Mortgages
Buying a house is the biggest investment most of members will ever
make. St. Paul Federal Credit Union is committed to helping you finance
your dream. We want you to secure the best deal possible — even if that
means sending you elsewhere for your loan. We’re so confident of our
mortgage services, that even customers who shop around after talking
with us come back to us for their financing!
Spend some time talking with our mortgage experts. They’ll provide the
information you need and may even save you thousands of dollars.
Gain an Advantage - Pre-qualify for a Credit Union Mortgage
Pre-qualifying for a mortgage will give you an automatic advantage in a
tight housing market, plus it answers the “How much house can I
afford?” question.
It’s a simple step towards home ownership. All we need to know is your
monthly earnings, the amount of all your current monthly payments, and
how much money you have saved or how much money can be gifted to you by
your immediate family. Our loan officers are happy to answer any
questions you might have.
To pre-qualify, you’ll need to provide:
- A completed mortgage application. If you have questions about this application, contact our loan department at 651-772-8744, option 2.
- Mortgage loan documentation, including:
- 2 years tax returns
- 2 years W2’s
- 30 days of pay stubs
- 90 days of financial statements
- Completed Mortgage Consent Form
Bring your completed paperwork into our office, mail it or fax it to: St. Paul Federal Credit Union, 1330 Conway St., #200, St. Paul, MN 55106. Our fax number is 651-772-8787.
Find a qualified real estate agent
Once
your paperwork is submitted and you’ve talked with our loan officer,
you’ll need to seek out a trustworthy real estate agent who’s an expert
in the area in which you want to live. Personal referrals from friends
and the Yellow Pages are the most common ways to identify an agent.
However, if you haven’t secured one, we have a partnership with CU
Realty and can recommend one for you. Their number 651-787-9555.
While you’re looking for houses, St. Paul Credit Union will continue to work on your behalf.
- We’ll provide you with initial disclosures that need to signed and returned. These forms don't commit you to anything, but they are government required.
- We’ll also be trying to verify all the information on your mortgage application.
Found your dream home?
Congratulations!
You will first need to submit a purchase agreement to the sellers and
put money to show good faith – earnest money. Your agent will help get
this form and process completed.
If the sellers
like your purchase agreement they’ll sign it and you’ll have a deal.
If, however, they don't sign the offer, they may give you a counter
offer. If you like the counter offer you can initial the changes and
you’ll have a deal.
Is that purchase agreement signed?
Fax your signed agreement to St. Paul Federal Credit Union as soon as possible at 651-787-9555.
St. Paul Federal Credit Union will then:
- Contact an appraiser to value your home. We’ll need to collect $250 for this.
- Contact the title company to proceed with mortgage closing.
- Prepare all of mortgage documents have them at the closing office ready for your signature
Finally
- You will need to contact the Credit Union office to monitor rates. Remember -- you can lock a rate at anytime. To lock the rate, we have a rate lock agreement that needs to be signed. A faxed signature is acceptable.
- You will also need to get insurance for the house. If you don’t have an insurance agent in mind, call Members Home Owners Insurance at 1-888-380-9287
- After the rate is locked all we need to do is wait for the closing date agreed to in the purchase agreement.
- Your Credit Union will continue to make sure ensure the process goes smoothly.
- Before you close you will get a call from the Credit Union to talk about the final closing cost numbers and a reminder to bring your driver license and any funds needed to close your loan.
