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.
- 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.
- 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:
- 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.
- Loan origination fee.
- Loan discount points.
- Appraisal fee.
- Credit report fee.
- Assumption fee.
- Mortgage insurance premium.
- Hazard insurance premium.
- 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.
Call (716) 665-7000 to speak to a Mortgage Lending Originator (MLO).