Ascentra Great Rates

What is a down payment? 

A down payment is the initial cash you put down when you are buying your home. It represents a percentage of the total purchase price, and the buyer will often take out a mortgage loan to finance the remainder.

With a larger down payment, the buyer needs to borrow less, monthly mortgage payments are lower, and less is paid in interest over the loan term.

At Ascentra, a fixed-rate home loan requires a minimum 5% down payment and a first-time homebuyer adjustable rate mortgage loan requires a 3% down payment.  To avoid paying private mortgage insurance, a down payment of 20% is needed. 

The down payment funds can come from a variety of sources.  Oftentimes, people use assets like savings or retirement accounts.  Additional sources for funds include gifts from family members, grants or secured borrowed funds.  

Help may also be available in the form of down payment assistance programs.  At Ascentra, we offer a $7500 first-time home buyer grant for qualifying individuals.*

All down payment funds require documentation.  We want to make the process as simple as we can.  We are here to guide you and make sure your home buying experience is as smooth as possible.

We are your mortgage experts.      

Should I refinance?

This is a very good question, especially if rates are low!

The general rule of thumb is that if you can save at least one point in interest (for example lowering it from 4% to 3%), you can definitely save money in interest.  And often times, you can lower your payment or even the term of the loan down from, say, 30 years to 15 or even 10.

But while that may be a general rule, the most important question is “What is YOUR goal?”  

Some reasons you might want to refinance are

• To save money each month with a lower payment.
• To pay off your loan sooner by shortening the term of the loan.
• To consolidate other debts into one easy monthly mortgage payment.
• To borrowing against your home’s equity to make improvements or upgrades to your home.

Or maybe you are just unhappy with your current lender because your loan is constantly moving from one investor to another.  That won’t happen at Ascentra because we service all of our loans locally.  So when you need assistance WE will be here to help.

At Ascentra, we are your mortgage experts.

What is Escrow? 

An escrow is essentially an account that holds funds for your annual taxes and homeowners insurance throughout the year.  With each monthly mortgage payment you make, money is held in an account by the lender, then those funds are used to make your annual property tax payments and home owners insurance payments on your behalf.

When you escrow the lender will add 1/12^th of your insurance premium and 1/12^th of your tax bill to your monthly payment, so the lender has enough set aside to pay the bills when they are due.

It is important to know that escrow accounts are regulated, and all lenders are required to follow the same rules.  If you are purchasing a home and have less than a 20% down payment or you have less than 20% equity when you refinance, lenders require you to escrow your taxes and insurance as a part of your monthly payment.  If you are putting down at least 20% or have at least 20% equity on a refinance, you have the choice if you want to pay your taxes and insurance on your own. At Ascentra we do not require you to escrow in this situation, it is entirely up to you.

Annually our escrow department will do an escrow analysis, which includes new insurance premiums, new tax rates, and a 2-month cushion that is allowed by the government. We then calculate your new monthly payment based on those factors. 

Your mortgage payment may go up or down year to year depending on changes to your property taxes or insurance rates. 

If your escrow comes up short for any reason, you have the option to pay any shortage or you can finance that amount out over the next 12 months of mortgage payments.

At Ascentra, we handle all of our loan servicing in house, so if you ever have any questions, we are here to help.  We are your mortgage experts.

What is PMI?

PMI is short for private mortgage insurance. PMI is insurance required on mortgage loans for borrowers in two specific situations.

If you don’t submit a 20% down payment when purchasing a home, PMI is required.

OR If you don’t have 20% equity in your home when you are refinancing, PMI is required.

PMI is not homeowners insurance. Private Mortgage Insurance actually protects the lender in the instance that you stop making payments on your loan. The cost of PMI is included in your monthly mortgage payment.

You can request to stop PMI once your reach 20% equity in your home.  These requests are evaluated based on your payment history.  PMI is automatically canceled once you reach 78% equity in your home.

It is always a good idea to read your mortgage statement and be aware of the amount of equity you have in your home, since stopping PMI can save you money each month.

Here at Ascentra, members receive letters annually letting them know the percentage of equity in their home. This makes it really easy to track when you can cancel your private mortgage insurance.

At Ascentra, we handle all mortgage servicing in-house.  So if you have questions, we are here for you.  We are your mortgage experts.

What is a credit score?

A credit score is a number ranging from 300 to 850 that rates a consumer’s creditworthiness.

Financial Institutions use your credit score to determine your creditworthiness and often base interest rates for loans and credit cards on how high or low that number is.

Payment history, Total amount owed, Length of credit history, Types of credit, and credit inquiries are the main factors in determining your credit score.

Typically, a score of 680 or higher is considered good and will earn you the best interest rates, and a score of 550 or lower will often make getting approval difficult.

While some financial institutions determine your approval or denial exclusively by your credit score, at Ascentra your credit score is only one factor.  We listen to your story and help you make the best decision possible for your current situation and your future.

If your credit is considered low, we want to help you rebuild your score so you have more options and can pay less interest in the future.

