Preapproval
Application
Underwriting
Closing

Prequalification:
Prospective homebuyers may schedule a prequalification session to determine what size loan they qualify for based on income and current debts. The session takes approximately 30 minutes, at which time the mortgage loan officer will discuss various financing options, down payment requirements, and costs involved in obtaining a mortgage loan.

Preapproval:
Prospective homebuyers who are beginning to shop for a home may obtain a preapproved loan. The scheduled appointment will normally take about one hour. It is important that you bring the following documentation: W-2 statements, paystubs covering 30 days, a list of assets and liabilities, employer's address, and residences for the last three years. A mortgage application is completed and the credit report fee is collected. The preapproval is good for a limited time.

When the prospective homebuyer has found a home to purchase, an appraisal is completed and full loan approval is obtained.

Application:
The application process is identical to the preapproval process above, except the prospective homebuyer has signed a purchase contract. This should be supplied along with the other required documents listed in the preapproval process above.

Underwriting:
When all the information on the application has been verified and the property appraisal has been completed, the loan file is sent to an underwriter for approval or denial. If the loan is approved, we will order title work in preparation to close. If the loan is denied, we will explore other available options.

Closing:
A closing is a 30 minute appointment with the borrower(s), seller(s), realtors, closing agent, and mortgage loan officer to finalize the mortgage transaction. At least one week prior to the closing, borrower(s) should provide the information concerning their homeowners insurance coverage to Capital Credit Union. A cashiers check for down payment and closing costs, payable to the title company, must be brought to closing.