Home Loans with CCCU

MORTGAGE TOOLS


    PURCHASE APPLICATION CHECKLIST

    Here is a list of some of the things that will make it easier to complete your loan application when you're applying to purchase a home.

    • Your current residence address, or addresses, for the past two years.
    • Social Security numbers/date of birth for all borrowers.
    • Number of dependents and ages.
    • Your employment history for the past two years. You'll need your employer(s) name, address and phone number.
    • Income information for the past two years:
      • Salaried and Hourly Employees:
        • 30 days worth of pay stubs for each applicant
        • W2's for the past 2 years
        • Complete federal tax returns for the past 2 years
      • Commissioned, Bonus or 1099 Income:
        • Complete federal tax returns for the past 2 years (Including W2's, 1099's and all schedules)
      • Self Employed:
        • Complete federal tax returns for the past 2 years (Including W2's, 1099's and all schedules)
    • Two most recent tax returns (ALL SCHEDULES)
    • The price of the home you are buying, and how much you'd like to borrow toward the purchase.
    • The address of the property you are planning to purchase.
    • Bank and brokerage account information, including the institution name and current balances
    • If you own any real estate, we'll have some basic questions, including address, current market value, the amount you owe, the rental income you receive (if any), and what your monthly payment is.
    • Information about your current debts. We'll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment.



    REFINANCE APPLICATION CHECKLIST

    Here is a list of some of the things you may need to apply to refinance your current mortgage.

    Based upon the type of refinance you are doing, some, or even most of the items on this checklist may not be necessary.

    • Your current residence address, or addresses, for the past two years.
    • Social Security numbers/date of birth for all borrowers.
    • Number of dependents and ages.
    • Your employment history for the past two years. You'll need your employer(s) name, address and phone number.
    • Income information for all borrowers. You'll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income and any other regular source of income.
    • The year you purchased the property being refinanced, its original cost, current loan balance and payment amount (are taxes and insurance included?).
    • Bank and brokerage account information, including the institution name and current balances.
    • If you own any real estate (other than the property you're refinancing), we'll have some basic questions including, address, current market value, the amount you owe, the amount of rental income you receive (if any), and what your monthly payment is.
    • Information about your current debts. We'll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment.



    CAN I APPLY FOR A LOAN BEFORE I FIND A PROPERTY TO PURCHASE?

    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. You can use the pre-qualification letter to assure real estate agents and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may give more weight to any offer to purchase that you make.

    When you find the perfect home, simply call your Loan Officer to complete your application. You'll have an opportunity to discuss your loan program and interest rate options at that time.



    WHAT IS A CREDIT SCORE AND HOW WILL MY CREDIT SCORE AFFECT MY APPLICATION?

    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 850. 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 customer.



    WILL THE INQUIRY ABOUT MY CREDIT AFFECT MY CREDIT SCORE?

    An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.

    But don't worry, the data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don't limit your mortgage shopping for fear of the effect on your credit score.



    IS CONSOLIDATED COMMUNITY CREDIT UNION THE RIGHT LENDER FOR ME?

    Whether you're purchasing or refinancing, we're certain you'll find our products and service amazing!

    • Online Application
    • No application fees
    • Free loan pre-approval
    • Home loans in all 50 states
    • Over 100 different loan products
    • Low closing costs
    • Dedicated loan officers


    If you'll be purchasing but haven't found the perfect home yet, complete our application and we'll issue an approval for a mortgage loan now with no obligation!



    CAN I REALLY BORROW FUNDS TO USE TOWARDS MY DOWN PAYMENT?

    Yes, you can borrow funds to use as your down payment. However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against, such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.



    HOW IS INCOME CALCULATED?

    I'm self-employed. How will you verify my income?
    Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. However, based on your entire financial situation, we may not need full copies of your tax returns.

    We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns. Typically, we'll need at least one, and sometimes two, year history of self-employment to verify that your self-employment income is stable.

    Will my overtime, commission, or bonus income be considered when evaluating my application?
    In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We'll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

    If you haven't been receiving bonus, overtime, or commission income for at least one year, it probably can't be given full value when your loan is reviewed for approval. Every situation is unique though, and a visit with a CCCU Loan Officer will help you identify all your financing options.

