Apply for a mortgage loan

 
Mortgage

Buying a home can be one of the greatest investments that you ever make. At Embarcadero FCU we strive to make the process as easy as possible. With competitive loan rates, and loan representatives that care about your needs, you are guided through the entire process.

Choosing the right loan requires consumers to review their financial objectives and ask a host of questions, such as:

  • How long do I intend to occupy the house?
  • What is my tax bracket?
  • How much money do I have for a down payment ?
  • Is paying the mortgage off early important?
  • Can I or should I make extra principal payments?
  • Do I want a level payment or a variable payment mortgage?
  • Should I finance the closing costs in the interest rate or the loan amount?
  • Is my income projected to remain stable?

These questions are important in the loan selection process and a loan officer or other financial advisor can help consumers make informed decisions.

Steps to obtain a home loan:

Step one: Complete loan application

Step two: After consumers complete the loan application and have chosen a loan type, the lender provides several documents to borrowers that disclose important aspects of the loan including an estimate of the closing costs, truth in lending statement and a HUD guide

Step three: After the information on the loan application has been validated, the value of the property has been confirmed, and the title search has been completed, the loan is ready to be underwritten. Usually, a trained professional reviews all of the information, analyzes the credit worthiness of the borrower, and renders a decision on the loan request.

Step four: After the borrower has been approved, the legal documents required for the loan closing are prepared by the lender and forwarded to the closing agent. Before funds are released to the closing agent, the borrower must sign the loan documents and meet any conditions required by the lender. The lender will submit instructions to the closing agent that outline the procedure and conditions for loan closing.

Step five: After the loan closing, the lender designated to perform the loan servicing will notify the borrower(s) of the terms and conditions of the loan and indicate the mailing address for payments. Sometimes during the loan closing, the lender may inform the borrower that the servicing of the loan will be performed by another lender.

Types of loans

Conventional First Mortgage

  • Full doc loans
  • Stated income stated asset
  • No income, no asset verification available

    • 107% Purchase Loan (one loan)…no M.I.

  • No down payment
  • Finance 100% closing cost
  • Debt consolidate misc. bills

    • 103% Purchase Loan (one loan)…no M.I.

  • No down payment
  • Finance 100% closing cost

    • 100% Stated Income Purchase Loan

  • No down payment
  • No income documentation required
  • Additionally this loan allows for up to 3% sellers concession

    • FHA Purchase & Refinance Loan

  • No credit score
  • Mortgage insurance required
  • Fixed and Adjustable programs available

    • 100% VA Purchase and Refinance

  • No credit score required
  • No down payment required
  • Mortgage insurance required

    • Adjustable Loan Programs

  • Interest only loans
  • 11th district cost of funds index
  • 12 month MTA index
  • 6 month MTA index
  • Equity Builder Loan (build equity for your retirement faster and pay off loan in 23 years)

    • Jumbo and Super Jumbo Fixed and Adjustable Loan Products

  • Competitive Pricing
  • No income, no asset verification available
  • Up to 5 million on Single Family Owner Occupied

    • Interest-Only Loans

  • Customized portfolio loans

    • Multiple Units, Commercial and Mixed Use Loans

  • Fixed and Adjustable programs available

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