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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.
  • 7 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.
  • Get the latest mortgage rates

View rates

Have Us Contact You

Personalized Quote

Apply Now

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

SCFCU NMLS#44826

CONTACT

168 E Fairmount Ave
Lakewood, NY 14750

(716) 665-7000
HOURS

Open today · 9:00 am – 5:30 pm

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OUR MISSION STATEMENT

Southern Chautauqua Federal Credit Union is committed to providing its members with the professional financial services they have come to expect. It will use its resources wisely and be held accountable to its members.