Home Loan Steps

It’s the biggest loan most of us will ever have.  Here’s how the process works:

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1. Preapproval

Preapproval is a free loan commitment from CEFCU that shows sellers you're ready, willing, and able to buy. You’ll complete an application and provide documents like pay stubs. Preapproval lets you know what you can afford, learn about loan types, and get answers. After you find your home, you’ll save time, because most of your application is done.  Get preapproved.

2. Interest Rate Lock

Home Loan rates can change anytime, so a rate lock protects you for a set amount of time — typically 60 days. You can also lock your rate for 90 days before you find a home, with Smart Lock. There is a fee to lock (or re-lock) your Home Loan rate.  Lock your rate.

3. Application & Interview

If you have a contract on a home, you're ready to apply. You'll need to furnish documentation on your assets, income, employer, and other information.  You can apply online, by phone, or in person. View a checklist of what to bring, and check out the FAQ.

4. Property Appraisal

Before you close on your Home Loan, CEFCU will have the home professionally appraised, to compare it with other, similar, recently sold homes. If you have a low-down-payment loan, a Private Mortgage Insurance company will also approve your loan. Finally, a CEFCU Home Loan Manager will review your file and authorize a final, formal loan approval. Learn more about appraisal. 

5. Loan Closing

The last step is closing.  This is a meeting where you sign the final loan documents (you’ll end up signing your name many, MANY times!).  That’s it — congratulations!

How do Home Loan payments work?

CEFCU Home Loan payments are due on the first of the month, with a 15-day grace period. You can set up automatic transfers from another CEFCU account or make payments through CEFCU On-Line®, by phone, at any Member Center, or by mail.

If you make a lump-sum payment, you may qualify to reduce future monthly principal and interest payments for the remainder of your loan's original term without the expense of refinancing. Your term and rate will remain the same. Restrictions may apply, so contact us for details.

For more information, visit the Home Loan FAQs, email CEFCU, call 1.800.542.3328, ext. 33424, or visit a Member Center.