So how can you improve your credit?

First, maintain on time payments. Create a budget and stick to it to help pay down your unsecured debt. The less debt you have, the more available credit and the better your score will typically be.

Next, consider consolidating your debt with a home equity loan, or secure the loan with other property. This will bring all your outstanding debts into one, easy-to-manage payment and make it easier for you to make progress.

Third, avoid new credit inquiries if possible. Each time you apply for a new credit card or loan, the financial institution will need to pull a credit report. These credit pulls can lower your score.,so make sure you plan ahead and don’t open any new lines of credit without considering the effects.

And lastly, manage credit card debt responsibly and keep your balance to 30% or less of your available credit.. It’s easy to spend with credit, but remember that you will pay interest. Keeping your debt below 30% of your available credit will help improve your score.

If you are looking to improve your credit, Ascentra can help. Our certified Financial Coaches are here to help you create a plan free of charge. We also offer a secured credit builder loan with a 6-12 month term to build your credit.

To learn more about improving your credit or creating a budget, feel free to set up an appointment to see an Ascentra Financial Counselor and see what Ascentra can do for you.

Hello Travis here from Ascentra, ready to show you how to enroll in Ascentra’s Digital Banking for your business, corporation, LLC, Partnership or Organization/Nonprofit.

Let’s get into it.

First, you will enroll by visiting ascentra.org and clicking “Enroll” next to the Digital Banking Login Button. 

You can also download the Ascentra Mobile App, launch it and click on the Enroll link on the login screen. All the steps you see will be the same whether you are using a desktop PC or on a mobile device.

After clicking Enroll, a Digital Banking Enrollment form will appear. You will need to click the Enroll Here link next to the words “corporation, LLC, Partnership or Organization/Nonprofit”.

Now you will just need to fill out the required information in the fields.  As you fill each section, a small Hint box will drop down showing how the information should be entered helping you through the process.

When you request a User ID, you may be notified that the User ID selected is not available or contains invalid characters.  User ID’s must be unique and cannot be duplicated.  The Hint box and alerts will guide you when choosing your very own unique User ID. 

When you have completed this page click “Submit Enrollment” at the bottom of the screen.  A message letting you know that it has been successfully submitted will appear.  Please allow up to two business days to process your request.

You will receive an email with instructions for completing enrollment from our Member Business Team.

You will now need to use the “Forgot Password” function on the website to reset your password. Go to Ascentra.org and click the “Login” button in the top right.  Then click the “forgot your password” link. Enter the user id you chose when setting up your account.

It is time to create your unique password. The box lists all the requirements for your password. If you choose a password that does not meet one or more of these requirements, you will receive an error message and need to try again. Once you have a password that meets all the requirements, press Submit to be directed to the Agreement and Disclosure page.

Once you have read through the agreement, click I Accept at the bottom of the page.

You can now choose whether or not to register your device. Registering will make the need for verification and Secure Access Codes less frequent.  If it is a personal device, you may want to register, but NEVER register a public access or shared device. That could create a major security risk for your accounts.

Hello Travis here from Ascentra, ready to show you how to enroll in Ascentra’s Digital Banking. 

It’s easy, so let’s get to it.

First, you will enroll by visiting ascentra.org and clicking “Enroll” next to the Digital Banking Login Button. 

You can also download the Ascentra Mobile App, launch it and click on the Enroll link on the login screen. All the steps you see will be the same whether you are using a desktop PC or on a mobile device.

After clicking Enroll, a Digital Banking Enrollment form will appear. All you need to do is fill out the required information.

As you fill each section, a small Hint box will drop down showing how the information should be entered helping you through the process.

When you request a User ID, you may be notified that the User ID selected is not available or contains invalid characters.  User ID’s must be unique and cannot be duplicated.  The Hint box and alerts will guide you when choosing your very own unique User ID.  Once the information submitted on the enrollment form meets all the guidelines, click Continue and you will receive a Congratulations message with your chosen User ID.

Next, you will need to verify your identity through one of the contact methods associated with your account. You can choose an automated phone call, text message or email. Enter the Secure Access Code that you receive via your chosen method and press submit.

Now you will need to complete your profile information. It should pre-populate your information based on your account.  Once you are done verifying or making any changes, press Submit Profile at the bottom.

It is time to create your unique password. The box lists all the requirements for your password. If you choose a password that does not meet one or more of these requirements, you will receive an error message and need to try again. Once you have a password that meets all the requirements, press Submit to be directed to the Agreement and Disclosure page.

Once you have read through the agreement, click I Accept at the bottom of the page.

You can now choose whether or not to register your device. Registering will make the need for verification and Secure Access Codes less frequent.  If it is a personal device, you may want to register, but NEVER register a public access or shared device. That could create a major security risk for your accounts.

That’s it! You’re now enrolled in Ascentra’s Digital Banking and have access to all of your personal accounts.

To learn more about all the features Ascentra’s Digital Banking has to offer visit ascentra.org/anywhere