Once you select us to obtain your home loan, the process begins and will likely take a few weeks to complete. Some unscrupulous lenders may tell you how quickly they can do the job. In most cases, there will be surprises due to new legislation enacted by Congress this year. If you haven't gone through the process of obtaining a new mortgage loan in the last 3 years, you will definitely have a more complicated experience than you did before. .
Throughout the loan-application process, we provide you with regular updates. While you are in the application portion of the process, you will deal with your Loan Officer. Once the rate and terms have been determined, your credit has been reviewed and you have signed your application, then you will be introduced to your Processor who will help you collect all the important documents for the underwriter. After your underwriting approval, expect there to be a few specific conditions to satisfy before the funding of your loan through an escrow company.
You can e-mail us with questions or new information at any time. And if you want assistance, a mortgage expert who can answer questions is just a phone call away.
Here's an overview of the loan-application process.
STEP ONE -- Apply Now! Getting started is easy
When you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily through our website. To get started, select an application from the list on the left.
At the appropriate time we'll order a property appraisal for you.
The process of gathering all your important documents will be paramount. Plan on supplying any requested items related to your financial situation as soon as they are requested. This way, you can help avoid delays in funding your loan.
Do not make any significant purchases, deposits or withdrawals during the entire loan process. Do not buy a new car, apply for new credit lines, deposit large amounts of money into any of your bank accounts, or cash out CDs or retirement accounts until after you have completed the mortgage process. Any of these actions will cause delays to your loan approval.
Your Real Estate Agent or the Seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors that make your purchase go smoothly.
We will coordinate with the escrow team and you'll sign the final papers at their office.
Please check in with your Loan Officer or Processor if you have any questions about your loan. We want to help you have the most successful and trouble-free experience possible. Thanks for considering your credit union for home mortgage loan.