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Purchasing a New Home
Finding the Right Home Loan for You
Here's how it works
Count on the CEFCU team to help you through the entire home buying process. You’ll get personal service — on your schedule — from the application through your last payment.
Starting Steps
Get preapproved. It’s free, and sellers know you’re ready to buy. Plus, you’ll want to lock your rate while you shop for and buy a home.
Be open about your history — it’s just between us — even if your credit isn’t great.
Continue to make payments on time — including your rent/mortgage, credit card, utility bills, and subscription services payments.
Try not to make any big life changes, like quitting/starting a job or heading off to star in a reality TV show.
Know your down payment plan and how much you will have available.
Put on hold any major purchases, like a new car or major appliance, or financing the next Hollywood blockbuster.
Let us know if you need to be out of your current home by a certain date.
Keep important papers handy. Find what you need at cefcu.com/forms in the Home Loan Application Checklist and Lost Document Source List.
Submit required documentation as quick as possible. When they don’t get their paperwork, underwriters can get cranky.
Tell us who will be on the title and the people who are working with you.
After Finding Your Home
Work with your real estate agent to provide us with:
- Title search/insurance
- Proof of homeowner’s insurance (Declarations Page)
- Pest inspection, if required
- Well & septic inspection, if applicable
- A funny story about the house
CEFCU will:
- Have the home appraised, comparing it to other, similar, recently sold homes. Don’t worry, the one you picked is the best… and the best deal.
- Order a credit report to verify how you and any coborrowers have paid past and current debt.
- Verify your income by analyzing your paystubs, W2s, Social Security Award Letter, pension statements, or other documentation as applicable.
- Contact your employer(s) to verify your continued employment. We already told you not to quit, so this should not be a problem… right?
- Check how much you owe on current loans.
- Verify the assets you’re using for the down payment using your two most recent official statements. Guesses, hand written notes, or poorly formatted spreadsheets are insufficient proof.
- Require a Gift Form if you’re receiving funds for your down payment from a relative.
A Private Mortgage Insurance (PMI) company will also approve your loan if you have a low down payment option.
A CEFCU Underwriter will authorize a final loan approval.
Closing Disclosures
Your Closing Coordinator will send you a Closing Disclosure detailing the final figures before the Closing.
Important: You will need to acknowledge receipt of this disclosure three days before the closing.
Don't:
Make large deposits or transfers.
Open or close a credit card.
Change financial institutions.
Co-sign for anyone.
Miss any payments or make them late.
We're Here To Help…
Questions about the home buying process? Please contact your Mortgage Originator or email MortgageOriginators @cefcu.com.
We hope you find the home and loan of your dreams!
Final Step: The Loan Closing
The Loan Closing, where you’ll sign the final documents, will be scheduled.
- Let us know who will be attending the closing.
- Prepare a certified check or bank wire to cover the closing costs and down payment. Please no large containers of loose change… who wants to lug that around?
- Your Closing Coordinator can let you know what documents you’ll need and can help make arrangements for your bank wire.
Home Loan Payments
Choose the way to pay that works for you.
- Use CEFCU On-Line® & Mobile Banking or CEFCU ATMs.
- Set up monthly payments from a CEFCU Savings or Checking account.
- Make a payment at any CEFCU Member Center or by mail.
Let’s find the right Home Loan for you.
Fixed-Rate Loan
Fixed-rate loans offer terms from 10 to 30 years. You can enjoy peace of mind knowing your principal and interest won't change until you sell or refinance.
Adjustable-Rate Loan
If the question is, "What's the lowest 30-year rate I can get?", then an Adjustable-Rate Mortgage (ARM) is the answer. Consider an ARM if you expect to refinance or move within the next few years.
Bridge Loans
Found a new home but haven't sold your current home yet? A Bridge Loan is a great option for affordable interim financing.
Construction Loans
When you're building a home, CEFCU has loan options so you can lock your rate and pay just one set of closing costs.