Purchasing A Home
Buying a new house is an exciting time. And nothing should diminish your joy when you find the house of your dreams – especially the mortgage process! That’s why we’ve streamlined the entire thing. Bringing you a faster, more technologically advanced way to finance your home.
The Mortgage Process
We have the Mortgage Process narrowed to six easy steps. Here’s how it works:
1. Select your loan
Once you answer some simple questions through our Mortgage Center, we will provide you with a variety of loan programs and pricing options based on:
- Your monthly income;
- How much you owe;
- How much you want to spend (if refinancing, how much you still owe);
- How much you have to put down;
- How long you’re planning to stay in the home; and
- How much flexibility you have with your monthly payments.
If you have any questions, please contact us.
2. Apply for your loan
We only ask for the most essential information when you apply, including:
- Basic information about you;
- Basic information about the property you want to finance;
- Your income;
- Your assets;
- Your liabilities; and
3. Credit approval
In most cases, we can immediately credit-approve your loan request. It’s more than a pre-qualification letter, it’s a true loan commitment. It approves a specific loan amount and program based on your income and debts, subject to underwriting the home your are financing and verification of the information provided on the application.
4. Processing your loan
You will need to provide some minimal documentation to verify assets and income. Your new home (or existing home if you’re refinancing) will be reviewed with an appraisal, a title report and flood certification. A prepaid processing deposit is required, but it is applied to your closing costs. We will also set up escrow for the closing and send you any applicable disclosures for review.
5. Final loan approval
This involves underwriting your new or existing home (if you’re refinancing) and reviewing the information on your application. Once complete, we will provide final approval.
After final approval, we’ll prepare the loan documents and send them to an escrow, title insurance company or attorney for signing. Once we receive the signed documents, we’ll transfer the funds to the escrow company. They will then disburse the loan and record the documents.
Please contact us to learn more about the mortgage process and to get started or:
We want to work with you!
Mortgage Markets CUSO operates for the benefit of credit unions and credit union members. Interested in learning more about becoming a Mortgage Markets CUSO partner?