Mortgages

You may get started with your mortgage application in a number of ways:

• By phone: 844.Royal Heritage Commercial Bank.MTG info@royalheritagecommercial.com
• In person: visit one of our locations

The most common mortgages are fixed- and adjustable-rate mortgages (ARM).³

Fixed-rate mortgages offer the stability of regular monthly payments over a given length of time, or term. Many people feel these are ideal because they make it easy to budget family finances and there is no risk of the rate increasing.

Adjustable-rate mortgage (ARM) programs offer you the flexibility of an initial interest rate and payment lower than a standard fixed-rate mortgage. ARM mortgages may also be a great option for home buyers who do not plan to stay in their current home for a long period of time.

An escrow account is one that is established to hold separate funds for the purpose of paying bills such as homeowner's insurance and property taxes.

Royal Heritage Commercial Bank collects the funds to be deposited into the account each month from your monthly payment and then pays the bill for you when it comes due. This eliminates the need for you having to come up with the additional funds when they are due. By taking the annual amounts charged for homeowner's insurance, property taxes and other annually paid items and dividing them by 12, the escrow department establishes a payment amount that is added to your monthly principal and interest payment. This spreads the cost of those items over 12 months, making it easier to budget those expenses.

For example, if your homeowner's insurance annual premium (charge) is $300, breaking that cost down over 12 months means that $25 will be added to your monthly payment amount to cover the cost.

When the bill comes due, Royal Heritage Commercial Bank has the funds available to pay it for you, since you've already placed the money in your escrow account through your monthly payment.

Your annual escrow statement explains how the monthly escrow portion of your payment was calculated, and provides estimates of your annual expected costs. You will receive an escrow statement each year if you have an escrow account.

Our complimentary mortgage calculator can help you with this question.

If you have homeowner’s insurance collected as part of your escrow account, Royal Heritage Commercial Bank will receive your insurance invoice and disburse the appropriate funds from your escrow account. Your monthly billing statement will display any disbursements.

Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of 80%. In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the property value or purchase price, whichever is lower.

Royal Heritage Commercial Bank's CommunityWorks®⁴ mortgage program is an affordable low down payment mortgage program which may be combined with eligible grants and provide up to $7,000 in closing cost assistance. 

Quick Facts:

• Up to $7,000 in closing cost assistance
• Only a 3% down payment requirement for a 1-unit single family dwelling purchase transaction
  
• Home buyer education may be required for one or all borrowers listed on the loan application
  
• Rate and term refinance option available if lowering current monthly payment
• Depending upon property location, certain income level restrictions may apply

With Royal Heritage Commercial Bank, you're always in control of your mortgage account information. That's because Personal Internet Banking makes it easy to find routine information like what your escrow account balance is or how much your tax payment was by simply clicking on your Mortgage or Home Equity account.

As an Royal Heritage Commercial Bank customer, you can use Personal Internet Banking as your 24/7 solution. Get up-to-date information on your Royal Heritage Commercial Bank accounts using any Internet-connected device. Plus, you'll have no phone calls to make or time wasted on hold while you wait for information.

We understand that losing a job, divorce, an illness or a death in the family are just some of the things that can cause a delay in paying your mortgage payments. If you are experiencing or have recently experienced a hardship and are unable to keep up with your mortgage payments, contact us. We'll work with you to try to make the best of a difficult situation. Read about payment difficulty options.

Your mortgage payment due date is listed on your monthly billing statement or coupon. A late charge is assessed if the payment has not been received and processed by the date noted. It is very important that you establish and maintain good credit by making sure your payment reaches us by the due date each month. Late payments can affect your credit record.

Personal/Advance Clients info@royalheritagecommercial.com
Private Bank Clients info@royalheritagecommercial.com
Premier Clients info@royalheritagecommercial.com
Jade Clients info@royalheritagecommercial.com
Murabaha Clients info@royalheritagecommercial.com

Monday through Friday 8:00 a.m. to 8:00 p.m. EST and Saturday 8:00 a.m. to 5:00 p.m. EST

The payoff statement reflects your unpaid principal balance, interest due and any outstanding fees, (i.e. priority statement fee, late charge, escrow advances, recoverable balances, attorney fees).

Escrows are disbursed within 30 business days after the loan is paid in full. We ask that you allow additional mail time to receive this check at your current mailing address.

You can also log into Personal Internet Banking and request to receive your statements electronically via email to avoid delays by simply clicking on your Mortgage or Home Equity account.

If you have homeowner’s insurance collected as part of your escrow account, Royal Heritage Commercial Bank will receive your tax invoices and disburse the funds from your escrow account. Your monthly billing statement and year-end statement will display any amounts disbursed.

If you have homeowner’s insurance collected as part of your escrow account, Royal Heritage Commercial Bank will receive your insurance invoice and disburse the appropriate funds from your escrow account. Your monthly billing statement will display any disbursements.

Live Chat with us any time, any day.

Mortgage Customer Service: info@royalheritagecommercial.com

Premier Mortgage Customer Service: info@royalheritagecommercial.com

Jade Mortgage Customer Service: info@royalheritagecommercial.com

Private Bank Mortgage Customer Service: info@royalheritagecommercial.com