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How to Get a Loan

 

 

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.

Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information, and if you want assistance, a mortgage expert who can answer questions is just a phone call away.

Here's an overview of the loan-application process:

 

STEP ONE -- Be Prepared

 

Make sure you are prepared by gathering (1)  employment information (name, address, phone numbers) for the pas two years for all borrowers (self-employed borrowers will need to provide 2-years most recent federal tax returns) (2) income documentation for the most recent full month for all borrowers (3) statements from all sources of assets for the past two months (4) information pertaining to any other real estate owned. 

We will let you know after you have applied which documents are necessary for your particular loan

STEP TWO -- Apply Now! Getting started is easyWhen you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily through our website. To get started, select an application from the list on the left.
 

STEP THREE -- Monitor the Processing

You will receive an initial set of disclosures within three days of receipt of a complete application.  Review and sign the disclosures to keep your process moving.  Once signed, we will order an appraisal on the property.  Be sure to provide any additional documentation requested.
 

STEP FOUR -- Your Loan is Approved

Upon receipt of your appraisal, your loan will be submitted for approval.  At the time your loan is approved, you will be provided with a mortgage commitment to document the approval and any additional information needed to complete your loan.  Please read, sign and return the commitment, paying close attention to the section marked "Borrower to Provide."
 

STEP FIVE-- Your Loan is Ready to Close

Your Real Estate Agent or the Seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors, which make your purchase go smoothly.  If you are refinancing, your title company will coordinate your closing.

We will work with the escrow team/ closing agent and you'll sign the final papers at their office (or at a location convenient to you if you are refnancing).

Simple, Straightforward, Cost Effective, and FAST!

Financial Resources Federal Credit Union
520 US Highway 22 E., 1st Floor, Bridgewater, NJ  08807
Toll Free:  (800) 933-3280
Direct:  (908) 685-6579
Fax:  (908) 253-6406
mortgages@finresc.org
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