Frequently Asked Questions Q. How long will it take to find out if I'm approved for a loan?
A. After we get a complete application from you, we make every effort to provide you an answer as quickly as possible. In the case of a pre-approval, once we receive the credit report, we can usually get back to you in a day or two. For a refinance loan or if you are buying a home and already have an accepted offer to purchase, we can have an answer for you after the appraisal in completed, usually 5 to 7 days. Q. Is there a fee to apply for a home loan?
A. No. To begin our initial processing we only collect a small deposit to pay for the credit report and an appraisal. Any unused money is returned to you. In the case of a pre-approval, we only need to collect for the cost of the credit report. Q. Will you sell my home loan on the secondary market or to another bank?
A. No. We take pride in not selling our conventional home loans. Whenever you have questions, or need service on your loan, we pledge to be the ones here to help you. You can be assured we will always be your hometown bank. Q. What makes Time Federal home loans so special?
A. Aside from our competitive rates, quick approvals and local servicing, our mortgage loans are open-ended. This allows you to "add-on" to your existing home loan at a later time for a variety of needs: home improvements, a well-earned vacation, college, purchasing a vehicle, boat or snowmobile, or any other reason! Best of all, you keep only one easy to manage monthly payment instead of two separate loans. By using your home as collateral, you may also be able to take advantage of deducting the interest you pay when income tax time rolls around. Q. Is it possible to add to an existing Time Federal Certificate of Deposit?
A. Yes, you can add to an existing 6 month or 1 year certificate at anytime during the term of the certificate in amounts of $1,000.00 or more. Q. Does Time Federal have an Overdraft Protection Plan? Is there a fee?
A. Yes. Time Federal does offer an Overdraft Protection Plan. Just ask one of our savings reps to obtain this service. Then, if your checking account is overdrawn, money will be automatically transferred from your designated account to your checking in increments of $50.00. A $4.00 fee will be deducted from your checking account for the transfer. We will mail a notice when the transfer occurs. Q. When calling Time-24-Access, the recording tells the balance along with an available balance. What is the difference between the balance and available balance?
A. The Time-24-Access balance refers to the actual balance in the account as of the previous day's business. The recording then says "with an available balance of". The available balance is the balance in the account including any deposits or withdrawals made after the previous day's business. Q. Is there a fee to replace a worn out debit card?
A. Time Federal will replace a worn out debit card at no charge - our way of saying "Thank You" for using your Time Federal debit card. |
Home Page
