First Mortgage

Our First Mortgage program can help you buy that dream home or refinance your current mortgage at a better rate*. We have a variety of first mortgage programs, with variable terms and competitive fixed and variable rates. Convenient automatic monthly transfers make repaying your Clearview mortgage worry-free and hassle-free.

Terms available:

• 10 years
• 15 years
• 20 years
• 30 years

Mortgage Types available:

• Fixed-Rate Mortgage
• Adjustable-Rate Mortgage

Home Equity Loan*

If you already own your home, make your equity work for you with a Home Equity Loan. Pay your education expenses, consolidate your bills, buy a new car or make improvements to your home - all by using your largest investment - your house. We lend up to 90% of the appraised market value of your home, minus what you owe on your First Mortgage. The minimum amount of a Home Equity Loan is $10,000.

Terms available:

• 5 years
• 10 years
• 15 years
• 20 years

Equity Plus Loan - Home Equity Line of Credit (HELOC)

Our Equity Plus Loan is a Line of Credit from which you advance funds as you need them for up to five years. It will be amortized over a 20-year period and the rate could change monthly throughout the duration of the loan. Your payments and interest will be calculated only on the amount you use. The minimum loan amount is $10,000, with minimum withdrawals of $100. You have several ways to access this Line of Credit:

• At any Clearview branch
• Online Banking
• Loandraft Checks
• TellerPhone
• Overdraft Protection

Home Equity Platinum Line of Credit

This loan works like our Equity Plus Loan, except for the way you access the Line of Credit. A signature or Personal Identification Number (PIN) is required for all transactions. You can access your funds by using any of these options:

• Platinum credit card
• Convenience checks
• At any ATM that accepts Visa®
• At any Clearview branch

Land Purchase Loan

We also offer Land Loans to purchase residential land or to secure a loan. You may borrow $10,000-$100,000 for up to 12 years with a 20% down payment. Closing costs vary from state-to-state. Excludes land zoned agricultural.

Borrower Security Program

Even if the unexpected happens, you can rest easy with our Borrower Security Program, a voluntary payment protection program, which includes loss of life, disability and involuntary unemployment coverage. This protection program is available on our Home Equity Loans, at a minimal cost to you.

Closing Costs**

Save money when you close your mortgage at Clearview. We offer up to $500 in reimbursement on our fixed and variable rate Home Equity Loans, as well as our Line of Credit/Equity Plus Loans and Line of Credit/Equity Plus Platinum.

* Home Equity Loans are only available in 48 continental states.

** Closing cost amount will be rebated after you finance a minimum $10,000 in a new Home Equity Loan, add a minimum of $5,000 to the balance of an existing Clearview Home Equity Loan or after a minimum $5,000 initial HELOC advance is made. If a loan is refinanced with another financial institution or paid off within six months of origination, the rebate must be reimbursed to Clearview. Subject to change without notice.

The Application

You are able to easily apply for a first mortgage online by clicking here. If you have questions regarding the online application, please contact the Real Estate department at 1-800-926-0003, option 3.

Upfront Deposits

• Application deposit - Clearview will charge a nonrefundable deposit of $70 for credit scoring. Once approved, an additional $280 deposit is required to start the processing of the loan.

The Wait

There can be an approximate lapse of 30 days from the time the application is received until you receive final approval and close on the loan. During this time, interest rates may change. For 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 process of your application. You will be notified if any additional information is needed. When approved, you will be sent a commitment letter. This is a 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, and can be discussed with your Real Estate representative.

Loan Document Checklist

This is a list of items that that may be required to complete your loan approval:

• Copy of sales agreement, and any applicable addendums
• Copy of deed, title policy and survey, if available
• Property Tax information
• Last 30 days of pay stubs and last two (2) years of W2s for both borrower and co-borrower
• Copies of award letters for Social Security
• Verification of retirement or disability income
• Copies of last three (3) months financial institution statements for all depository accounts
• Copies of stock, bonds and 401K statements
• If self employed or commission income, you will need to provide the last two (2) years of federal income tax returns and a year-to-date profit and loss statement
• If your are divorced and want 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 last 12 months, (ie., canceled checks, bank statement or history of payment from the clerk of court)
• If you are divorced and are required to pay alimony or child support, a copy of the recorded divorce decree
• If applicable, a letter of explanation for past bankruptcy, recorded discharge papers and release of judgments

Closing Costs

• Down Payment - down payments on purchases may be as low as 5%
• Private Mortgage Insurance (PMI) - PMI is required on any first mortgage loan with a down payment of less than 20% of the sales price or a refinance with less than 20% equity. PMI covers the lender against loss on the property.
• Points - These are one-time fees that the lender charges that are equal to 1% of the borrowed amount. All first mortgage loans at Clearview under $40,000 require 1 point.

Adjustable-Rate Mortgage (ARM)

A mortgage having an interest rate that can change at designated intervals based on a financial index. Rates on our ARMs change every three, five or seven years, based on your preference, allowing more flexibility on your loan. An ARM can also prove useful to members who don't plan on living in one location for a long period of time or that relocate through their careers.

Amortization

The gradual repayment of a mortgage by installments.

