Prequalification

Prequalification occurs before the loan process actually begins. When you are ready to begin shopping for a new home, call TexasOne Community Credit Union. By assessing information you provide about your income and debts, we can help you decide the price range of homes you can afford. Having this knowledge in mind before you begin looking will save you time. You can shop for homes in your price range that have the amenities you desire and save the disappointment of finding the “perfect” house – only to discover that you can’t qualify for the loan.

Prequalification is also important if you are considering refinancing the loan on your existing home. TexasOne Community Credit Union can help you decide whether refinancing is a good option for you.

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Application

The application is the beginning of the loan process and either occurs after you have found a property you want to buy, or have decided you want to refinance the loan on your existing home. We will help you complete a mortgage application for a particular loan program and identify all of the required documentation for processing. We will walk you through the required fees and down payment options, and provide a Good Faith Estimate (GFE) and a Truth-In-Lending Disclosure (TIL) within three days. These documents itemize the rates and estimated costs for obtaining the loan.

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Processing of your Estimated Loan

In most situations, we will submit the borrower’s application package to an automated underwriting system that will provide us with the necessary documentation needed for loan approval. In some cases, we may also manually underwrite an application package. Our processor reviews the credit reports and documentation to verify your employment, debts and payment histories. If there are unacceptable late payments, collections, judgments, etc., the processor requests a written explanation from you. The processor also reviews the appraisal and survey, and checks for property issues that might affect final loan approval. The processor will put together an entire application package for the lender's underwriter.

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Underwriting

The underwriter is responsible for determining whether the application package prepared by the processor meets all the lender's criteria. If more information is needed, the loan is put into "suspense" and you will be contacted to supply more documentation. If the underwriter approves the loan, we issue a conditional commitment to lend, order title insurance, work with you to clear all conditions to its commitment to lend, and then schedule a closing time.

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Closing
Closing will occur after all conditions are cleared and a full loan approval is issued to you. At the closing, your loan is funded with a cashier's check, draft or wire to the closing agent, who disburses funds, in exchange for the title transfer to the property. This is the point at which you finish the loan process and actually refinance or buy the house, subject to the loan. In most cases, cClosing will take place in TexasOne’s officeat a local title company.