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Frequently asked questions (FAQ)

What’s the difference between being prequalified and preapproved?
Prequalification is an estimation of how much you can afford based on your income, monthly debt, credit history and assets.

Preapproval is a commitment from the credit union to finance your home using the same financial information, as well as credit reports. A preapproval includes the total amount of money available for your loan.

How long is a mortgage loan preapproved for?
A preapproved mortgage loan is valid for up to 60 days. After that, we will need to complete a second evaluation of your current financial situation including employment status, deposits and property value.

What are mortgage points?
Mortgage points allow for interest to be pre-paid, resulting in a lower rate loan. Each point represents one (1) percent of your loan amount.

How do you calculate Loan-to-Value (LTV)?
To calculate Loan to Value (LTV), divide the outstanding loan amount by the appraised value of the property or purchase price.

What is Private Mortgage Insurance (PMI) and what is the cost?
PMI is insurance which lenders require for homes financed at above 80% Loan to Value (LTV). If you purchase a home with less than 20% down, you’ll need to pay PMI. The cost is based on the LTV premium multiplied by the loan amount, divided by 12.

How long before my first mortgage payment is due?
Your first payment is usually due within 30 days of closing. The actual date will be listed in your closing documents.

We can’t decide whether to paint our kitchen blue or tan. What do you think?
Well, we’ve always been partial to blue, but that’s only because it’s one of our corporate colors. Either way, you can’t go wrong… you have a new house!

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