Mortgage Process
It’s not *just* about the mortgage. It’s about feeling empowered in your home and your future.
Every home journey is unique, but getting there shouldn’t be complicated. Our team makes the mortgage process simple and straightforward — so you can spend less time worrying about paperwork and more time planning where the couch goes.
Let's Walk Through The Steps
We’ve streamlined the process to help get you the financing you need, so you can focus on what really matters, your home. Once you understand the overview below, you can move on to our Online Mortgage Center to better understand your unique financial situation and select the loan and payment that is right for you and your family.
Select The Type of Loan You Want
This part is easy. Answer some questions in the Online Mortgage Center. Then decide on the best loan for you. We provide a variety of loan options based on.
- Your monthly income.
- How much you owe.
- How much you want to spend on your new house, or if you're refinancing, how much do you still owe.
- How much you have to put down.
- How long you're planning to stay in your new home.
- How much flexibility you have with your monthly payments.
You will be able to preview a variety of loan programs and pricing options. For your information on total costs, you can use the Estimated closing costs tool to view costs associated with each specific loan program. If you have any questions, just give us a call. We are happy to help, just call us at (520) 751-7072
Apply for the Loan
Once you’ve decided which loan works best for you, your next step is to apply!
Here’s what we need to know in our loan application:
- Borrower Information - The basics about you.
- Property Information - The basics about the property you want to finance.
- Income - What you make.
- Assets - The assets you plan to use for the down payment and closing costs.
- Liabilities - What you owe and to whom. We will run a credit report to confirm liabilities and fill in that section of the application for you. (You'll have a chance to review and make any corrections.)
- Declarations - A few more questions to complete your application.
Credit Approval
In many cases, we can immediately credit-approve your loan request. This is a true loan commitment, not just a typically offered by other lenders. It approves a specific loan amount and loan program based on your income and debts. It is, however, legally subject to underwriting the home you are financing and verification of the information you’ve provided to us on your application.
Processing Your Loan
When we process your loan we verify the information you’ve provided us on your loan application. We will request minimum documentation to verify assets and income. Your new home, or existing home if you are refinancing , will be reviewed by ordering an appraisal, title report, and flood certification on the home. A prepaid processing deposit is required for these services and will be applied toward your closing costs. We also set up escrow for the loan closing and send out applicable disclosures so you have a chance to read through them.
Final Loan Approval
Final loan approval involves underwriting your new home or existing home, if you are refinancing and the information on your loan application. Once we’ve reviewed this information, we will give you a final approval, and then ready your loan for closing.
Closing
With final loan approval, we prepare the loan documents for you to sign and send them to an escrow company for signing. Once we receive the signed documents, we’ll transfer the money to the escrow company and they will disburse the loan and record the documents.
Optional Insurance
Owners Title Insurance
A basic owner’s title insurance policy protects you against problems with the title to your property that occurred before the date of the policy. This policy is separate from the lender’s title policy. You have to buy an owner’s title insurance policy if you want insurance against any defects in your property title that will affect your interest. Even though you may pay for lender’s title insurance, it does not specifically protect your interest.
Mortgage Life Insurance
This coverage can reduce or pay off your mortgage if you die before the loan is repaid. It generally is decreasing term life coverage. The benefit payable matches your mortgage balance. Consider your entire financial picture, not just your home, in deciding what life insurance protection you need.
Don’t Forget About Insurance.
As you progress through the home buying process, the question of insurance will be raised. Here are the basic types of insurance you should know something about. Be aware that most policies contain standard exclusions and exceptions.
Homeowners Insurance
Homeowners Insurance covers fire, theft, certain natural disasters and personal liability if someone is injured on your property. It protects the Credit Union against the loss of the property securing your mortgage. You’ll have to prove that you have adequate homeowners coverage as a condition of obtaining a mortgage.
Title Insurance
Several things happen behind the scenes when you buy a house. For example, we will have someone perform a title search to make sure the seller has a legal right to transfer ownership, and to see if there are liens or restrictions on the property. A lawyer, abstractor or employee of the title company does the title search.
Title insurance provides protection against financial loss in case of a defect in the title turns up at some future date. Possible defects include:
- Flawed information in deeds or mortgages (like an incorrect name).
- Liens or claims against the property or property owner (unpaid taxes or bills for water service).
- Claims to ownership from a former owner or spouse.
- Invalid deeds (from a past sale or transfer by a party who didn’t actually own the property).
May Be Required
Private Mortgage Insurance
When you acquire a mortgage with less than a 20% down payment, we may require you to buy mortgage insurance. This coverage helps protect the lender in case you can’t make your payments and default on the loan. Your credit union isn’t the only beneficiary. Mortgage insurance makes it possible for people with small down payments to buy the home of their choice.
Flood Insurance
Flooding is not covered by a standard homeowners insurance policy. To determine if you need flood insurance, ask your insurance professional about the flood history in your area.
If there is a potential for flooding, you will be required to purchase a policy that covers the structure and your personal belongings.
Flood insurance can be purchased from an insurance agent or company under contract with the Federal Insurance Administration (FIA), part of the Federal Emergency Management Agency (FEMA). Flood insurance is only available where the local government has adopted adequate flood plain management regulations under the National Flood Insurance Program (NFIP).
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Disclosures
Mortgage loans are subject to credit approval and underwriting guidelines. Rates and terms are based on Loan to Value (LTV) and creditworthiness. Property used for collateral must be located in the State of Arizona. Down payment required. Certain restrictions, closing costs and fees may apply. Property insurance is required. Private Mortgage Insurance (PMI) and/or Flood Insurance may be required for some borrowers. Additional documentation may be requested and required. Additional restrictions and qualifications may apply. Mortgage options subject to change without notice. Membership required. NMLS# 485751
For terms and conditions, see the Truth-In-Lending Terms. Also see the Truth-In-Lending Disclosure.