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Who is eligible for home loan services at the Credit Union Home Loan Center? Answer |
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Can the 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 the Credit Union Home Loan Center's rates, fees and loan programs competitive? Answer |
| 5. |
How do I submit a loan application to the Credit Union Home Loan Center? Answer |
| 6. |
When I apply for a home loan do I need to correspond with a person at the Credit Union Home Loan Center? Answer |
| 7. |
What is the difference between a pre-qualification and a pre-approval? Answer |
| 8. |
How long does it take to become pre-approved for a home loan? Answer |
| 9. |
Do I need to pick the property I want to purchase before I fill out the application? Answer |
| 10. |
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 |
| 11. |
Does the Credit Union Home Loan Center guarantee my loan rate while my loan is being processed? Answer |
| 12. |
Once I am approved what documents do I need to provide to the Credit Union Home Loan Center to support the information that I have submitted on my loan application? Answer |
| 13. |
Is it necessary to get my supporting documentation to my assigned loan officer prior to my loan approval? Answer |
| 14. |
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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Members of Castparts Employees Federal Credit Union, IBEW/SJ Cascade Federal Credit Union, Oregon Territory Federal Credit Union, Rite Choice Community Federal Credit Union and USAgencies Credit Union are entitled to CUHLC services. Any eligible person who is not a member of at least one listed credit union must become a member of one the credit unions prior to the completion of a home loan. |
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Q
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Can the Credit Union Home Loan Center originate and close home loans anywhere? |
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Yes. 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 United States. |
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Q
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What does it cost to submit a loan application? |
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Nothing. You can submit your loan application and become pre-approved for a loan without incurring any charges. Later on, when you find a home you want to purchase or decide to refinance, fees will be incurred for a property appraisal, credit report and closing costs. |
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Are the Credit Union Home Loan Center's rates, fees and loan programs competitive? |
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Yes. CUHLC's rates, fees and loan programs are always competitive and are constantly monitored to help members get the best rates and fees available. |
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How do I submit a loan application to the Credit Union Home Loan Center? |
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You may go to the "Loan Center" feature of 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 a person at the 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 remain with you all the way through the entire loan process.
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Q
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What is the difference between a pre-qualification and a pre-approval? |
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Pre-qualification generally takes just a few minutes. By telephone or e-mail a residential loan officer will ask you a few questions about your income and any consumer debt and assets that you have available for loan closing. With this information, the loan officer can give you an estimated price range that you will qualify for.
Pre-approval is just one step above pre-qualification. To gain a pre-approval a complete residential loan application must be submitted along with supporting documents and a credit report. This will enable CUHLC to process your loan request and provide you with a Loan Commitment in advance of finding your desired home.
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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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Each member is unique and therefore each loan request is also unique. However, most loan approvals take just two days and will seldom exceed three 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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No. You can fill out the application first and once your loan is approved you can make the approved changes 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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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 2 ½ weeks. |
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Does the Credit Union Home Loan Center guarantee my loan rate while my loan is being processed? |
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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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Once I am approved what documents do I need to provide to the 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 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 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 (purchase)Agreement (if purchase)
6. Last mortgage statement (if refinance)
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Is it necessary to get my supporting documentation to my assigned loan officer prior to my loan approval? |
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It is not necessary to get your personal documents to your assigned loan officer prior to your approval. However, your approval will be contingent upon your personal documents supporting the statements you have made on your loan application. Therefore, it is important for you to deliver them to your assigned loan officer as soon as possible. |
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How do I get my supporting documentation to my assigned loan officer? |
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You may use any delivery method that you choose. However, there are three methods that we have found to be fast and safe. These methods of delivery are:
1. Mail copies to the Credit Union Home Loan Center (attention your loan officer)
2. Fax them to the Credit Union Home Loan Center (503-626-0364 attention your loan officer)
3. E-mail them to the Credit Union Home Loan Center (to your loan officer's direct e-mail address)
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