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• Conventional - There is a 3 percent down payment requirement.

• Zero Down - No down payment required for first-time home buyers. A 1% minimum borrower contribution is required, which can be part of closing costs or required cash reserves.

Mortgages with less than a 20 percent down payment require Private Mortgage Insurance to protect the lender against default. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses and possibly repairs, decorating or appliances. Call us at 913-599-1010 to learn more about down payment requirements.

Absolutely not! That was a true statement when houses were $30,000 each, but it is no longer the case. The smaller your mortgage the truer it is, however, because a smaller balance results in fewer savings. Have your loan officer calculate the cost of the loan versus the savings and the period of time it will take you to recoup the expenses of the refinance. This should help you decide whether it's worthwhile or not, and it will only take the loan officer a few minutes to calculate.

The definition of junk fees will differ depending on who is asked the question, but in general refer to charges a lender assesses over and above real hard dollar costs. At Mainstreet, the only non third-party fees are a $995 origination fee charged on all loans, along with wire fees and overnight fees when applicable. Mainstreet does not "farm out" the processing, underwriting, or closing functions. Mainstreet also does not and has never "padded" fees. We pride ourselves in having very low and reasonable closing costs.

Rates change daily and are available by 10:00 A.M. Monday through Friday. You may also call Mainstreet at 913-599-1010 (toll free 888-395-1010). Our Call Center can provide rates, but if you have further questions you can ask for a member of the mortgage department.

Retaining servicing means that Mainstreet will take care of your loan after closing. We receive and post your payments and pay taxes, homeowners insurance and mortgage insurance out of your escrow account (if you have an account set up for this purpose). We also perform annual escrow analysis, issue payoff requests (we don't charge any payoff statement fee or fax fee for this service) and perform collection activity if that becomes necessary. Retaining servicing is very important to us because it allows us to take care of our members after closing and do other nice things for you, such as paying dividends on your escrow account!

There is no application fee for a pre-approval, however once a specific address is identified and before an appraisal is ordered, a $450 application deposit is collected. This application deposit is credited back at closing.

Unlike the primary mortgage market between borrowers and lenders, the secondary mortgage market is where lenders and investors buy and sell existing mortgages. Selling mortgages allows Mainstreet to offer the products you want - long-term fixed-rate mortgage loans with low down payment options. By selling the loan in the secondary market, Mainstreet eliminates a significant amount of interest rate and/or portfolio risk.

On closing day the borrowers come to Mainstreet and sign the final settlement statement that itemizes all the final costs and credits associated with the mortgage loan, along with other loan disclosures. The lengths of time for closings vary but most usually are completed within 30 minutes. All disclosures will be explained and this is an additional opportunity to ask any questions and get clarification on anything that you don't fully understand. You will be signing a note promising to repay the loan and a mortgage or deed of trust (the security instrument). After signing, the mortgage and an instruction letter will be forwarded to the title company and recorded in the Register of Deeds office along with the Deed (if purchasing a home).

A basic pre-qualifying exercise will give you a feel for how much home you can afford. We can help you estimate how much you can afford based on your current income and monthly obligations. Call us at 913-599-1010, or visit a branch to learn more about getting pre-qualified and pre-approved. Visit Mainstreet's mortgage page before you shop. Being a pre-approved buyer gives you the ability to make a qualified offer to purchase a home. A buyer with guaranteed funds has more leverage in a negotiation battle than the buyer who is still waiting to hear back from their lender.

A credit score is a score that attempts to condense a borrower's credit history into a single number that will predict the likelihood that a person will pay their bills as agreed. Points are assigned for different pieces of information such as payment history, length of time of residency and employment, length of time credit has been established, use of credit and any negative information such as late payments, collections, bankruptcies, and charge-offs. The score will range from 350 to 850, the higher the better. For mortgage loans, a score of 680 or above indicates a good score.

You pay a predetermined interest rate for the duration of the mortgage. Mainstreet offers you a choice of 10, 15, 20 or 30-year terms. You will pay more interest over the term of the 30-year mortgage but your monthly payments are lower than the shorter-term fixed-rate loans that we offer. With the 10, 15 or 20-year mortgage, you have a higher monthly payment but you build up the equity in your home faster.

A home inspection is performed for and with the buyer. The structural, electrical, and plumbing systems and appliances are inspected for condition and remaining useful life. The appraisal is done for the lender to estimate the market value of the property by comparing it to at least three recently closed sales. Mainstreet does not require, but highly recommends a whole house inspection. You are making a very large investment and need to know what you are buying. You have every right to have your questions about the property answered by a professional home inspector.

You can lock in an interest rate once we have the specific property address and are within 30-90 calendar days of a closing date. Locking commits Mainstreet to a specific interest rate for your loan. Rate locks are always done in writing with copies provided for the borrowers and Mainstreet. A roll-down fee to renegotiate your rate lock commitment is available.

• You plan to own your own home for only a few years (3 to 6), and/or

• You want to lower initial monthly payments more than a traditional 30-year fixed-rate mortgage offers, and/or

• You need a lower initial monthly payment to qualify for a larger loan &/or buy more home, and/or

• You are a first-time home buyer and need the lowest payment to start out in your new home.