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
  • 11 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

Mortgage Lending Originators:

Identifying #
Name
Address

442826

Southern Chautauqua FCU

168 E. Farimount Ave. Lakewood

710555

David Samuelson

168 E. Farimount Ave. Lakewood

710557

Debbie Williams

168 E. Farimount Ave. Lakewood

710552

DeAn Durnell

168 E. Farimount Ave. Lakewood

710554

Kim Margaglio

168 E. Farimount Ave. Lakewood

710556

Michelle Weilacher

168 E. Farimount Ave. Lakewood

1012059

Amy Brown

168 E. Farimount Ave. Lakewood

1787094

Jenna Yuchnitz

168 E. Fairmount Ave. Lakewood

1440419

Dana Gambino

168 E. Farimount Ave. Lakewood

1787081

Amy Belcher

168 E. Farimount Ave. Lakewood

1787087

Steven Olson

168 E. Farimount Ave. Lakewood

1787091

 Melissa Johnson

168 E. Farimount Ave. Lakewood

 

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Contact

168 E Fairmount Ave
Lakewood, NY 14750

(716) 665-7000

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