    I am retired and my income is from pension or Social Security. What will I need to provide?
    We will ask for copies of your recent pension check stubs or bank statement (if your pension or retirement income is deposited directly in your bank account). Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you don't have an award letter, we can contact the source of this income directly for verification.

    If I have income that's not reported on my tax return, can it be considered?
    Generally, only income that is reported on your tax return can be considered when applying for a mortgage unless, of course, the income is legally tax-free and isn't required to be reported.



    WILL I BE CHARGED ANY FEES IF I AUTHORIZE MY CREDIT INFORMATION TO BE ACCESSED?

    Nothing up front! We'll access it with your permission to evaluate your application. If the loan closes, then you'll be charged the fee at that time.



    WHAT ARE APPRAISALS AND WHY DO I NEED ONE WHEN PURCHASING A HOME?

    Simply put, an appraisal is an informed estimate of the value of a property. The appraisal is ultimately your safeguard against spending more on your home than it's worth. It's also a safeguard for your mortgage company to not lend out more on a property than it's currently worth. Appraisers are always 3rd parties in the mortgage process (it's illegal for the appraiser to work directly with or for the mortgage company) and they have only one purpose - to realistically judge a property for its actual worth at the time of the appraisal. An appraiser needs an educated, trained perspective and understanding of all of the factors that have to be carefully weighed with respect to the state of the real estate market in that specific area. For example, major factors of the appraisal have more to do with the neighborhood than the home itself:

    • The type of area: Is it part of a development, Or is it stand alone acreage?
    • The recent sales prices of comparable homes located nearby
    • The average sales time of this type of property in that area
    • The proximity to desirable schools and public facilities



    IF MY PROPERTY'S APPRAISED VALUE IS MORE THAN THE PURCHASE PRICE CAN I USE THE DIFFERENCE TOWARDS MY DOWN PAYMENT?

    Unfortunately, if you are purchasing a home, we'll have to use the lower of the appraised value or the sales price to determine your down payment requirement.

    It's still a great benefit for your financial situation if you are able to purchase a home for less than the appraised value, but our investors don't allow us to use this "instant equity" when making our loan decision.



    I'M GETTING A GIFT FROM SOMEONE ELSE. IS THIS AN ACCEPTABLE SOURCE OF MY DOWN PAYMENT?

    Gifts are an acceptable source of down payment if the gift giver is related to you or your co-borrower. We'll ask you for the name, address, and phone number of the gift giver, as well as the donor's relationship to you.

    Generally, if your loan request is for more than 80% of the purchase price, we'll need to verify that you have at least 5% of the sales price in your own assets. A few of our programs, however, allow 100% of your down payment to be a gift; ask your Loan Officer for details.

    Prior to closing, we'll verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.



    HOW WILL A PAST BANKRUPTCY OR FORECLOSURE AFFECT MY ABILITY TO OBTAIN A NEW MORTGAGE?

    If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you've re-established an acceptable credit history with new loans or credit cards.



    ARE THERE MORTGAGE PROGRAMS AVAILABLE TO ME AS A FIRST TIME HOME BUYER?

    Yes, there are several first-time home buyer programs available. Each program has different benefits, including low down payment, reduced interest rates, and flexible lending guidelines. Flexible lending guidelines may allow for a higher percentage of your monthly income going to debt, or allow you a chance to be approved for a mortgage loan even if you have little or no credit. Qualification for most will be based on your household income, family size, credit history, and purchase location.

    Additionally, several programs are available offering additional lending flexibility, down payment assistance and an affordable interest rate. Special financing is available if you are employed as a teacher, firefighter, law enforcement officer, nurse or healthcare worker.

    With your help, our Loan Officers can identify programs that best fit your financing needs. Click here to apply online now or contact a Loan Officer at 503.232.8070.



    WHAT RESOURCES ARE AVAILABLE TO ME FOR CREDIT COUNSELING AND ASSISTANCE WITH HOMEOWNERSHIP?

    Your Loan Officer will be available to answer any questions, offer credit counseling, and assist you in your decision making throughout the mortgage process.

    Internet: Freddie Mac offers the Homeowner Readiness Check, available online.



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