Mortgage Loans

Yes, we offer home loan refinancing. Please see our Mortgage Refinance page for more information.

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we’ll issue an approval subject to you finding the perfect home. We’ll issue a pre-approval letter online instantly. You can use the pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-approval for a mortgage may give more weight to any offer to purchase that you make.

When you find the perfect home, you’ll simply call your Mortgage Loan Officer to complete your application. You’ll have an opportunity to lock in our great rates and fees then and we’ll complete the processing of your request.

Most of our loan programs can be used for first time homebuyer purchase transactions. Depending on your income you may qualify with as little as 3% down payment. Consult with your lender to find out what you qualify for.

We offer mortgage financing for purchase and refinance transactions. With a variety of affordable fixed rate and adjustable rate mortgage options, you’re sure to find a program that fits your needs. Consult with your lender to find the best solution for you.

The interest rate you pay on your mortgage is based on a variety of factors. Your lender will review your individual credit circumstances, including down payment, loan term and type, current market rates, and provide you financing options to best fit your needs.

A credit score is one of the pieces of information that we’ll use to evaluate your application. Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.

Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.

Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won’t be paid as agreed.

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a member.

Processing your application can vary by lender and market conditions. The typical timeframe from application to closing ranges from 30 to 60 days.