Mortgages & Loans

To determine the value of the property you are purchasing or refinancing, an appraisal will be required. An appraisal report is a written description and estimate of the value of the property. National standards govern not only the format for the appraisal; they also specify the appraiser's qualifications and credentials. In addition, most states now have licensing requirements for appraisers evaluating properties located within their states.

In addition to verifying that your home’s value supports your loan request, an underwriter will also verify that your home is as marketable as others in the area. We want to be confident that if you decide to sell your home, it will be as easy to market as other homes in the area. 

Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.

An adjustable rate mortgage, or an "ARM" as they are commonly called, is a loan type that offers a lower initial interest rate than most fixed rate loans. The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.

Selecting a equity loan may be the most important financial decision you will make and you are entitled to all the information you need to make the right decision. Don't hesitate to contact a Financial Service Representative if you have questions about the features of our adjustable rate mortgages.

The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term.

There's no cost at all for completing our application.

An Equity loan often involves many fees, such as the appraisal fee, title charges and closing fees. City National Bank will pay the majority of closing fees associated with the Equity loans. Please contact your local City National Bank branch for more details.

The maximum percentage of your home's value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete our online application!

Credit scores are based on information collected by the credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.

An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.

But do not overreact! That data used to calculate your credit score doesn’t include any Equity or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all Equity inquiries made in any 14-day period are always considered one inquiry. Do not limit your Equity shopping for fear of the effect on your credit score.

There is no charge to you for the credit information. We will access with your permission to evaluate your application online.

Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.

In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We’ll usually need to obtain copies of W-2 statements for the previous two years and recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We’ll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

If you haven’t been receiving bonus, overtime, or commission income for at least one year, it probably can’t be given full value when your loan is reviewed for approval.

We will ask for copies of your recent pension check stubs, bank statements and applicable award letter if your pension or retirement income is deposited directly in your bank account. If you’re receiving tax-free income, such as social security earnings in some cases, we will consider the fact that taxes will not be deducted from this income when reviewing your request.

Generally, only income that is reported on your tax return can be considered when applying for a loan. Unless, of course, the income is legally tax-free and is not required to be reported.

If you own rental properties, we will generally ask for the two most recent year’s federal tax return or verify your rental income. We will review the Schedule E of tax return to verify your rental income, after all expenses except depreciation. Since depreciation is only a paper loss, it won’t be counted against your rental income.

Generally, two years of personal tax returns are required to verify the amount of your dividend and /or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of these assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificated or Promissory Notes.

Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying a loan.

The closing will take place at a local City National Bank branch that is convenient for you. Your lender will coordinate all closing activity with you.

Contact your lender to arrange a closing date that you will be able to attend.

City National Bank offers an automatic debit service from a City National Bank checking account. Please ask your lender if rate discounts are available if this service is implemented.