Home Loan FAQs

The necessary items depend on your specific circumstances. That said, there are some general documents that most borrowers will need to provide.  We recommend you review the Mortgage Checklist and gather as much as possible as early as possible. In general, you will be asked to provide:

• Your name, address, and social security number, all of which are used to obtain your credit report.
• Documentation to verify your income (such as pay stubs, W-2s, or federal tax returns.
• Documentation verifying your asses (such as bank account statements).
• A list of your liabilities (such as proof of recently paid-off debts)
• A copy of your homeowner’s insurance policy or contact information for your insurance agent.

We recommend you start by reviewing the Mortgage Checklist to make sure you have everything you need. Next, complete a mortgage application. If you aren’t quite ready for that step, you can always start by talking to one of our Mortgage Loan professionals. We are readily available to answer any of your questions.  

To learn about the mortgage loan process, check out our Mortgage & Home Equity Learning Page or register for our Home Buyers Class and get some expert advice from our Mortgage Loan Officers while you connect with industry professionals. And, of course, we are always here to assist on the phone. Just call us at 503.588.0181.

We’d be happy to discuss what options are available to you. The term “First Time Home Buyer loan” has become a key marketing term used in the mortgage industry for years now.  Generally, lenders offer options with a low down payment to help first-time buyers get into a home without the need for 20% down.  These options can change so it’s important to reach out to a Mortgage Loan Officer to find out what works best for you.

Yes. You must be a Maps member to apply for a mortgage. Contact us directly or click here to learn more about becoming a member.

Everyone’s circumstances are different, and we won’t be able to get a true and accurate estimate of your approval odds until we have a full application and have evaluated your credit history. The good news is that we are here to help! Generally, the size of the loan you qualify for is determined by your debt-to-income ratio. Contact one of our Mortgage Loan Officers today and we can help you determine what you qualify for.

Our general rates are posted online. The rate you qualify for is very specific to you and your situation. However, we offer many different loan types and there are lots of different options within each loan type. Speak to one of our Mortgage Loan Officers for a more detailed idea of the rate you would qualify for.

You aren’t just a number or a transaction when working with our team. We know you have goals, needs, and wants—and we are here to help you reach those! As your local not-for-profit credit union, we pride ourselves on educating our members so they can make the best financial decisions possible.  We pride ourselves on helping our community. We do this by offering our loans with low fees and hard-to-beat rates. We want to make sure you know and understand all your options so you can secure the best loan for your unique scenario.

We love that idea! However, where you are in the overall process could create some challenges. Make sure you speak with one of our Mortgage Loan Officers first before you cancel or stop the loan process with your existing lender. We would love to earn your business but, more than that, we want you to be successful when buying your new home, no matter who the lender is.

To estimate your monthly payment, use our Mortgage Calculator. The payment estimate will be based on the terms of your loan and your home’s purchase price.

It is smart business to get the best rate you qualify for, but the interest rate on your loan is only one part of your overall mortgage terms—and may not be the most important part in the end. If you are rate shopping, make sure you are comparing apples to apples. Familiarize yourself with “Points” and how they affect your mortgage terms.  Don’t shy away from asking questions. 

You may qualify for a wide range of rates. If you simply opt for the lowest, you may find out that the “low” rate you were quoted will cost you thousands of dollars to get. Always ask for the RATE and FEES when shopping. The process may take time, but we’re happy to answer any questions you may have.

It typically takes 30 days to close on your mortgage once you’ve submitted all required paperwork and documents. However, closing times vary based on many factors, so check with your home loan advisor early to better understand when you can expect to close. If you’re planning to refinance your home, closing times are estimated to take 30-45 days.

The simple answer? The right time to purchase a home is when you are ready to purchase a home.  Waiting for “rates to get better”, “home values to go down”, or to “save up a larger down payment” may end up costing you more in the long run.  Unless you can accurately predict the future, why wait for an event that may or may not happen? If you are considering a home purchase, talk to one of our experienced Mortgage Loan Officers. We will help you determine if you are ready.