Buy a Home

We’ve made things easier with an online application, online approval process, a team of experts to guide you, and local decision-making.

1. Rates and Options: Check the most updated loan rates and options(Opens in a new Window) before you start your application.
2. Pre-Approval & Application: In most cases, the pre-approval process is quick and easy. Please note, the information you provide on your application must be verified in the following steps once you have found your home and purchase price to finalize the approval and underwriting process.
3. Financial Verification: We’ll verify your information with documentation to confirm assets and income.
4. Final Loan Approval: This step involves underwriting your new home. Once we’ve reviewed this information, we’ll give you a final approval then prepare your loan for closing.
5. Closing: We’ll prepare the loan documents for you to sign and send them to an escrow company for signing. Once we receive the signed loan documents, we’ll transfer the money to the escrow company. They will then disburse the loan and record the documents.

Welcome to your new home!

A mortgage is a loan secured by your home. Mortgages can be used to purchase homes and property, to refinance an existing home loan, and in some cases to provide cash or pay off other debt.

An ARM is a mortgage loan that has an interest rate that can change periodically during the life of the loan. Most ARMs are subject to change only once per year. Some can have a fixed interest rate for a specified number of years at the beginning of the loan and then change annually after that. For example, a 3/1 ARM has a fixed rate for the first three years of the loan and then can change once a year after that.

Your loan documentation will specify how often your rate can change as well as the minimum and the maximum amount it can change each period and how much it can change over the life of the loan.

When the rate on an ARM changes, the payment will change. That’s why your Seattle Credit Union mortgage expert will be sure that you can afford your loan at the initial rate as well as at the maximum rate. The last thing you want is to have your payment increase beyond what you can afford to pay. Seattle Credit Union is dedicated to making sure that our members don’t find themselves in this situation.

With a fixed rate loan, your rate does not change for the life of the loan, regardless of the market.

Seattle Credit Union strives to have all approved mortgage loans funded within 30 days of approval. However, between approval and funding there are a number of things that need to happen, including:

• Verification of income and other application data
• Appraisal of the property and dwelling
• Review of the title records associated with the property
• Creation of the loan documents

Down payment requirements will vary based on the mortgage program you are interested in and your individual financial situation. Talk to your Seattle Credit Union mortgage expert for information specific to you and your loan.

Your mortgage expert will be able to tell you specific documents you will need, but these documents are commonly requested:

• Tax returns or other proof of income, including documentation of any supplemental income you receive from sources other than your primary employment, such as rental or investment income.
• Recent bank and/or brokerage statements. This may also include paperwork for your retirement assets.
• A list of your recent addresses, usually two years’ worth.
• The purchase or sales agreement if you have already made an offer on a home or condo.

The approval process is dependent on the number of applications received, but usually only takes a couple of days, once we receive a completed application.

Points are fees you pay to a lender when you fund your mortgage in exchange for a lower interest rate. Seattle Credit Union offers programs with points and without points. Talk to your mortgage expert to determine whether paying points makes sense for you.

In many cases, the lender who holds your mortgage loan will be responsible for making sure that your property taxes and property insurance premiums are paid in a timely fashion. To do that, your lender will collect a certain amount above your designated monthly principal and interest payments and hold it in an account, called an escrow account or an impound account. Sometimes you will see this amount listed with your regular payment as “T&I” and when your tax or insurance payments come due, the lender will pay them from this escrow account.

Because taxes and insurance can change from year to year, the amount you pay each month can change as well. Each year your lender will provide you with a statement showing how much they’ve paid for taxes and insurance on your behalf and what they expect to pay in the current year.

You may be eligible to pay these items yourself, which would remove any escrow payment from your monthly payment.

Whether you are looking to refinance your existing mortgage to save money or get cash, the mortgage experts at Seattle Credit Union can help you get the right loan without the headaches of the typical mortgage process.

1. Investment and Non-owner Occupied Properties
Are you or would you like to be a landlord? Rental income can be a valuable part of preparing for retirement or simply adding a new stream of cash into your monthly income. If you are interested in buying a rental property or have one you’d like to refinance to reduce your rate or monthly payment or to shorten your payoff term, we can help

We offer financing for 1-4 unit non-owner occupied properties in the state of Washington. You can finance up to 80% of the purchase price for a new-to-you property or 75% of the appraised value for a refinance of a property you already own. In either case, you can take advantage of amortizations of 20 or 30 years.

2. Single Family Homes & 1-4 Family Unit Properties
Your home is the setting for your life. It’s where you build memories and grow your family. You can count on our experienced Mortgage Loan Officers to help you finance it. Whether you are buying or refinancing, we will make sure that you get the right rate and the right payment to make sure you can enjoy your home and the years you spend there.

We offer mortgage loans for single-family homes and properties with up to 4 units, either as owner-occupied or non-owner-occupied properties. Connect with us today to start or continue your homeownership journey.

3. Manufactured Homes
Less expensive than traditionally built homes, manufactured homes can be a great homeownership option.

• We offer real-estate financing for manufactured homes assuming that they are:
• Affixed to land and the title is eliminated either prior to or as part of the purchase
• Double-wide or larger
• Built after July 1, 1976
• Taxed as real property
• Not in a park

4. Second & Vacation Homes
Where is your getaway? Do you have a favorite seaside community where you spend your summer vacation or a resort town at the base of the slopes that is home to your annual family ski trip? In either case, wouldn’t it be great to have a place there to call your own?

If you are looking to purchase or refinance a second home or vacation property, talk to us. Seattle Credit Union finances second homes and vacation homes for qualified borrowers, whether that’s a high-rise condo in the city or a comfy cabin in wine country. The property must be located within the state of Washington and cannot be a timeshare.

5. Undeveloped Land
When you’ve found that perfect parcel of land on which to build the dream cottage where you’ll spend your retirement but you aren’t quite ready to put a shovel in the ground, talk to us about an undeveloped land loan.

We offer financing for both the purchase and refinance of unimproved residential property (undeveloped or “raw” land) with 15-year terms.

To find out more and get your questions answered, call one of our expert Mortgage Loan Officers at 206-398-5888.