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© 2004
National Bank of Arizona
Privacy
Statement
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Answers to Frequently Asked Questions:
What is the benefit of a home refinance loan?
This product allows you to refinance your home at a fixed rate for a fixed term without paying any closing or origination fees. If you qualify, you may refinance your first mortgage only, consolidate all of your mortgages in to a single loan, or consolidate other debts.
Must I own a home to get a home equity line of credit?
Yes, you must own your home. Residential rental properties are not eligible.
Must I occupy the residence I’m using as collateral?
Yes. Vacation or second homes are also eligible even though you may occupy the residence only part of the year. Residential rental properties are not eligible.
Your loan amount is determined by taking a percentage (for example 80%) of your home’s appraised or fair market value. The maximum percentage approved by the bank is based on your home’s appraised or fair market value. If you qualify, the minimum loan amount is $5,500 and in most cases the maximum is $1,000,000.
Are there any closing costs or origination fees?
No, you will not be charged any loan origination fees, points, or closing costs.
Is there a prepayment or early closure fee?
You will be charged a fee of $500.00 if you choose to payoff your loan within three (3) years of the date the loan was originally made. We will not charge you a fee if your loan remains open more than three (3) years or your loan is closed for reasons of default, casualty loss, or refinancing with National Bank of Arizona.
