{"id":2691,"date":"2008-03-04T00:19:10","date_gmt":"2008-03-04T00:19:10","guid":{"rendered":"https:\/\/stpaulfcu.orgpre-qualified-mortgages\/"},"modified":"2025-08-19T15:48:59","modified_gmt":"2025-08-19T20:48:59","slug":"pre-qualified-mortgages","status":"publish","type":"education","link":"https:\/\/stpaulfcu.org\/education\/pre-qualified-mortgages\/","title":{"rendered":"Pre-Qualified Mortgages"},"content":{"rendered":"\n
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Save Time and Money and Eliminate Stress<\/h2>\n\n\n\n
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Apply Online<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n

Pre-qualifying answers the \u201cHow much house can I afford?\u201d question and sends a clear message to sellers that you are serious about buying a home.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Pre-Qualify for a Mortgage in 4 Easy Steps<\/h2>\n\n\n\n
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Step 1: Gather Your Personal Financial Information<\/h3>\n\n\n\n
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Current monthly earnings<\/p>\n<\/div>\n\n\n\n

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Current total debt and monthly payment amounts<\/p>\n<\/div>\n\n\n\n

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Down payment plan (the amount of money you have in savings or money that will be gifted to you by immediate family members)<\/p>\n<\/div>\n\n\n\n

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Social security number<\/p>\n<\/div>\n<\/div>\n\n\n\n

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A completed mortgage application and consent form<\/p>\n<\/div>\n\n\n\n

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Tax returns (past 2 years)<\/p>\n<\/div>\n\n\n\n

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W-2 forms (past 2 years)<\/p>\n<\/div>\n\n\n\n

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Pay stubs (past 30 days)<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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Step 2: Submit Your Completed Application and Paperwork <\/h3>\n\n\n\n
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Apply online<\/a> or<\/em><\/p>\n<\/div>\n\n\n\n

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Bring your completed paperwork to a St. Paul Federal Credit Union branch location or<\/em><\/p>\n<\/div>\n<\/div>\n\n\n\n

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Fax your completed paperwork or<\/em><\/p>\n<\/div>\n\n\n\n

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Mail your completed paperwork<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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 Step 3: Speak with a Loan Officer<\/h3>\n\n\n\n
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Sign and return initial disclosures (these forms don’t commit you to anything but are government required)<\/p>\n<\/div>\n\n\n\n

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Supply additional information, if needed (St. Paul Federal Credit Union will verify all the information on your mortgage application)<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Step 4: Choose a Trustworthy Real Estate Agent<\/h3>\n\n\n\n
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Find an Agent<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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Talk to friends who have recently purchased or sold a home or<\/em><\/p>\n<\/div>\n\n\n\n

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Search online or in \u2018yellow pages\u2019 or<\/em><\/p>\n<\/div>\n<\/div>\n\n\n\n

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Contact St. Paul Federal Credit Union\u2019s partnership realty company, CU Companies Realty<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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Lock in a Mortgage Rate<\/h2>\n\n\n\n
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Check Mortgage Rates<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n

You can lock in a mortgage rate at anytime by signing a rate lock agreement. <\/p>\n\n\n\n

Close the Deal<\/h2>\n\n\n\n

Found your dream home? Congratulations! Your realtor will help you complete and submit a purchase agreement to the sellers and recommend the amount of earnest money you should include with your offer. <\/p>\n\n\n\n

If the sellers like your purchase agreement they\u2019ll sign it and you\u2019ll 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\u2019ll have a deal. Sometimes this process goes back and forth for awhile until both parties are satisfied.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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Pre-Closing Tasks for St. Paul Federal Credit Union<\/h3>\n\n\n\n
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Order an appraisal (we will need to collect an appraisal fee from you before we do this)<\/p>\n<\/div>\n\n\n\n

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Contact the title company to prepare for the mortgage closing (your closing will take place at the office of a title company or attorney)<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Prepare all of mortgage documents have them at the closing office ready for your signature<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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Pre-Closing Tasks for You<\/h3>\n\n\n\n
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Obtain insurance for the new house.  If you don\u2019t have an insurance agent in mind you can contact Members Home Owners Insurance<\/p>\n<\/div>\n\n\n\n

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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)<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Wait for the closing date agreed to in the purchase agreement<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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Apply Online<\/a><\/div>\n<\/div>\n\n\n\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Save Time and Money and Eliminate Stress Pre-qualifying answers the \u201cHow much house can I afford?\u201d 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 […]<\/p>\n","protected":false},"featured_media":2690,"template":"","education-category":[194],"class_list":["post-2691","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"\nPre-Qualified Mortgages - St. Paul Federal Credit Union<\/title>\n<meta name=\"description\" content=\"Save time and money, get pre-qualified for a mortgage. 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