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.


  • 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 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


  • 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).


Mortgage Lending Originators:

Identifying #


Southern Chautauqua FCU

168 E. Fairmount Ave. Lakewood


Alexandra Matos

168 E. Fairmount Ave. Lakewood


Amber Rizzo

168 E. Fairmount Ave. Lakewood


Amy Brown

168 E. Fairmount Ave. Lakewood


Dana Gambino

168 E. Fairmount Ave. Lakewood


David Samuelson

168 E. Fairmount Ave. Lakewood


DeAn Durnell

168 E. Fairmount Ave. Lakewood


Elia Sostre

168 E. Fairmount Ave. Lakewood


Kim Margaglio

168 E. Fairmount Ave. Lakewood


Lauren Ruggerio

168 E. Fairmount Ave. Lakewood


Michelle Weilacher

168 E. Fairmount Ave. Lakewood


Rachel Conner

168 E. Fairmount Ave. Lakewood


Steven Olson

168 E. Fairmount Ave. Lakewood


Amy Belcher

168 E. Fairmount Ave. Lakewood


Sierra Fancher

168 E. Fairmount Ave. Lakewood


southern chautauqua fcu logo


168 E Fairmount Ave
Lakewood, NY 14750

(716) 665-7000

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