Phone: (256) 245-5887 | Fax: (256) 249-0560 | P.O. Box 423 Sycamore, AL 35149

Please review the application process before proceeding:


Example: Mortgage Application

1. Review of application and pre-qualification.
2. An appraisal of the property will be done by a licensed appraiser who is approved by the credit union's board of directors. An appraisal is a professional's estimated value of the property based on inspection and sampling of comparables or "comps." The average cost of an appraisal is between $300 and $500.
3. Once the appraisal is done, the loan value will be determined and the amount of the down payment will be determined. The loan to value is the amount of the loan as a percentage of the total value as determined by the appraisal. Normal financing is 80% of the appraisal value up to 95% of the appraisal value depending on qualifications.
4. A survey is required at this point provided by whomever stated in the sales contract.
5. If there is no termite bond currently on the property, an inspection and bond policy shall be ordered. The sales contract will determine who will be responsible for this payment.
6. Once all of the above has been submitted, the title search and policy will be ordered. If there is no problem with the title search, a closing date will be set. The closing will be held at Heritage South Credit Union and will include the buyer, seller, a loan officer, and the credit union attorney.**
7. Proof of homeowners insurance will be required at closing.

Refinancing your current home:

1. Sycamore requires a payoff from your current mortgage. This must be requested by the member.
2. A current pay stub is required.
3. All Refinances require SFCU to follow the 3-day Right-of-Recission rule.


Loan Information

Sycamore Federal Credit Union Loan Application

Do you want Credit Disability Insurance in connection with this loan?

Do you want Credit Life Insurance in connection with this loan?

Primary Applicant

Primary Applicant - Personal information

Complete for joint credit, secured credit, or if you live in a community property state

Employment information


Credit information


Residence

Is the property described your principal dwelling?

Any proceeds for a Refinanced Mortgage, Home Equity, or Home Improvement?

Is the property described listed as the applicant's address in the "Personal Information" section?

Is anyone other than your spouse a part owner of your home?

Have you ever had a car or other personal property repossessed by a dealer or finance company, filed for bankruptcy, or been a party to a wage assignment or collection suit, or have you ever been declined on a loan application with this credit union?

Reference


Additional Questions

Are you a US citizen or permanent resident alien?

Do you have any outstanding judgments?

Is your income likely to decline in the next two years?

Are you a co-maker, co-signer, or guarantor on any loan not listed?

Are you a student or do you have a work visa?

Have you filed for bankruptcy or had a debt adjustment plan confirmed under chapter 13?

Have you had property foreclosed upon or given a deed in lieu of foreclosure in the last 7 years?

Are you a party in a lawsuit?

Home equity information


Joint Applicant

Joint Applicant - Personal information

Complete for joint credit, secured credit, or if you live in a community property state

Employment information


Credit information


Residence

Is the property described your principal dwelling?

Any proceeds for a Refinanced Mortgage, Home Equity, or Home Improvement?

Is the property described listed as the applicant's address in the "Personal Information" section?

Is anyone other than your spouse a part owner of your home?

Have you ever had a car or other personal property repossessed by a dealer or finance company, filed for bankruptcy, or been a party to a wage assignment or collection suit, or have you ever been declined on a loan application with this credit union?

Reference


Additional Questions

Are you a US citizen or permanent resident alien?

Do you have any outstanding judgments?

Is your income likely to decline in the next two years?

Are you a co-maker, co-signer, or guarantor on any loan not listed?

Are you a student or do you have a work visa?

Have you filed for bankruptcy or had a debt adjustment plan confirmed under chapter 13?

Have you had property foreclosed upon or given a deed in lieu of foreclosure in the last 7 years?

Are you a party in a lawsuit?

Terms and Conditions

Assets and Debts

List your assets.


Pledged as collateral for another loan?

Owner of asset


Pledged as collateral for another loan?

Owner of asset


Pledged as collateral for another loan?

Owner of asset


Pledged as collateral for another loan?

Owner of asset


List your debts.

Debt 1 Owner:



Debt 2 Owner:


Debt 3 Owner:


Debt 4 Owner:


Debt 5 Owner:


Debt 6 Owner:

Terms and Conditions


Do you agree with the above terms and conditions?


Co-Applicant

Do you agree with the above terms and conditions?


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