ONLINE BANKING

Mortgage Loans

Telco Plus Credit Union has competitive prices and a variety of loan products. We want to help our members achieve home ownership or even purchases a second home. No matter what life stage you are at, we can help.

Members can apply for mortgages through our website by clicking on the link below. The application process is easy and walks you through step-by-step. If you have any issues you can call a mortgage loan officer. Once your application is completed a loan officer will be contacting you within 1 business day. If you are needing more information about the process, cost, or rates please click on the More Mortgage Information tab, a loan officer will call you to answer all of your questions.

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Tips for Mortgages:

• Completed and signed loan application
• Most recent 30 days’ pay stubs
• Most recent two years W2s
• Most recent signed 2 years tax returns with all schedules
• If self-employed, copy of corp. tax returns, and/or scheduled K-1 and copy of business license, if applicable
• Copy of all pages, front and back, of asset statements (checking, savings, 401k, etc.)
• Fully executed sales contract and canceled earnest money check
• Name and number of Homeowners’ Insurance agent
• Copy of Driver’s License or ID card and Social Security Card(s)

• Do NOT change jobs without speaking with your loan officer.
• Do NOT open any new credit or make large purchases during loan process.
• Do NOT make large cash deposits that cannot be documented properly.
• Do NOT make any decisions that may impact your transaction without discussing with your loan officer.
• Do NOT overdraft your bank account.
• DO keep making payments on a timely manner.
• Please be responsive to any requests needed by your team members for documentation.

Annual Percentage Rate – APR includes the origination fee and other finance charges in addition to the interest on the mortgage for the annual interest rate. The APR will be higher than the ‘Locked-In’ interest rate due to the additional fee included in this calculation. It is a good guide for comparing the annual cost per loan with the different mortgage program types.
Appraisal – A compilation of supporting comparable property values and details of the subject property. A licensed professional appraiser provides this services.
Closing – The meeting between Buyer, Seller, Title company’s Escrow Agent and Real Estate Agents to finalize the sale.
Credit Report – This report reflects the payment history of a person generated by full name, address, and social security number. This will also reflect Public Records for any bankruptcy, liens, or judgements.
Discount Points – A fee paid by the buyer to decrease the interest rate of the mortgage. A ‘point’ is 1% of the loan amount.
Escrow – An account set up through the mortgage lending process for the Buyer’s monies for payment of future property taxes and one-year of homeowner’s insurance.
Loan Origination – The fee for mortgage financing services.
Loan Origination Points – a fee paid by Buyer to Lender above loan origination. A ‘point’ is 1% of the loan amount.
Prepaids – These are the property taxes, homeowner’s insurance and the interest paid outside of the closing or included in the fees of the mortgage loan.
Principal – This is the true balance amount of the mortgage, not including the interest.