Mortgage and Financing

We here at First Encounter Realty Group are active Real Estate Investors we understand what a significant part of your portfolio your home is. Whether you are looking to refinance, get an equity line of credit, looking for an investment property or a second home, we’ve partnered with one of Cape Cod’s most trusted Mortgage Loan Officers to help bring you the best solutions for your situation. Fill out the information on the right and let us know how we can help.

Kevin Joyce brings more than three decades of banking experience to his position as a Residential Mortgage Loan Officer at The Cooperative Bank of Cape Cod, most recently as a Regional Residential Lending Manager for Cambridge Mortgage Group. He also had a successful term as a Residential Loan Officer from 2007-2010 with the Bank, and has now returned to work in the communities he loves. Earlier in his career, he owned and operated Cape & Islands Mortgage located in Orleans. Kevin is a resident of Harwich and serves the communities of Chatham, Eastham, Harwich, Orleans, Provincetown, Truro and Wellfleet.

What is the difference between the APR and the interest rate?

The APR (annual percentage rate) reflects the cost of your mortgage loan on a yearly rate. It also includes the costs to obtain the mortgage, such as discount fees and points paid. The interest rate is the actual rate you pay on your note. The APR is used as a guide for comparison shopping with other lenders to determine fees associated with the loan.

Do I need to hire my own attorney?

If you are purchasing a property, it is recommended you hire an attorney on your behalf to review the contract.


What is PMI and when is it required?

PMI is Private Mortgage Insurance written by a private company that protects the lender should the borrower default on the mortgage. Borrowers are required to pay the premium as part of their monthly mortgage payment. If you make a down payment less than 20%, even if you have a good credit history, PMI insurance is required for most loans.


What is an escrow account?

An escrow account is typically established at closing. This account is held by the bank for the future payments of recurring items relating to the mortgaged property.


Do you escrow real estate taxes and insurance?

The bank is required to collect escrow for real estate taxes if the loan to value is 80% or greater. You may request to have your real estate taxes escrowed at any time if you wish. The bank does not escrow for homeowners insurance. You are responsible for maintaining homeowners insurance on your property at all times as part of your mortgage contract.

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