Do you dream of buying a lake home or that next must-have property? Northwoods Credit Union can help make this home loan dream a reality!

Credit union home loans can offer a distinct local advantage for buyers. Our mortgage team has helped many members buy their new dream home or even a second home.

It may feel like an intimidating process, but Northwoods makes it easy!

Below is a step-by-step overview with tips for a smooth credit union home loan process from application to closing.

Step 1: Talk to one of our Mortgage Originators About Dream Property

We have different programs, and they can help identify which is the right fit for you.

 

Step 2: Complete a Mortgage Application

This can be done in the office with your Mortgage Originator, via the phone, or even online! Easily Apply Today

 

Step 3: Your loan application will be reviewed and credit pulled

Upon approval, you will receive a pre-approval letter. Your Mortgage Originator will also provide you with the terms of your approval including the loan amount you qualify for, the payment amount, the estimated interest rate, and an estimate of closing costs.

 

Step 4: This is the fun part: Begin shopping!

We recommend working with a local realtor to help find your property. A trusted expert can help you through negotiations and drafting a purchase agreement.

 

Step 5: Your Application Is Accepted!

After your offer is accepted, provide your signed purchase agreement to your Mortgage Originator. This will get the ball rolling. 30-45 days from this point, the home will be yours!

 

Step 6: Sign and Review Information

Our Mortgage team will provide you with documents to sign, and the appraisal and title work will be ordered. We will verify information from your application such as employment and assets.

 

Step 7: Closing day!

You will meet with a title company to sign important documents such as the Mortgage and the Note. You will leave with keys in hand!

 

Frequently asked home loan financing questions:

How much down payment do I need?

You can buy a second home with as little as 10% down!

Down payment funds can come from a variety of sources: retirement accounts, a home equity loan, or selling an asset. Talk to your Originator to help come up with a plan!

Can I buy a 3-season cabin?

Yes.

What is an appraisal?

A report provided by an appraiser. This report compares the property you are buying with similar properties that have recently sold. The appraiser assigns a value to the property based on the researched data.

Credit union home loans can have real advantages, especially if you value local service.

Find your local Northwoods Credit Union branch to start and guide you through the credit union home loans process today: Locations & Hours

There are many steps involved when buying a property. Communication is key. Our local mortgage team will keep you informed each step of the way and is available to answer any questions you have.

Summer is around the corner, reach out to us today to get a jump start on making your lake home dream come true!

 

*Not all applicants will qualify. Membership Eligibility Required. NCU is an equal housing opportunity lender.Some links may take you to an outside website. We don’t control the content of our outside sites.Please review their Privacy Policy as it may differ from our Privacy Policy. We hope you found the information you were looking for from Northwoods Credit Union.