Once you have applied for your home loan, your loan officer will help you choose the best mortgage option for you.
Once we have a valid property address, you'll have the opportunity to choose if you want to lock your rate, which means your interest rate won't change before closing. Your loan officer will ask you to provide documentation for income, assets for the down payment, and any gift funds.
Within 3 days of a completed application, FCCU will provide a loan estimate to break down your financing costs. During this time, paperwork can be signed online through our borrower portal.
An appraisal and title work will be ordered for your home. These are third party services and FCCU will work to ensure everything is done in a timely manner. However, depending on the time of year, property type, etc., there may be delays.
Once completed, loan processing will review signed disclosures and make sure there is sufficient information to continue to underwriting. Your timely response when required documents are needed will help keep the process running smoothly!
FCCU will verify your work history and review financial documentation, title work, and appraisal information.
Your loan officer may request additional documentation during this process to ensure the application meets your loan program's guidelines. Uploading documents through the borrower portal is a safe and secure way to submit your documents.
Once we receive approval from underwriting, FCCU will work with the title company to finalize numbers, do a final check on employment, and make sure we have everything to create your closing documents.
At least 3 business days prior to closing, a closing disclosure will be sent to you for signatures. This will outline all the closing costs associated with your loan.
You will meet with the closing agent at the title company to review and sign closing documents. To save time at closing, FCCU allows for e-signing. Be sure to ask your Mortgage Loan Officer about this option.
FCCU will wire the closing funds to the title company to ensure a smooth closing. If your cash-to-close is in your account at FCCU and we have your permission, we will wire the cash-to-close with the closing funds.
If an escrow account is required, the FCCU Home Loans team will set it up to pay your property taxes, homeowner's insurance, and flood insurance (if applicable).