How long does the process take?
We routinely process and close mortgage applications within 30 days. However, there are many variables that determine the length of the process, including how fast you respond to our requests for documentation.
What is your minimum credit score?
It depends on many variables, including down payment amount, loan program and property type. We do not have a published minimum credit score, however if you are putting down less than 20%, and are not using the VA loan program, the minimum credit score is typically 620.
Do you do loans outside of NH/ME/VT/MA?
Yes, we are a national lender! We do mortgages in all states with the exception of Alaska, Texas and Hawaii. Not all programs are available in all states. Construction loans are available only in NH and MA.
Will my loan be sold?
While it is possible that your loan will be sold (the standard Fannie Mae promissory note gives the lender the right to sell the loan), it is important to understand that we will still be servicing your loan. We generally do not sell our loans (there are some exceptions), and even if we do, you will still be making your payments to Service Credit Union and we will still be handling your escrow account (if you have one).
Do I get a discount for being a member and/or having automatic payments?
Yes; if you have a direct deposit of your net pay into a Service Credit Union checking account, and set up an automatic payment of your new mortgage from your Service Credit Union checking account, you will be offered a discount of .125% off our posted mortgage rates. This can save you thousands in interest over the life of your loan.
Can I have a co-signor?
In certain circumstances, a co-signer is permitted. However, we will require that the occupant borrower be qualified from a credit and ability to repay perspective. Generally, we require a co-borrower vs. a co-signer. A co-borrower has the same liability as the primary borrower.
Do you offer bridge loans?
We do not have a specific bridge loan program. However, we may be able to achieve a bridge loan through the use of a home equity line of credit on the house you will be selling. This will depend on the amount of equity you have and your ability to qualify to carry the debt for your existing mortgage (if any), the home equity line of credit, and the mortgage on your new home.
Do you finance investment properties?
We do not offer loans for rental properties.
Do you finance mobile homes?
We do not offer loans for manufactured housing (mobile homes) regardless of whether or not they are permanently attached to a foundation.