By Lauren Davidson

“Buying a home is one of the biggest decisions, and one of the largest investments you will make in your lifetime,” says Neal Parnell, Assistant Vice President and Branch Manager for Piedmont Federal Savings Bank’s Kernersville branch.  “Working with someone that you know and trust is so important when taking this major step.”

That kind of trust is the top priority for Piedmont Federal Savings Bank when it comes to helping customers, and it sets them apart from other lenders.  Founded in 1903 as a mutual bank, it is the oldest bank founded in Winston-Salem still in existence.  “The group of businessmen who started Piedmont Federal in 1903 wanted to provide a safe and stable way to accrue savings and to buy and pay for a home.  One of our founding principles is to provide affordable home loans to people who want to put down roots here in the Triad,” Neal says.

Since the financial crisis of 2008, Piedmont Federal’s founding principles remain critically important to people trying to navigate the ever-changing mortgage process.  According to Ginger Salt, Vice President of Marketing & Business Development, “Beginning October 1st of this year, some of the most sweeping changes since the 1970’s will go into effect.  ‘Know Before You Owe,’ rules from the Consumer Financial Protection Bureau, seek to simplify loan documentation, provide clarity on costs, aid borrowers in comparison shopping for mortgage lenders, and prevent surprises at closing.  The changes involve several new, combined, and different forms for customers to review and additional deadlines and requirements for lenders, as well as other parties who are part of the transaction.  The new Loan Estimate Disclosure provides costs and fee estimates and the new Closing Disclosure informs the customer of the total funds needed to close.  This disclosure is required to be provided to the buyer three days prior to closing the loan.”  For someone purchasing their first home, these new rules and regulations have the potential to be overwhelming, and Piedmont Federal understands.

“That makes having a trusted loan officer from a solid, local bank even more important.  You need someone who not only understands home lending, but who knows you and your neighborhood, and who will be with you throughout the life of your loan,” states Tammy Coulter, Assistant Vice President and Loan Officer for Piedmont Federal in Kernersville.  Unlike other banks, Piedmont Federal never sells their mortgages, so your loan is handled from beginning to end by the same person.  For example, Tammy says, “If Neal or I helped you with your loan in the past; you can call us today with any questions or needs.”  You are able to speak with the same person instead of being sent to a call center or an unfamiliar bank in another part of the country.

It is also reassuring that Piedmont Federal Savings Bank is already ahead of the curve when it comes to the big changes in home lending.  “We already have the infrastructure in place to handle the changes to the mortgage process,” shares Ginger.  “We offer a 60 day interest rate lock to accommodate a longer loan process, while other institutions may only guarantee the interest rate lock for 30 to 45 days.  We have minimal fees, and our loan closings are on site.”  The network Piedmont Federal Savings Bank has built with realtors and lawyers is also already deeply secure, and they have been including everyone in the process of learning the changes so that you are covered every step of the way.

Piedmont Federal Savings Bank

505 Pineview Drive, Kernersville

336-993-2156

PiedmontFederal.com

• Mortgage Loans and Home Equity Loans
• Checking, Savings, Money Market
• IRAs/CDs
• Mobile, Money Transfer Options, Online Banking and Bill Pay
• FREE ATM Service Worldwide

Helpful Tips for Seeking a Home Loan After October 1, 2015

• Utilize the loan estimate to compare lenders.  Check the fees – for example, some institutions may charge a broker fee, application fee, or processing fee.
• A lender can only charge a credit report fee until the applicant has provided their intent to proceed.  Other fees, including appraisal fees, application fees, or processing charges can only be collected by the lender after the borrower has informed the loan officer they intend to proceed with the loan.
• Be sure and provide current and up-to-date financial information needed for the loan (including income documents, bank statements, financial records, and verification of down payments).  This will ensure your loan process moves forward.
• Complete required inspections as soon as possible.
• Maintain regular communication with your loan officer, realtor, home inspectors, and other people involved in your home purchase.
• Select a loan product that fits your personal needs and provides you with a comfortable monthly payment.  Remember, “Know Before You Owe.”