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Mortgage Questions
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There were 17 articles found in this category:
 How much does it cost to do a mortgage?
There is an appraisal fee that will cost between $275.00 and $450.00 depending on your area, at application, along with your closing costs which are paid at closing. There may be a credit report fee which is due at the time of application.
- How long does it take to complete an FHA Home Improvement Loan?
Depending on the amount of the loan, it may take up to 1 week to complete an FHA Home Improvement Loan. The maximum loan amount for an FHA Home Improvement Loan is $15,000. This loan type does not require that you have available equity in your home.
- How do I apply?
You will need to fill out an application and bring the items on our borrowers checklist to an appointment with the mortgage department. An application can be picked up from our office or mailed to you at home. You can reach our mortgage department by calling (800) 291-3003 ext. 225 or by sending ...
- How do I know if I have enough equity to do a Home Equity Loan?
We can finance up to 70% of the value of your home minus any existing mortgages. The maximum amount we can lend on any home equity loan is $150,000 and the minimum loan amount is $5,000. For example: if you qualify and if your home is worth $120,000 and you presently owe $46,000, we could loan ...
- Do you offer a Home Equity Line Of Credit?
Yes. This type of loan is set up to have a 5 year draw period where you can draw from the loan, pay back the funds, and draw from the loan again. At the time of your last draw, your payments will be based on a 10 year payback period.
- How much mortgage can I afford?
The mortgage amount that you can afford is based on a monthly debt to income ratio. The credit union has a pre-qualifier program that takes into account your monthly income and your monthly debt to determine a mortgage amount that you may qualify for. This program is not a pre-approval and do ...
- How can I get pre-approved for a mortgage?
You will need to apply for the mortgage at our office. Once you are accepted we will issue you a letter stating that you are pre-approved. Your pre-approval letter is good for 90 days and will state the maximum amount that you have been pre-approved for. Please contact the Mortgage Department ...
- What are points?
Points allow you to lower your interest rate by paying a fee. Each point costs you 1% of your total mortgage amount.
- Do you have any mortgage programs for first time home buyers?
We offer a mortgage with a 3% minimum down payment.
- What kind of mortgages do you offer?
We offer conventional mortgages.
- How much are closing costs?
Closing costs are usually about 3 - 3 1/2 percent of your total mortgage amount.
- When can I lock my rate?
You can lock your rate on the day of application, otherwise you have until 5 business days before your closing to lock the rate. Once you have locked your rate, that rate is permanent. The rate cannot be changed after it is locked.
- What is a rate lock?
When you want to use a particular day’s interest rate, we will “lock” your rate for between 30 and 60 days, depending on the stage in processing, and that rate will be your mortgage interest rate.
- How long does it take to complete a Home Equity Loan?
It takes about 3-4 weeks to get the documentation necessary to complete a home equity loan.
- How long does it take to complete a mortgage?
It takes between 45 and 60 days to get the documentation necessary to complete a mortgage.
- How long does it take to get approved for a mortgage?
We can usually get your mortgage accepted within 24-48 hours
- Is there an application fee?
No. We do not currently charge an application or registration fee, however, we do require a $50 fee for a mortgage credit report. Contact the mortgage department via email for additional help.
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