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Thinking of moving into a new home?

Maybe the one you're living in now is too small or too large? Perhaps your financial position is different now. It really doesn't matter why you're considering a move, what matters is how you can streamline the process and make it a smooth transition.

This is where your credit union can ease the confusion and frustration. They make the qualification process simple, and they're available every step of the way to answer your questions and give advice.

Your credit union wants you to enjoy the many benefits of homeownership such as: building equity in a property (a type of savings plan), and the big benefit of saving money in taxes. The interest you pay on your mortgage is usually tax deductible. It can save you a substantial amount each year in federal income taxes.

If your credit union does not handle mortgage loans, they have an outside mortgage professional that will provide you the same great member services you've come to expect from your credit union.

The steps to homeownership are simple:
  • Choose a loan - Your credit union has many programs available. Give them a call so they can explain the types of loans they offer and which program may fit your needs. They'll be able to provide current mortgage rates and explain closing costs as well.

  • Apply for the loan - Once you've determined that you're ready to move forward, you need to complete a loan application. This can be done on the website, in person at the branch, or sometimes even over the phone with a representative.

  • Obtain Credit Approval - Upon receipt of your loan application, the credit union will run your credit report, compare your income to debt ratios, and provide you credit approval generally within 48 hours. Credit approval is subject to underwriting the property you are financing and verification of the information you provided.

  • Processing Your File - Once you receive credit approval, the loan department will start processing your loan. They verify the information you provided and will request additional documentation to verify your income and assets.

  • Final Loan Approval - After you have an accepted contract on a property, the credit union will order an appraisal. Once the appraisal is received, an underwriter will review it, along with your loan application, and other documentation provided. The underwriter is the person responsible for giving their final approval on the mortgage.

  • Closing - Upon receipt of final loan approval the credit union will prepare your loan documentation. The paperwork will be sent to a title/escrow company where you will sign the final documents and deposit your closing funds.

  • Recordation - After you sign the paperwork and deposit your closing funds, the title company will return the package to the credit union. They review the package to make sure everything is satisfactory, then send it down to the county recorder where the deed is recorded into your name. Once recorded, the house is YOURS!! This process generally takes 24-48 hours.

Contact your credit union today for more information!