Holy Rosary Credit Union - MORTGAGE PROCESS

When it’s time to decide on the right loan for you, we've made this an exercise in speed and ease. You also want to begin gathering up all the information you'll need to apply for and close your loan. Other factors affecting the loan you choose include insurance information and your down payment. Once you're ready, just answer a few questions and we'll provide you with a variety of loan options to help you decide.

If you are confused, worried about your credit score, or need grant funds please schedule a personal consultation in our Solid Foundations Program. We have free advice and support available for our members so that you can be confident you are making the right choices and know what to expect when pursing your first mortgage.

Name, current address, social security number
Name(s) and work number(s) of employer(s) for the past two years
Monthly income for you and your co-borrower (most recent pay stub(s) with year-to-date income) including bonuses, commissions and overtime income for the past two years (this information is on your tax return)
If you are self-employed, you will need the last two years' tax returns for the type of business you own: Sole Proprietorship (Schedule C), Partnership (From 1065), or Corporation (Form 1120 or 1120s).
In addition, the last two years' personal tax returns (including K-1s)
Documentation to support credit history problems (if applicable), which can be a written explanation of late payments, bankruptcy (petition and discharge papers), defaults, judgments, and/or liens.

Know Your Assets

Coming up with the amount of money you need to secure the home and the loan you want can be a big hurdle for some potential homeowners. Speaking with one of our loan officers regarding your projected down payment can give you a clear picture on loan options that may work for you. We even have a special down payment assistance program, Home$tart. Click here to see if you qualify.

When you find your dream home, you can present the seller with your pre-approved loan document, showing them that not only are you serious about buying their house, but you've already been pre-approved for financing. It could make the difference between getting the house you want or watching some other bidder step in with a pre-approved loan and snatch that house away. Pre-approval is good for 120 days and depends on the appropriateness of the property you want to purchase. Fees for items such as credit reports may apply.

Where you live influences every aspect of your daily life. Think about schools, shopping, traffic, proximity to work, parks, coffee shops, restaurants and the like. It helps to know about the neighborhood you are interested in such as covenants, tax rate, crime rate, zoning and natural hazards. Make a list of all the things you want in a home and talk with a real estate agent who can help you find the home of your dreams.

You've found a house you love. It has the perfect living room, or that playroom you've always wanted for kids. But it's not yours, yet. First you have to make an offer, in writing, and submit it to the sellers. This is usually done through your agent and is accompanied by your earnest money, which is a pre-determined amount of money, demonstrating that your offer is “in earnest”. Follow the advice of your agent when deciding how best to make your offer.

Here are examples of some things your offer should include:

The price you're willing to pay
When you want to move in
What kind of inspections you'd like to have (structural, electrical, plumbing)
If your ability to buy the house depends on your ability to get financing (which is taken care of if you're pre-approved by us)
The amount of time both you and the seller have to make all these things happen (usually 30 to 60 days)
The seller usually has 24 to 48 hours to consider your offer or make a counteroffer, which means, under the terms you offered, they want to sell you their house, but they want a change

Foundation
Plumbing
Heating and Cooling System
Electrical System
Roof
Windows and Doors
Siding
Exterior Grading (to make sure water drains away from house)

Providing a Smooth Path to Homeownership

STEP 1: FIND A LOAN

Getting Started

Name, current address, social security number

Name(s) and work number(s) of employer(s) for the past two years

Monthly income for you and your co-borrower (most recent pay stub(s) with year-to-date income) including bonuses, commissions and overtime income for the past two years (this information is on your tax return)

If you are self-employed, you will need the last two years' tax returns for the type of business you own: Sole Proprietorship (Schedule C), Partnership (From 1065), or Corporation (Form 1120 or 1120s).

In addition, the last two years' personal tax returns (including K-1s)

Documentation to support credit history problems (if applicable), which can be a written explanation of late payments, bankruptcy (petition and discharge papers), defaults, judgments, and/or liens.

Know Your Assets

STEP 2: PRE-APPROVAL

STEP 3: FIND A HOME

STEP 4: MAKE AN OFFER

The price you're willing to pay

When you want to move in

What kind of inspections you'd like to have (structural, electrical, plumbing)

If your ability to buy the house depends on your ability to get financing (which is taken care of if you're pre-approved by us)

The amount of time both you and the seller have to make all these things happen (usually 30 to 60 days)

The seller usually has 24 to 48 hours to consider your offer or make a counteroffer, which means, under the terms you offered, they want to sell you their house, but they want a change

Inspections

Foundation

Plumbing

Heating and Cooling System

Electrical System

Roof

Windows and Doors

Siding

Exterior Grading (to make sure water drains away from house)

STEP 5: CLOSING

I'm Ready To Get Started