Clearview Federal Credit Union

The Application

You are able to easily apply for a mortgage online by <a href="http://www.membersforlife.com/default.asp?siteId=79C74452-BA0E-4219-887B-498D89AC8FB5" target="_blank">clicking here</a>. If you have questions regarding the online application, please contact the Real Estate department at 1-800-926-0003, option 3.
 
Upfront Deposits
<ul style="margin-top:0;padding-top:0"><LI>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.</LI></UL>
 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: 
<ul style="margin-top:0;padding-top:0">
<li>Copy of sales agreement, and any applicable addendums</li><li>Copy of deed, title policy and survey, if available</li><li>Property Tax information</li><li>Last 30 days of pay stubs and last two (2) years of W2s for both borrower and co-borrower</li><li>Copies of award letters for Social Security</li><li>Verification of retirement or disability income</li><li>Copies of last three (3) months financial institution statements for all depository accounts</li><li>Copies of stock, bonds and 401K statements</li><li>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</li><li>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)</li><li>If you are divorced and are required to pay alimony or child support, a copy of the recorded divorce decree</li><li>If applicable, a letter of explanation for past bankruptcy, recorded discharge papers and release of judgments</li>
</ul>

Closing Costs<ul style="margin-top:0;padding-top:0"><li>Down Payment - down payments on purchases may be as low as 5%</li>
<li>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.</li>
<li> 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.</li></ul>

The Application
You are able to easily apply for a 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.