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Dream home
At Viking Bank, our mortgage experts are here to guide you every step of the way. We'll walk you through the mortgage process, answer your questions, and help you find the financing solution that best fits your needs. With personalized support and expert advice, you'll be well on your way to owning your new home.
FREQUENTLY ASKED QUESTIONS:
What is the difference between the interest rate and APR?
The interest rate is the rate charged on the loan balance. The APR (Annual Percentage Rate) includes the interest rate plus certain fees and other financing costs, so it’s usually equal to or slightly higher than the interest rate. Your actual rate and APR will depend on factors like your credit score, down payment, loan amount, property type, and debt-to-income ratio.
What is the minimum down payment required?
The minimum down payment for a conventional loan can be as low as 5% for qualified first-time and certain repeat homebuyers. Keep in mind that putting down less than 20% typically requires private mortgage insurance (PMI), which increases your monthly payment. Our lenders can help determine the down payment option that best fits your financial goals.
How long does pre-approval take and how long is my pre-approval valid?
A mortgage pre-approval can be given within a few hours to a few days once we receive your application, income documentation, asset statements, and credit information. The timeline can be longer if additional documentation or verification of employment, income, or assets are needed. However, using the Viking Bank Mortgage Check List below will keep everything moving.
Most mortgage pre-approvals are valid for 60 to 90 days, although the exact period may vary. After expiration, your credit report, income information, and financial documents may need to be updated.
How long does the entire mortgage process typically take?
The mortgage process, from application to closing, typically takes 30 to 45 days, though it can be shorter or longer depending on the loan type, appraisal timing, and how quickly documents are provided.
Are there any prepayment penalties?
Most conventional mortgages today do not have prepayment penalties, allowing you to make extra principal payments or pay off your mortgage early without incurring additional fees.
