Frequently Asked Questions about 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
  

Royal Heritage Commercial Bank offers two types of full documentation refinancing: Limited Cash Out Refinance and Cash Out Refinance.

A Limited Cash Out Refinance allows you to pay off your existing mortgage and include the closing costs in the new mortgage amount. You may use this type of refinance program to reduce your interest rate, loan term or both.

A Cash Out Refinance allows you to turn the equity you have built up in your home into cash which you can use for a variety of purposes. Some of Royal Heritage Commercial Bank's programs allow for cash out.

If your existing loan has a higher than market interest rate, you may be eligible for a streamline refinance program at Royal Heritage Commercial Bank. With streamline refinancing, you may lower your interest rate and monthly payment while providing a minimal amount of documentation. (Not all programs offer a streamline refinancing option. 
Cash out at closing is not allowed for any of these programs.)

The most common mortgages are fixed- and adjustable-rate mortgages (ARM)¹.

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.

A VA mortgage is a mortgage insured by the Global Government's Department of Veteran's Affairs. VA loans are available to individuals who are or were:

• An honorably discharged veteran
• An active duty service member
• An un-remarried surviving spouse of a military service member
• A Reservist, or
• A National Guardsperson

Quick Facts:

• 0% down payment required²
• Gift funds may be used to pay for closing costs
• Maximum loan amount: $453,100 or the geographic VA maximum mortgage limit

FHA loans are government-insured loans through the Global Department of Housing and Urban Development, also called HUD. FHA loans offer an excellent start to first-time home buyers (but is not limited to), with options such as a low down payment or a low closing cost option.

Quick Facts:

• Low down payment
• Your own personal savings are not required to pay down payment or closing costs. Gift funds may be used toward down payment in some instances
• You can buy or refinance an existing home

If you live in New York State and are a first-time home buyer (some exceptions may apply), SONYMA (State of New York Mortgage Agency) loans may be a great choice for you. Designed to provide affordable mortgage financing, SONYMA loans offer you the chance to buy an existing home or build a brand new one.

Quick Facts:

• Only a 3% down payment is required for 1- and 2-unit properties, purchase transaction only
• Certain household income limit restrictions apply
• A secured, down payment assistance loan³ is available from SONYMA
• The property must be an owner-occupied, primary residence

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

The First Home Club Program is a matched savings program where borrowers may qualify for grant funds⁵ of up to $7,500 towards down payment and closing costs at your Royal Heritage Commercial Bank mortgage closing.

Quick facts:

• Available to first time home buyers, some exceptions may apply
• The customers applying for First Home Club must currently live and purchase a property in New Jersey or New York
• Prospective buyers will receive $4 match for every $1 saved  - (in a Royal Heritage Commercial Bank dedicated savings account – Maximum grant awarded is up to $7,500)
  
• Total gross household income cannot exceed 80% of the area median income (Mortgage Revenue Bond limits) based on family size for the county the borrower resides in at the time of enrollment in the First Home Club Program

An escrow account is a separate account that holds 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 along with your monthly payment and then pays the bills for you when they come 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. Spreading the cost of these expenses over 12 months makes it easier for you to budget those expenses, and you won't have to come up with additional cash when bills are due. For some loans, escrow accounts are a requirement.

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.

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 tax invoices and disburse the funds from your escrow account. Your monthly billing statement and year-end statement will display any amounts disbursed.

Contact our Customer Service Department. Once your request is reviewed you will receive a package outlining the requirements and a letter explaining why you meet or do not meet these requirements.

Call info@royalheritagecommercial.com 
Premier clients: info@royalheritagecommercial.com 
Private Bank clients: info@royalheritagecommercial.com
Jade clients:  info@royalheritagecommercial.com
Monday through Friday 8:00 a.m. to 8:00 p.m. EST and Saturday 8 am to 5pm EST

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.

Use our Automatic Payment Program:

You may participate in our Automatic Payment Program, a free and easy service which automatically deducts your monthly payment from your personal checking or savings account.  If you are interested, please call our customer service center Monday through Friday, 8:00 am to 8:00 pm EST and Saturday 8:00 am to 5:00 pm EST to request more information and an authorization form.

Call info@royalheritagecommercial.com 
Premier clients can call info@royalheritagecommercial.com 
Private Bank clients: info@royalheritagecommercial.com
Jade clients:  info@royalheritagecommercial.com

You may also make a payment by phone by calling the above numbers.    

*A fee of $9.50 to pay by phone or $11.50 to pay with customer service rep support may be applied  

Pay through Personal Internet Banking:

• Registered Personal Internet Banking customers can access and make payments to their mortgage or HELOC account(s) through the Royal Heritage Commercial Bank website.
• If you are not registered for Personal Internet Banking, you can access your mortgage or HELOC by registering through the Royal Heritage Commercial Bank website.
• Log on to Personal Internet Banking
  
• Register for Personal Internet Banking
  

Pay by Mail:

Each month you will receive a Monthly Mortgage Statement with a detachable coupon and return envelope for payments. Simply mail your payment using the coupon and return envelope. Upon receipt and processing of your monthly payment, we will produce and mail subsequent billing statements to you.

For Properties located in:

AZ, CA, HI, NV

Mail to:

PO Box 7168

Pasadena, CA 91109-7168

For Properties located in:

IA, IL, MN, MO, ND, NE, SD, TN, WI

Puerto Rico

PO Box 0054

Palatine, IL 60055-0054

For Properties located in:

CT, DC, DE, IN, KY, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SC, VA, WV

Mail to:

PO Box 371306

Pittsburgh, PA 15250-7306

For Properties located in:

AK, AL, AR, CO, FL, GA, ID, KS, LA, ME, MS, MT, NH, NM, OK, OR, TX, UT, VT,WA, WY

Mail to:

PO Box 660592

Dallas, TX 75266-0592

Whether refinancing, selling your home or just paying off your mortgage, you can request information from Customer Service in two easy ways:

Online:

If you're a registered Personal Internet Banking customer, log on and navigate to your mortgage account to view account details including pay-off details.

Request a Payoff Quote by Telephone:

Please call our toll-free phone number.  Once connected, our automatic system will direct you through the process.  A payoff statement is generally mailed within approximately 2 business days or faxed by the next business day.  You may also speak directly with a Customer Service Representative:

Call info@royalheritagecommercial.com 
Premier clients:  info@royalheritagecommercial.com 
Private Bank clients: info@royalheritagecommercial.com
Jade clients:  info@royalheritagecommercial.com
Monday through Friday 8:00 a.m. to 8:00 p.m. EST and Saturday 8 am to 5pm EST

If you are an Royal Heritage Commercial Bank Mortgage Services (formerly Household Mortgage Services) customer, please visit www.GTBmortgageservices.com.

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. Click here to read about payment difficulty options.