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