While personal loans and auto loans are relatively simple and quick to process, real estate loans usually involve a longer process. As this will be one of the largest investments you and your family will make, we will guide you through the entire process.
- First, let us prequalify you to ensure we understand what type of financing product best fits your needs and circumstances. Call for an appointment today.
- Complete the application thoroughly to avoid any delays and collect the necessary documents, See what to provide below.
- Submit your application with documents you have collected. We will review your application and documents, pull your credit report, and confirm whether you qualify for what you are asking within 5 business days of turning in your application.
- When we do approve your loan request, we will give you a Conditional Approval Letter that will explain what needs to happen to move forward and complete your loan process. If you understand and agree to the terms of the approval, you will need to pay the fees and establish your membership account with the credit union.
- If we determine we are unable to approve your loan, we will assist you in understanding why we couldn’t provide financing and what measures you can take to qualify in the future.
- Within one day of paying your fees, we will order a title search (PTR), flood determination, and appraisal which generally takes up to 15 business days to receive.
- While we are waiting for the title search and appraisal, you should collect and turn in all the documents or items required from you in your commitment letter so that when we do receive the appraisal, we can move towards scheduling your loan closing. In some instances, we receive information about the title or appraisal that need to be resolved or cleared up before these items can be completed. These may require your assistance in resolving, if they arise.
- When the appraisal is received, we need two days to review it and if the appraisal is acceptable, we will contact you, provide you with a copy and you will need to secure insurance for the improvements on the property, which you will need to submit and then you can request to schedule your closing date and time.
- Once you have submitted all required items to include proof of insurance, you schedule a closing date. We will give you applicable amended disclosures based on the prevailing interest rate for your closing. We are then seven (7) days from your scheduled closing date.
- At loan closing, we will explain all of the loan documents to you, answer any questions you may have, and then have you sign the title and escrow Company’s documents in connection with your loan closing transaction. The title and escrow company conducted the title search in connection with your transaction and will handle the settlement of the funding, (e.g. paying the buyer in a purchase transaction, or giving you your loan proceeds or paying off your debts in a refinance transaction).
- The title company will be instructed to record the mortgage you sign during closing at the Department of Land Management, and when the title company has successfully done this, we can fund your loan. If you are purchasing the property, funding usually occurs the day after you signed your documents; or if you are refinancing your home, your transaction could be subject to a three (3) business day waiting period to allow you to be sure you want to move forward, and on the fourth (4th) business day we will fund your loan.
- This means that generally speaking, we can close your loan 25 business days after you accept your approval and pay your processing fees.