PURCHASE

Are there any prepayment penalties?
No. There are no prepayment penalties on any of Tower’s mortgage loans
Fri, 7 Feb, 2020 at 1:14 AM
Do I need money for a down payment?
That depends on the price of the house and the type of mortgage you can qualify for. A down payment is the difference between the purchase price of the home...
Fri, 7 Feb, 2020 at 1:14 AM
How can I make my mortgage payments?
Whichever mortgage you choose, Tower will service your mortgage for the life of the loan. There are several payment options: Set up automatic payments. T...
Fri, 7 Feb, 2020 at 1:15 AM
Is there a real estate loan that would enable me to buy a new house before I have sold my existing property?
A Tower Bridge Loan helps you "bridge" the gap between selling your existing home and buying a new house.  If your current home doesn't sell ...
Fri, 7 Feb, 2020 at 1:15 AM
Should I pay points to get a lower rate?
Loan discount points are prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (for example, one point on ...
Fri, 7 Feb, 2020 at 1:16 AM
Loan discount points are prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (for example, one point on a $100,000 loan would cost $1,000). Usually the more points you pay, the lower the i
When you rent, every rent check you write is spent and gone. However, when you own a home, you receive the advantages of tax deductions, the possibility of ...
Fri, 7 Feb, 2020 at 1:17 AM
What other costs are associated with buying?
Closing costs are the fees for processing the paperwork to buy your new home. These can include the lender’s fees, attorney fees, title search, survey and t...
Fri, 7 Feb, 2020 at 1:18 AM
What should I do if I’m interested in buying?
The best way to start is to get pre-approved for a mortgage loan from Tower and request a pre-approval letter. In some areas, real estate agents require a p...
Fri, 7 Feb, 2020 at 1:18 AM
Why is it important to be pre-approved for a Tower mortgage?
Pre-approval is part of your Tower mortgage loan application. A Tower pre-approval letter shows your financing has been credit approved, and strengthens you...
Fri, 7 Feb, 2020 at 1:19 AM