| 1. |
Who is eligible for home loan services at the Credit Union Home Loan Center? Answer |
| 2. |
Can Credit Union Home Loan Center originate and close home loans anywhere? Answer |
| 3. |
What does it cost to submit a loan application? Answer |
| 4. |
Are Credit Union Home Loan Center's rates, fees and loan programs competitive? Answer |
| 5. |
How do I submit a loan application to Credit Union Home Loan Center? Answer |
| 6. |
When I apply for a home loan do I need to correspond with someone at Credit Union Home Loan Center? Answer |
| 7. |
How long does it take to become pre-approved for a home loan? Answer |
| 8. |
Do I need to pick the property I want to purchase before I fill out the application? Answer |
| 9. |
If I have already made an offer on a home or I am refinancing my existing home how long will it take to get to closing? Answer |
| 10. |
Does Credit Union Home Loan Center guarantee my loan rate while my loan is being processed? Answer |
| 11. |
What documents do I need to provide to Credit Union Home Loan Center to support the information that I have submitted on my loan application? Answer |
| 12. |
How do I get my supporting documentation to my assigned loan officer? Answer |
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Q
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Who is eligible for home loan services at the Credit Union Home Loan Center? |
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A
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Current & eligible members of the following credit unions are eligible for CUHLC's home loan services:
- Castparts Employees FCU
- IBEW/SJ Cascade FCU
- Rite Choice Community FCU
- South Coast ILWU FCU
- USAgencies CU
An eligible member can begin the home loan process and become a current member prior to the completion of the home loan. |
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Q
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Can Credit Union Home Loan Center originate and close home loans anywhere? |
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A
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Yes, within America. CUHLC can originate and close your home loan (purchase or refinance) in any of the 50 states. Using delivery methods such as phone, fax and e-mail, the quality of service and timing is virtually the same for all members located anywhere in the U.S. |
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Q
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What does it cost to submit a loan application? |
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A
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Nothing. You can submit your loan application and become pre-approved for a loan without incurring any charges. After you find the home you want to purchase, or you decide to refinance, fees will be incurred for a property appraisal and closing costs. |
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Q
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Are Credit Union Home Loan Center's rates, fees and loan programs competitive? |
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A
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Yes. CUHLC's rates, fees and loan programs are always competitive and are constantly monitored and adapted to help members get the best rates and fees available. |
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Q
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How do I submit a loan application to Credit Union Home Loan Center? |
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A
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You may go to the "Loan Center" feature on our web site, complete the loan application and send it via e-mail from the web site. An assigned loan officer will review it and start the approval process. At any time you may call CUHLC and receive assistance from one of our experienced loan officers. The loan officer can answer all of your questions, or, if you prefer can complete your application for you. |
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Q
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When I apply for a home loan do I need to correspond with someone at Credit Union Home Loan Center? |
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A
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Yes. Once you submit a loan application for a purchase, refinance or pre-approval you will be assigned to a residential loan officer who will assist you throughout the entire loan process.
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Q
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How long does it take to become pre-approved for a home loan? |
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A
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Each member is unique and therefore each loan request is unique. However, most loan approvals will take around 2-3 days. |
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Do I need to pick the property I want to purchase before I fill out the application? |
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A
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No. You can fill out the application first and once your loan is approved appropriate changes can be made to it right up until the time you are scheduled to close. ( It is helpful, however, if you complete the application for the amount that you intend to purchase or refinance). If you are unsure of an amount, you may use the "Loan Center" feature of our web site to calculate payments for various loan types and amounts. |
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Q
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If I have already made an offer on a home or I am refinancing my existing home how long will it take to get to closing? |
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In most cases we can complete your loan purchase or refinance request before you and the seller want to close. Our average time to completion for both purchases and refinances is just 3-4 weeks. |
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Q
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Does Credit Union Home Loan Center guarantee my loan rate while my loan is being processed? |
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A
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Yes. Once you have completed a loan application and have an accepted offer on the home you intend to purchase, or if you are refinancing your existing home, you may "LOCK" the interest rate on the day of your choice. An interest rate "LOCK" can be for 30, 60 or 90 days. However, the loan must close within the stated lock period. In this way you will know exactly what your rate will be at closing. |
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Q
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What documents do I need to provide to Credit Union Home Loan Center to support the information that I have submitted on my loan application? |
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For most members the documents are the same. Occasionally, your loan officer may make a specific request for documents that will support your unique circumstances - such as alimony, child support, separate maintenance, rental property income, ect. However, the common documents for most members are:
1. Pay stubs for the last 30 day period (for each borrower)
2. W2's for the past (2) two years (for each borrower)
3. Savings/Checking statements for past (2) months
4. Retirement or 401(k) statement, most recent
5. Earnest Money Agreement (if purchase)
6. Last mortgage statement (if refinance)
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Q
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How do I get my supporting documentation to my assigned loan officer? |
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A
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You may use any of the following delivery methods:
1. Mail copies to Credit Union Home Loan Center (attention your loan officer)
2. Fax copies to Credit Union Home Loan Center (503-626-0364, attention your loan officer)
3. E-mail copies to Credit Union Home Loan Center (to your loan officer's direct e-mail address)
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