Home Mortgages Information

Loan Process & Checklist for Mortgage, Home Equity & Home Improvement Loans

Begin the application process by calling our Member Service Contact Center, 1(800) 696-8830, or by stopping by your neighborhood branch.

Step 1: We listen

A Member Service Representative or Branch Manager will meet with you so we understand what your needs are. We will offer information on several types of Mortgage Loans you will want to consider. Working together, we will determine what a possible loan payment might be. This discussion can be over the phone or at the branch. From here, we can proceed directly to the Application or make an application appointment for another time.

Step 2: The Application

Together we begin to fill out the Application. We will provide you with a Step-by-Step Guide that will assist you during the loan process. You may also fill out the Application online. Call our Members Support Contact Center or your branch with any questions.

Step 3: The Approval

With complete paperwork, the approval process is completed locally. You will receive a Pre-Approval letter. Bring this when you look at homes, it lets the Real Estate Agents know you are a serious buyer. We will also send you disclosure information.

Step 4: The Appraisal

Once we have the “Good Faith” appraisal deposit we will order the appraisal. The appraiser will contact you within a few weeks to arrange a visit. We will also order paperwork necessary for the completion of the loan including title insurance, insurance binders, etc.

Step 5: Final Approval

Once we receive the appraisal, we will notify you of the Final Approval within a few days.

For an efficient approval, please have these documents ready when you begin the application process:

• Document your income

• Two years, most recent, W2’s

• Two years most recent tax returns (self-employed or non W-2 income) 30 Days most recent paystubs

• Social Security Income Statement

• Rental Agreements (if earning rental income)

• Pension Statements

• Child Support, 12 months evidence of receipt

Document your finances

• Statement for all asset accounts (bank, investments, retirement, etc.)

• Statements for liabilities (mailing address, account #, balance to be paid)

• Current Mortgage Statement

• Homeowners’ or renter insurance policy

• Condo Owner’s Association Dues/contact Info

• Homeowner’s Association Dues/Contact Info

Good Faith Appraisal Deposit

Prior to ordering an appraisal, we collect a “Good Faith” Deposit of $600. This deposit covers the cost of a typical residential appraisal, but not all of the typical loan expenses. Additional expenses may include credit reports, title insurance and flood certification. Estimates of these costs are disclosed to you with your Loan Estimate. Once we receive a copy of the appraisal and review it, we will forward you a copy of it either by mail or eMail. On the final Closing Disclosure, you will receive credit for the $600 deposit.

NMLS Registry Information

National Mortgage Licensing System and Registry

The National Mortgage Licensing System (NMLS) is a free service for consumers to confirm that the financial services company or professional with whom they wish to conduct business is authorized to conduct business in their state.

North Coast Credit Union Institution ID # 405772

Foreclosure Assistance

At North Coast Credit Union we encourage borrowers who are experiencing financial difficulties to talk with us early so that we may mutually explore any and all options in order to minimize potential adverse impacts caused by a foreclosure.

If you are unable to afford your mortgage payments but want to avoid foreclosure, we can assist you with finding potential workable solutions.

Depending on the information provided, options that may be available include, but are not limited to, short term interest rate and payment reductions, skip payments, and maturity date extensions. Loan Modifications are also an option and will be appropriately underwritten on a risk adjusted basis for the benefit of the borrower and North Coast Credit Union.

To better assess a borrowers ability to adhere to any modifications granted it is essential that an application is filled out completely and all documentation requested is provided. Contact us to access the application and see the requirements.

To discuss options for avoiding foreclosure, please contact a North Coast Asset Recovery Specialist at 1(800) 696-8830 ext.4045.

NOTE:

Housing counselors and legal assistance may be available at little or no cost to you. If you would like assistance determining your rights and opportunities to keep your house, you may contact the following.

• The statewide FREE foreclosure counselors recommended by the Washington State Housing Finance Commission: Toll-free: 1(877) 894-4663.

• United States Department of Housing and Urban Development: Toll-free: 1(800) 569-4287

• Local counseling agencies in Washington:

• The statewide civil legal aid hotline for assistance and referrals to other housing counselors and attorneys: Toll-free: 1(800) 606-4819.