Mortgages

Mortgages

What To Expect

• A personal loan consultant
• We’ll walk you through the process from application to closing
• Prompt, friendly attention
• Low fees
• 13 MLOs on staff Credit Union wide

Mortgage Basics

• Fixed rate mortgages
• Options to meet your needs
• Low down payment
• Flexible terms
• Rate lock

Mortgage Process (Provided by Owners Choice Funding NMLS#56538)

• Loan interview with a Mortgage Lending Originator (MLO)
• Discuss options
• Complete loan application packet
• All borrowers should attend meeting

Bring the following items to the loan interview:

• Purchase contract
• Credit Union account numbers, statements and addresses
• Proof of employment and salary including pay stubs
• W-2 forms
• Debt information including loan and credit card numbers
• Self-employed: tax returns, profit-loss statements, balance sheets

Loan Processing

• Completed loan application submitted.
• We verify all information on loan application.
• Within 6 days, you should receive the Loan Estimate in the mail with the Annual Percentage Rate (APR) that you will be paying.
• We order a credit report.
• We arrange for an appraisal by a licensed real estate appraiser, on the property being purchased.
• You are responsible to pay the appraisal fee.
• The appraisal has an impact on the amount that you can borrow.
• Underwriting assesses risk.

Factors used in risk assessment:

• Employment/income
• Assets
• Credit history
• Value of home

Three possible outcomes: request for more information, reject or approval.

Approval

• Letter of commitment/formal loan offer is mailed.
• Terms and conditions of loan explained.
• If you accept the terms and conditions, sign the commitment letter.

Closing

• Closing date is set before the rate lock and commitment expires.
• Sign all relevant documents and pay various settlement costs with a cashier’s check.
• Mortgage issued

Steps to be completed before closing:

• Complete title search, survey and pest inspection.
• Proof of home owner’s insurance.
• Type of ownership specified ie: sole ownership, tenancy, joint tenancy or tenancy in common.
• Homeowner’s warranty for new construction only.
• Certificate of closing
• Complete a final walk-through inspection no more than 24 hours before closing.
• Final estimate of closing costs can be found on the Closing Disclosure.

Closing documents include:

• Closing Disclosure
• Mortgage Note
• Mortgage
• Affidavits
• Deed

Fees

• Loan origination fee
• Loan discount points
• Appraisal fee
• Credit report fee
• Assumption fee

Advanced payments

• Interest
• Mortgage insurance premium
• Hazard insurance premium

Refinancing Information

• If interest rates decrease by at least 2%, refinancing might save you money.
• There are costs involved
• Not recommended if you are planning to move or sell the property within a few years.

View rates

Apply Now

Call (716) 665-7000, extension 9011 to speak to a Mortgage Lending Originator (MLO).

SCFCU NMLS#442826