Answers > Mortgages
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.
Is there an origination fee?
No!
What information do I need to provide in order to apply for a mortgage?
The following checklist can be used as a guideline for the types of
information you or your co-borrower will need to submit when applying
for a mortgage.
· Social Security Numbers and Birth Dates
· Pay Stubs Indicating Year-to-Date Earnings
· W-2 Forms for the Past Two Years
· Employment Information - Name, Address, Telephone Number
· Savings and Checking Account Information - Current Balances and Account Numbers
· Current Asset Information - This Includes IRAs and Stock Holdings
· Personal Property Information
· Liabilities - Names and Addresses of Creditors, Monthly Payment Amounts and Balances Due.
· Current and Previous Addresses, Current Mortgage Holder and Balance Due; if You Rent, Current Landlord and Monthly Payment.
· Signed Purchase and Sale Agreement for the Home You Wish to Purchase
. Current verification of Home Owners Insurance
In special situations, more information will need to be provided:
· If you are self-employed you'll need federal tax forms for two years and a current profit and loss statement.
· If you're separated or divorced you'll need a copy of divorce decree or a separation agreement.
· If you are including pension, disability, Social Security, or any
form of public assistance benefits with your income you'll need to
bring a copy of an award certificate or a copy of a check from the
issuing agency.
If you've declared a bankruptcy, or had a foreclosure action
instituted, or judgment against you in the past seven years, bring all
information relating to the proceedings.
