Clearview Federal Credit Union

The Interview

Refer to the checklist below to help you assemble the necessary documents that you will need to bring with you on the day of the interview. 
 
If you have not pre-qualified, the Credit Union will calculate whether your income and debt are in line with the mortgage amount you are requesting.

Upfront Fees

<ul><LI> Processing Fee - We will charge a nonrefundable fee of $75.00 for credit scoring. All other fees are paid at closing. </LI></UL>
 The Wait

There is an approximate lapse of 30 days from the time of application until you get final word on loan approval. During this time interest rates may change. You can lock in a rate for 60 days for free, or choose to float with the market and lock in anytime before your closing. For more information on how to lock in an interest rate, contact a Real Estate representative. You will be contacted occasionally to keep you informed of the progress of your application. You will be notified if any additional information is needed. When approved, you will be sent a commitment letter. This is the formal loan offer. Should your application be denied, you will be notified in writing. You can discuss options to increase your approval chances for the next time you apply. Non-conforming loans are also offered; discuss these with your loan officer.

Loan Interview Checklist

Please include the following items with your application:

<ul><li> Copy of sales agreement, and any applicable addendums. </LI>
<LI> Copy of earnest money/down payment receipt showing name, address and phone number of person/company holding earnest money. </LI>
<LI> Copy of legal description or realtor's multiple listing of property from seller or listing agent. </LI>
<LI> Copy of deed, title policy and survey of property if available. </LI><LI> Information on all property taxes and when they are due. </LI>
<LI> $75.00 check payable to "Clearview Federal Credit Union" for credit scoring. </LI>
<LI> Last 30 days pay stubs and last two years W2s for both borrower and co-borrower. </LI>
<LI> Copies of award letters for Social Security, disability and/or retirement income,
if applicable. </LI>
<LI> Copies of last three months financial institution statements for all 
depository accounts. </LI>
<LI> Copies of stock, bond and 401(k) statements. </LI>
<LI> If self employed or commission income, please provide last three years federal income tax returns with original signatures and year-to-date profit and loss statement. </LI>
<LI> If you are divorced and/or wish alimony, child support or separate maintenance to be considered as a basis for repayment of the loan, please include a copy of the recorded divorce decree and proof of receipt of payment for the past 12 months (ie., cancelled checks, bank statements or history of payment from clerk of court). </LI>
<LI> If you are divorced and are required to pay alimony or child support, please include a copy of the recorded divorce decree. </LI>
<LI> If applicable, please include a letter of explanation for past bankruptcy declaration, copy of the recorded discharge papers and schedule and release of judgments. </li></ul>

Closing Costs

<UL><li> Down Payment - Clearview requires a 5% down payment for a 30-year fixed-rate mortgage. </li>

<LI>Private Mortgage Insurance (PMI) - PMI is required on any first mortgage loan with a down payment of less than 20% of the sales price. PMI covers the lender against loss on the property. </LI>

<LI> Points - These are one-time fees that the lender charges equal to 1% of the borrowed amount. All first mortgage loans at Clearview under $40,000 will require one point. </LI></UL>

The Interview
Refer to the checklist below to help you assemble the necessary documents that you will need to bring with you on the day of the interview.

If you have not pre-qualified, the Credit Union will calculate whether your income and debt are in line with the mortgage amount you are requesting.

Upfront Fees

Processing Fee - We will charge a nonrefundable fee of $75.00 for credit scoring. All other fees are paid at closing.

The Wait
There is an approximate lapse of 30 days from the time of application until you get final word on loan approval. During this time interest rates may change. You can lock in a rate for 60 days for free, or choose to float with the market and lock in anytime before your closing. For more information on how to lock in an interest rate, contact a Real Estate representative. You will be contacted occasionally to keep you informed of the progress of your application. You will be notified if any additional information is needed. When approved, you will be sent a commitment letter. This is the formal loan offer. Should your application be denied, you will be notified in writing. You can discuss options to increase your approval chances for the next time you apply. Non-conforming loans are also offered; discuss these with your loan officer.

Loan Interview Checklist
Please include the following items with your application:

Copy of sales agreement, and any applicable addendums.
Copy of earnest money/down payment receipt showing name, address and phone number of person/company holding earnest money.
Copy of legal description or realtor's multiple listing of property from seller or listing agent.
Copy of deed, title policy and survey of property if available.
Information on all property taxes and when they are due.
$75.00 check payable to "Clearview Federal Credit Union" for credit scoring.
Last 30 days pay stubs and last two years W2s for both borrower and co-borrower.
Copies of award letters for Social Security, disability and/or retirement income,
if applicable.
Copies of last three months financial institution statements for all
depository accounts.
Copies of stock, bond and 401(k) statements.
If self employed or commission income, please provide last three years federal income tax returns with original signatures and year-to-date profit and loss statement.
If you are divorced and/or wish alimony, child support or separate maintenance to be considered as a basis for repayment of the loan, please include a copy of the recorded divorce decree and proof of receipt of payment for the past 12 months (ie., cancelled checks, bank statements or history of payment from clerk of court).
If you are divorced and are required to pay alimony or child support, please include a copy of the recorded divorce decree.
If applicable, please include a letter of explanation for past bankruptcy declaration, copy of the recorded discharge papers and schedule and release of judgments.

Closing Costs

Down Payment - Clearview requires a 5% down payment for a 30-year fixed-rate mortgage.

Private Mortgage Insurance (PMI) - PMI is required on any first mortgage loan with a down payment of less than 20% of the sales price. PMI covers the lender against loss on the property.

Points - These are one-time fees that the lender charges equal to 1% of the borrowed amount. All first mortgage loans at Clearview under $40,000 will require one point.