Mortgage Answers

Had damage to your home and received a check from your insurance company?

Bring your insurance check, insurance claim, final invoice or estimate and this form to the credit union.

How long does the process take to purchase a home?

It takes at least 30 days to purchase a home, and sometimes longer if issues arise

What is a home equity loan?

A home equity loan is any second mortgage that uses the equity already built in a property.

Once I have closed on my loan how will the servicing be handled?

The servicing is done in-house at the Credit Union.

Is it a requirement that you collect money for our real estate taxes and home owners insurance (escrow account)?

An escrow for taxes and insurance is required on all first mortgages with a loan to value above 80%.

When is mortgage insurance required?

Mortgage insurance is required on all first mortgages, purchase or refinance, if the loan to value is above 80%.

Can I pay off my mortgage early with no penalty?

Yes!

How can I get an amortization schedule?

You can get an amortization schedule by using our online calculator. However, results are not guaranteed. Please call the mortgage department to obtain an official amortization schedule.

Can I have my mortgage payment directly taken out of my account?

Mortgage payments can be automatically debited from your checking or savings account. In order to use this service you must call the mortgage department.

What information do I need to provide in order to apply for a mortgage?

The following items are normally needed when applying for a mortgage:

  • Social Security Numbers and Birth Dates.
  • Most recent pay stubs (salaried); Last 2 years taxes (self-employed); Award Letter (Social Security/Pension).
  • Employers name, address, and phone.
  • Checking and savings information with account numbers.
  • Name of creditors with account numbers, payment, and balances.
  • Sales contract (purchases only).
  • Homeowners insurance information (refinance only).