APPLICATION STEPS
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Step 1
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Contact Us
Our highly skilled loan officers will be happy to answer your questions and assist you in finding the program that suits your borrowing goals. You may contact us at anytime by selecting "Contact Us" located on the top right hand side of your screen.
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Step 2
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Inquire About a Loan (15 minutes1)
The greatest benefit to working with us is that you may choose not to leave home. Nor do you have to spend hours filling out mountains of paperwork. We enable you to inquire about available loan programs and rates over the telephone, by fax or by mail. You may also choose to complete our online application. The process takes approximately fifteen minutes.
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Step 3
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Complete and Sign Application (48 hours1)
Upon your request within 48 hours of receiving your loan prequalification2, we will send you a loan application form completed with the information you supplied to us. Additionally, a Loan Estimate of Settlement Charges, UHFCU disclosures, and a list of documentation we require to process your loan will be included. To expedite your loan approval, you will be asked to review, sign and return these documents to us in a timely manner, by mail or fax.
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Step 4
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Processing the Application (14-21 business days1)
Upon receipt of your executed application2, a loan processor will verify for accuracy, your credit, income, and asset information, then complete a credit and income decision. For approved loans, an appraiser local to your area will be commissioned to review the property. A title company/ settlement agent is also selected to handle your closing. If there is a company with whom you prefer to work, you may notify us of your preference. We encourage you to contact your processing agent, at any time, regarding questions or concerns relating to your loan.
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Step 5
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Underwriting the Loan for Approval (10-20 days}1)
The final underwriting process to approve or deny a loan is typically completed within 48 hours of final processing. Each underwriting decision is based upon several basic factors including without limitation, credit, income, debt to income ratios, cash savings, and property appraisal. Your processing agent will contact you with instructions on how to satisfy specific underwriting conditions when any such issues arise.
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Step 6
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Getting Your Money (5-7 working days1)
After your loan has been approved, closing documents will be prepared and then provided to the closing agent for your signature. Signing usually occurs within five to seven working days of loan approval. After the closing documents are executed, your loan is recorded. Depending upon the type of transaction, funds will generally be disbursed within 3 to 5 business days upon our receipt of the fully executed documents.
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1 Note: All time periods are estimates based on receiving completed documentation, loan approval guidelines, and the services provided by third party vendors. 2 A loan prequalification is a request for an indication of the type and amount of loan you may be eligible to receive. It does not constitute an application or a commitment to lend. A loan prequalification turns into a loan application at the time credit is requested by an applicant. Because UHFCU requires a completed loan application to obtain loan approval, it is very important that any requests for additional documentation be provided in a timely manner. |
