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Mortgage Questions
How do I apply?
You will need to fill out an application and bring the items on our borrowers checklist to an appointment with the mortgage department. An application can be picked up from our office or mailed to you at home.
Is there an application fee?
We do not have an application fee, however, there is a $50.00 credit report charge that must be paid at the time you apply.
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How long does it take to get approved for a mortgage?
We can usually get your mortgage accepted within 1-2 business days.
How long does it take to complete a mortgage?
It takes approximately 30 to 45 days to get the documentation necessary to complete a mortgage.
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How long does it take to complete a Home Equity Loan?
It takes about 3-4 weeks to get the documentation necessary to complete a home equity loan.
What is a rate lock?
When you want to use a particular day’s interest rate, we will “lock” your rate for between 30 and 60 days, depending on the stage in processing, and that rate will be your mortgage interest rate.
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When can I lock my rate?
You can lock your rate on the day of application, otherwise you have until 5 business days before your closing to lock the rate. Once you have locked your rate, that rate is permanent. The rate cannot be changed after it is locked.
How much does it cost to do a mortgage?
You will pay an appraisal fee, between $200.00 and $350.00 depending on your area, at application along with your closing costs which are paid at closing.
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How much are closing costs?
Closing costs are usually about 3 - 3 1/2 percent of your total mortgage amount.
What kind of mortgages do you offer?
We offer conventional mortgages.
Do you have any mortgage programs for first time home buyers?
We offer a mortgage with a 3% minimum down payment.
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What are points?
Points allow you to lower your interest rate by paying a fee. Each point costs you 1% of your total mortgage amount.
How can I get pre-approved for a mortgage?
You will need to apply for the mortgage in person at the credit union. Once you are accepted we will issue you a letter stating that you are pre-approved for a certain amount. This letter is good for 90 days.
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How much mortgage can I afford?
We have a pre-qualifier program that uses your income information along with your monthly debts to give you an idea of the mortgage you can afford. This program is not a pre-approval and does not take credit history or any other factors into consideration.
Do you offer a Home Equity Line Of Credit?
Yes. This type of loan is set up to have a 5 year draw period where you can draw from the loan, pay back the funds, and draw from the loan again. At the time of your last draw, your payments will be based on a 10 year payback period.
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How do I know if I have enough equity to do a Home Equity Loan?
We can finance up to 70% of the value of your home minus any existing mortgages.
For example: if you qualify and if your home is worth $120,000 and you presently owe $46,000, we could loan you up to $38,000.
$120,000
x 70%
--------------
$84,000
$46,000
--------------
$38,000 |
Value of home
Percent we can finance
Maximum we can finance
Less your existing mortgage
Amount of equity you could borrow against
|
How long does it take to complete a FHA Home Improvement Loan?
It takes about 1 week to get the documentation necessary to complete a FHA home improvement loan.
If I don't pay my taxes, will I really lose my property?
Yes. Property owners who have delinquent taxes for 2 years can lose their property. The property will be sold to the highest bidder at an auction. Click here to read the entire "Don't Lose Your Home Due To Unpaid Taxes" brochure.
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