Appraisal

A professional assessment of the market value of a property.

Closing Costs

Expenses (over and above the price of property) incurred by buyers and sellers in transferring ownership of a property.

Commitment Letter

A formal offer by a lender stating the terms under which it agrees to loan money to a home buyer.

Deed

The legal document conveying title to a property.

Equity

The difference between market value of a property and the owner's outstanding mortgage balance.

Escrow

The holding of documents and money (such as deposit) by a neutral party prior to closing. Also, an account held by the lender into which a homeowner pays money for taxes and insurance.

Fixed-Rate Mortgage

A Fixed-Rate Mortgage interest rate remains the same across the length of the loan. The advantage of this type of mortgage is that your monthly principal and interest payments won't change across the term of the loan. Payments can vary with fluctuations in property taxes and insurance premiums.

Good Faith Estimate

A written estimate of closing costs provided by a lender within three days of applying for a loan.

Interest Rate Cap

A provision of an Adjustable Rate Mortgage (ARM) that limits how much the interest rate can increase per adjustment period.

Lien

A legal claim against a property that must be paid when a property is sold.

Offer To Purchase

A formal document in which a buyer proposes to buy a property for a specified amount and under certain conditions. Acceptance by the seller creates a contract binding on both parties, subject to any contingencies.

Points

A one-time charge by some lenders to increase the yield of a loan. It is equal to 1% of the loan amount and paid at closing.

Prequalification

The process of determining how large a loan a prospective homebuyer can qualify for. This is completed prior to actually applying for a loan.

Principal

The amount originally borrowed. Also the amount of the monthly mortgage payment that reduces the outstanding balance of the mortgage.

Refinancing

The process of obtaining a new mortgage, usually at a lower rate, to repay and replace an existing mortgage.

Survey

A drawing showing the legal boundaries of a property.

Title

A legal document establishing the right of ownership.

Where Do I Begin?

Clearview Real Estate representatives can answer your questions, help you select the best financing for your needs, prepare estimates of your closing costs and down payment, calculate payment schedules, and help you determine what price home you can afford. To help get you started, contact Clearview today.

How Do I Prepare To Apply For A Mortgage Loan?

Getting a Mortgage Loan is a big step, so you'll need to understand exactly what is involved. Make a list of any questions you have about the loan. Review the "Glossary Of Mortgage Terms" section of this site so you'll be familiar when you meet with your Real Estate representative.

How Much Can I Afford?

Generally, lenders want your monthly payment, including taxes and insurance, to be 30-35% of your gross monthly income. Your Real Estate representative can help you determine what price home to shop for by reviewing your income, debts and credit. You can also apply for a pre-approval where the lender approves the loan before you find a new home. A pre-approval typically makes your offer more attractive to a seller.

What Is A Good Faith Estimate?

A Good Faith Estimate is a written estimate of closing costs provided by the lender within three days of applying for a loan.

How Do I Apply For A Mortgage Loan?

When you want to refinance your existing mortgage or you have found a home you want to purchase, you can apply by clicking here. The most common items that may be required are listed in the 'Mortgage Process' section of this site

What Happens After I Apply For A Mortgage Loan?

After you have applied for a loan, the information you have supplied will be verified and a credit report will be completed. An appraisal will be performed on the home you are purchasing to determine its market value. When all the information is collected, it will be reviewed for loan approval. It usually takes at least 15 days for approval.

What Is The Minimum Down Payment Required To Obtain A Mortgage?

The required down payment on a purchase may be as low as 5% of the sale price of the home.

Can Members Be Prequalified Or Preapproved For A First Mortgage?

Members can get prequalified for a first mortgage simply by visiting the 'Prequalify For A First Mortgage' section of this site and providing basic information. Prequalification is not a guarantee that the mortgage will be approved, but will give the member an idea, based on their debt-to-income ratio, if they will qualify. A pre-approval requires that the member completes an application that is submitted for underwriting. This can be done by visiting the 'Apply For A Mortgage' section of this site.

Can Closing Costs Be Financed As Part Of The First Mortgage?

Closing costs can be financed into the loan on a refinance mortgage, but not for a mortgage to purchase a home. Portions of those closing costs may be paid by the seller if agreed upon in the sales contract.

What Is PMI?

Private Mortgage Insurance (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.

How Do I Determine How Much Money I Can Borrow On A Home Equity Loan?

Clearview's home equity loans are based on a percentage of the appraised value of your home - 80% or 90%  minus the amount you owe on your first mortgage.

How Much Are The Closing Costs For A Home Equity Loan?

Closing costs on home equity loans vary from state-to-state and normally run between $500 to $800. These costs can be deducted from the loan proceeds requiring no up-front or out-of-pocket expenses from the borrowers.

How Much Can I Borrow On A Home Equity Loan?

You may borrow any amount from the minimum home equity loan of $10,000 to the maximum of $400,000 based on our 80% equity program. Other equity loan programs have different criteria.

Are you rate-shopping for your First Mortgage? Rates can change daily, and it is vital to stay updated on current First Mortgage rates. With E-Rate Notices, you will receive, via email, Clearview's most current First Mortgage rate whenever it changes. Simply click here to enroll in E-Rate Notices.