The Home Loan Process
Even if you've been through the process before, it never hurts to get a refresher! We've streamlined and updated the entire home loan process to bring you a faster, more technologically advanced way to finance your home.
Rates and Options
If you want to preview loan options, visit our Rates Calculators to receive a variety of up-to-date loan rates and options before you start the application.
Pre-Approval & Application
In most cases, the pre-approval process is quick and easy. Please note - the information you provide on your application must be verified in the following steps to finalize the approval and underwriting process.
Financial Verifications
We'll verify your information with documentation to confirm assets and income.
Final Loan Approval
This step involves underwriting your new home. Once we've reviewed this information, we will provide final approval and prepare your loan for closing.
Closing
With final loan approval, we'll prepare the loan documents for you to sign and send them to an escrow company for signing. Once we receive the signed loan documents, we'll transfer the money to the escrow company. They will then disburse the loan and record the documents.
What's On Your "Must-Have" List?
There are a variety of factors you'll want to consider as you come up with your must-have list for your home. Take your time to think about schools, shopping, traffic, how close you are to work, parks, coffee shops, restaurants, and more.
- What kind of house are you looking for? Fixer upper, new construction, or somewhere in between?
- How big (or small) does it need to be?
- In what part of town do you want to live?
- How far are you willing to be away from the places you go?
- Do you want a quiet neighborhood or to be in the heart of the city near major events?
- Do you want a yard, or do you often think "Yeah, that's not how I want to spend my weekends?"
Finding a House to be Your Home
Depending on your criteria, it could take just a few days to several months to find a home that meets your needs AND wants. Pre-approvals are good for120 days, so don't rush into making a decision right away. Take the time to make your dream home wish list!
When you've narrowed down your list be prepared to look at a lot of homes - both online and in-person. Don’t get blinded by the superficial look of a house. A fresh coat of paint and some updated lighting can lure you into thinking you’re getting a great deal without checking beneath the surface.
Look for a sturdy roof, efficient heating and cooling systems and strong structural components like pipes, wiring and insulation. You also want to make sure everything is in perfect working order, so don’t be afraid to do things like opening doors and windows, turning on the faucets, and flushing the toilets.
Some problems may require expensive fixes, but it's possible you can address issues during negotiations.
From Offer to Closing
When you make your offer to the seller, keep in mind that it's a negotiation.
Before you make an offer your realtor will help you find out how long the home has been on the market and the average selling price of similar homes that have sold in the area. Both of these will help you make the best offer.
Once you and the seller have agreed to an offer or counter-offer, you're "under contract."
When you're under contract there are several things that happen before you close and the house is yours.
- An inspection to make sure there aren't major flaw in the house you can't see.
- An appraisal to give your lender confidence that the house is actually worth what you're paying for it.
- Underwriting which is where final verifications and paperwork is perfected.
Not sure which step to take next?
Our Home Loans Consultants can help you find solutions that fit your needs.
Loans subject to credit approval. Must be eligible for membership and open a share savings account to obtain a mortgage loan product. A $5 minimum balance is required to open and must be maintained in share savings account at all times. Annual Percentage Rate (APR) is determined by an evaluation of applicant credit at account opening. Variable rates are subject to change after consummation of the loan. Fixed APRs are fixed for the life of the loan. Other restrictions may apply. Rates, terms and conditions are subject to change without notice. Azura Credit Union is an Equal Opportunity Lender. Contact Credit Union for details. Various types of mortgage loan programs and terms are available.