Real Estate Loans

Searching for a new home or considering a mortgage refinance? USCCU offers personalized home loan solutions just for you.

Important Notice on Marketing Offers

Are you ready to buy?

Juggling the demands of work and busy family schedules has become commonplace for many people. There is little time to step back and take a look at what you have achieved and what you still want to accomplish. Deciding to buy a home provides the opportunity to carefully weigh the advantages and disadvantages, analyze your employment stability, review your credit reports, and evaluate your financial status.

Renting VS. Owning

Flexibility

Renting provides the flexibility to relocate easily, making it suitable for individuals with dynamic lifestyles or uncertain job situations.
Maintenance Responsibility

Renters typically have lower maintenance responsibilities, as landlords are responsible for property upkeep and repairs.
Financial Flexibility

Renting may require a lower upfront cost than homeownership, as tenants usually don't have to cover property taxes or homeowners insurance.

Equity Building

Homeownership allows you to build equity over time, potentially leading to financial gains when selling the property or using it for other investments.
Personalization and Stability

Homeowners have the freedom to personalize their space, creating a sense of stability and belonging in their community.
Tax Benefits

Homeownership often comes with tax advantages, such as deductions for mortgage interest and property taxes, providing potential financial benefits.

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Before you start house hunting, take advantage of getting pre-qualified or pre-approved for a mortgage. Pre-qualification gives you a quick estimate of how much you may be able to borrow based on basic financial information—no paperwork required—helping you understand your general budget.

For a more accurate and stronger position, pre-approval involves a detailed review of your income, credit, and financial documents, resulting in a formal commitment from UCSCU. This not only clarifies your exact price range but also shows sellers you’re a serious buyer, reducing surprises and speeding up the homebuying process.

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The Mortgage Loan Process

Step 1: Loan application

Your mortgage loan application can be taken over the telephone, via fax, or online.

Step 2: Loan processing

After the application is received, it will be reviewed to make sure the information is complete and consistent.

Step 3: Underwriting

Once all documents are gathered, your loan package will be submitted to an underwriter who will evaluate your loan information as well as your ability to make the monthly loan payments.

Step 4: Loan approval

You will be asked to provide any additional information needed by the underwriter and notified of the conditions which must be met in order for your loan to close and fund.

Step 5: Draw closing documents

The legal documents that are to be signed in escrow will be ordered.

Step 6: Closing

A title agent reviews the settlement statement with you. This document includes all the final costs for the purchase.

Step 7: Loan documents return to lender

The lender receives the signed documents and verifies all conditions have been met and that the figures are accurate.

Step 8: Loan records

The funds are disbursed and the transaction is recorded at the County Recorder's office. *purchase( The home is now officially and legally yours. You receive the keys to your new home!

Required Documentation

The mortgage loan process may vary depending on the choices you make before the final closing. It is generally recommended that you meet with your lender for a loan pre-approval to ensure you know the loan amount for which you are qualified before you begin touring potential homes. During the pre-approval process, the majority of documents necessary to process and secure your mortgage will be gathered and reviewed.

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