Save Time and Money and Eliminate Stress
Pre-qualifying answers the “How much house can I afford?” question and sends a clear message to sellers that you are serious about buying a home.
Nearly 95% of our first mortgage applications are online applications but you may also apply in person or over the phone. The online application will ask you questions about your home and finances. If you qualify for online approval, you will get a loan decision in 60 seconds and can then print off your pre-approval letter.
Pre-Quality in 4 Easy Steps
Step 1: Gather Your Personal Financial Information
- Current monthly earnings
- Current total debt and monthly payment amounts
- Down payment plan (the amount of money you have in savings or money that will be gifted to you by immediate family members)
- Social security number
- A completed mortgage application and consent form
- Tax returns (past 2 years)
- W-2 forms (past 2 years)
- Pay stubs (past 30 days)
Step 2: Submit Your Completed Application and Paperwork
- Apply online or
- Bring your completed paperwork to a St. Paul Federal Credit Union branch location or
- Fax your completed paperwork or
- Mail your completed paperwork
Step 3: Speak with a Loan Officer
- Sign and return initial disclosures (these forms don't commit you to anything but are government required)
- Supply additional information, if needed (St. Paul Federal Credit Union will verify all the information on your mortgage application)
Step 4: Choose a Trustworthy Real Estate Agent
- Talk to friends who have recently purchased or sold a home or
- Search online or in ‘yellow pages’ or
- Contact St. Paul Federal Credit Union’s partnership realty company, CU Companies Realty
Lock in a Mortgage Rate
You can lock in a mortgage rate at anytime by signing a rate lock agreement.
Close the Deal
Found your dream home? Congratulations! Your realtor will help you complete and submit a purchase agreement to the sellers and recommend the amount of ernest money you should include with your offer.
If the sellers like your purchase agreement they’ll sign it and you’ll have a deal. It's also possible that they may give you a counter offer. If you like the counter offer you can initial the changes and you’ll have a deal. Sometimes this process goes back and forth for awhile until both parties are satisfied.
Once you have a signed agreement you or your realtor will want to fax a copy of it to us as soon as possible. At this point we'll both have some final tasks to complete. Your loan status will be available online 24 hours a day.
Pre-Closing Tasks for St. Paul Federal Credit Union
- Order an appraisal (we will need to collect an appraisal fee from you before we do this)
- Contact the title company to prepare for the mortgage closing (your closing will take place at the office of a title company or attorney)
- Prepare all of mortgage documents have them at the closing office ready for your signature
Pre-Closing Tasks for you
- Obtain insurance for the new house. If you don’t have an insurance agent in mind you can contact Members Home Owners Insurance
- Wait for final closing cost numbers, then prepare the funds you will need at closing (you will also need to have your drivers license with you)
- Wait for the closing date agreed to in the purchase agreement