format.
     
    Q : What does it cost to submit a loan application?
    A : Nothing. You can submit your application and become pre-approved for a loan without incurring any charges. Your will be able to review estimated costs and decide if the loan is for you. If you wish to proceed with the approval process, may be requred to pay appraisal fees. Once you decide to close the loan, you may decide to pay closing costs or have them rolled into the loan.
     
    Q : Would it be better to get a Home Equity Loan or refinance my first mortgage loan instead?
    A : In many cases where there is a lot of equity in a home, it makes more sense to refinance a first mortgage balance and get cash out. We can help you with such a transaction. Talk personally to one of our professional loan officers for available options.
     
    Q : Is the interest I pay on this Mortgage Loan tax deductible?
    A : Many of our customers do enjoy the tax advantages of a home equity loan. However, since each borrower is unique, we recommend you consult a competent tax advisor for deductibility. Also, tax laws change frequently and we unfortunately cannot give personal tax advice.
     
    Q : What are the closing costs associated with my loan?
    A : Closing costs associated with your loan will be outlined in your good faith estimate. Normally they will run 1% to 3% depending on the loan amount.
     
    Q : Is there a pre-payment penalty?
    A : In most cases there are no pre-payment penalties.
     
    Q : How long does it take to close my loan?
    A : Normally 3-5 business days after you give us everything required to process your loan
     
    Q : Does Worthington sell my Loan?
    A : Worthington Federal retains servicing on a good percentage of its loans. In other words, our name may be on your coupon book! If Worthington does sell your loan, the terms and conditions do not change and we promise a smooth transition!

     

     
     
    Q : Can I set up my payments on automatic bank draft?
    A : Yes