Home Loans

Frequently Asked Questions

Who/What is Old Glory Bank?
Old Glory Bank is America’s favorite pro-America Bank that will not cancel law abiding customers. We’re an FDIC-insured, chartered bank based in Elmore City, Oklahoma, but available from sea to shining sea on the best mobile and online banking platform around.

What Home Loan Programs do you offer?
Purchase or Refinance on all occupancies. We offer Conventional, FHA and VA loans. USDA loans are coming soon!

What is a Conventional Home Loan?
Conventional loans, the most common type of home loan, are issued by private lenders and are not government-backed.

What is an FHA Home Loan?
A Federal Housing Administration (FHA) loan is insured by the federal government and issued by a bank or other approved lender. FHA loans often require a lower minimum down payment and applicant credit score than a conventional loan.

What is a VA Home Loan?
VA loans are available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.

Will Old Glory Bank service my home loan?
In the future, as we grow, it is our goal to hold and service most home loans. However, for now, it is very likely that your loan will be sold and serviced by another institution, as is very common in the home loan industry.

How much will my down payment be?
A 20% down payment is the home loan industry standard, but it’s not always required. Qualified buyers may obtain a home loan with as little as 3% down, or in some cases no down payment at all.

Does Old Glory Bank have a minimum lending amount for Home Loans?
Yes, the minimum loan amount is $50,000.

How do I avoid Mortgage Insurance?
Conventional loans with a 20% or greater down payment, monthly mortgage insurance (PMI) is not required. FHA loans have a one-time “Up-Front Mortgage Insurance Premium” (UFMIP) that can be financed into the loan amount OR paid by the seller with closing costs and a monthly premium. VA loans may have a one-time funding fee that can be financed into the loan amount or paid by the seller. Some veterans may be exempted from this VA fee.

How will I be updated on my loan’s progress?
Your Old Glory Home Loan Consultant will be in contact with you every step of the way, will give frequent updates and will be available to answer any questions you might have.

Do I have to sign my loan application in person?
Old Glory bank uses modern secure electronic signature technology to document your authority on all paperwork. You’ll also have the ability to upload any other documents we might need during the process.

What is an escrow account and when is it required?
An escrow account holds funds to pay property tax and insurance fees on your behalf by the loan servicer. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. An escrow account is required if your loan-to-value is over 80% on a conventional, FHA or VA loan. Even if an escrow account is not required for your loan, you may opt to have one as it can be a helpful tool to help you ensure your taxes and insurance are paid when they are due.