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Loan Application Process

Find some time away from your daily routine and schedule an appointment to meet with one of our mortgage loan officers.  We are here to assist you with the mortgage loan process.


  1. First, let’s PRE-QUALIFY you.  Or determine your loan affordability by telling us your total gross monthly earnings and the total monthly debts you owe.  We want to understand what type of financing product best fits your needs and circumstances.

  2. Complete the application thoroughly and accurately to avoid delays.  Gather the necessary documents:

    ►   Most recent full Month’s Check Stubs or Proof of Income
    ►   Personal Tax Returns with all Schedules including W-2’s, Rental, Self-Employment, Etc.
    ►   Other sources of income - benefit earnings statement or documentation, Business income Tax returns for self-employed borrowers (owning 25% of more)
    ►   Purchase Agreement or for Refinancing - Deed, or Most recent Property tax statement
    ►   Current Homeowners Insurance Policy

  3. Submit your application along with your documents gathered.  At this time, we will review your application and documents, retrieve a credit report, and confirm whether you qualify for the amount and program requested.

  4. When we do approve your loan request, we will provide you a Conditional Approval Letter that details the steps needed to move forward and complete your loan process.  If you understand and agree to the terms of the approval, you will need to accept and sign our offer; establish your membership account with the Credit Union and remit the fees for the appraisal, court lien and flood determination.

  5. If we determine that we are unable to approve your loan, we will explain reasons for this action and offer other measures you can take to qualify in the future.

  6. By accepting our Conditional Approval offer, membership and remittance of fees, we will initiate the ordering of Preliminary Title report, Appraisal inspection request, flood determination, court lien search, which generally takes 15 business days to receive and review.

  7. While we are processing reports related to the mortgage transaction, you should gather and submit documents or required items as stated on your loan commitment letter to satisfy your conditions.  That way, as soon as the reports are received and reviewed, we can posture your loan towards closing.  In some instances, delays may be caused from matters addressed on the reports received.  We will make every effort to assist you, if they arise.

  8. All processed reports are in our possession:  The appraisal report will be reviewed and if acceptable, we will contact you, provide you with a copy and you will need to secure insurance for the improvements on the property.  When you provide proof of insurance plus any other remaining documents, we will initiate your final disclosures related to prevailing interest rate, fees and charges.

  9. At loan closing, we will explain all the loan documents to you, answer any questions that you may have, and then have you sign the title and escrow Company’s documents in connection with your loan closing transaction.  The title and escrow company conducted the title search in connection with your transaction and will handle the settlement of the funding, (e.g. paying the buyer in a purchase transaction, or giving you your loan proceeds or paying off your debts in a refinance transaction).

  10. The title company with be instructed to record the mortgage at the Department of Land Management you signed during closing, ad when the title company has successfully done this, we can fund your loan.  If you are purchasing the property, funding usually occurs the day after you signed your documents; or if you are refinancing your home, your transaction could be subject to a three (3) business day waiting period to allow you to be sure you want to move forward, and on the fourth (4) business day we will fund your loan.

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