Bank at One Source Federal Credit Union | El Paso TX, Las Cruces NM |

Mortgage Process

11 Steps to Homeownership

Getting a home loan doesn’t have to be difficult! The mortgage experts at One Source FCU and Member First Mortgage will work with you throughout the mortgage process, answering your questions and offering advice every step of the way!

STEP

COMPLETE OUR APPLICATION

Complete a pre-approval application
Gather the required documents

STEP

CONTACT A REAL ESTATE AGENT

Provide your real estate agent with a list of your wants/needs in a home, and your pre-approval letter

STEP

FIND YOUR PERFECT HOME

Looking online or using a real estate agent can be great resources

STEP

SIGN A PURCHASE AGREEMENT

Once you’ve found the perfect home, you’ll need to sign a purchase agreement so we can begin the mortgage financing process

STEP

LOAN ESTIMATE / EARLY DISCLOSURES RECEIVED

Sign initial disclosures
Rate lock forms
Supply financial information
Pay for Appraisal
Remember, the quicker you send these items back, the sooner you can get to closing.

STEP

LOAN FILE GOES TO UNDERWRITING

Additional information may be requested from the Underwriter(s) working on your loan.

STEP

APPRAISAL ORDERED

A licensed appraiser will setup an appointment to assess the home in-person, and provide an appraised value.

STEP

APPRAISAL RECEIVED

If the appraised value is at or above the purchase price, you can move forward with your loan!
If the appraised value is lower, you will need to discuss a new agreement (go back to step 4).

STEP

UNDERWRITING CONDITIONS CLEARED

You are now clear to close on your mortgage!

STEP

SCHEDULE CLOSING

Final closing disclosure will be sent 3-5 business days prior to closing.
Obtain/supply a cashier’s check for “Cash-to-Close” 1-2 days before closing date.

STEP

CLOSING DAY!

Don’t forget to bring your driver’s license.

REMEMBER: Every mortgage is unique. This step-by-step process is simply to serve as a general outline of what you can expect during the mortgage process. We make no guarantees in regards to timelines, required documentation, approval, etc.

START THE APPLICATION PROCESS

Back to Mortgage Resource Center

Partnership with MemberFirst Mortgage

One Source Federal Credit Union has been taking care of our members for more than 80 years! To expand that care and better serve our members, we have partnered with Member First Mortgage (MFM) to provide you with a great selection of mortgage programs, competitive rates, and excellent service!

Built on the Credit Union philosophy of “People Helping People”, Member First Mortgage (MFM) is a Credit Union Service Organization, wholly owned by Michigan-based Credit Union’s. MFM has served the home financing needs of Credit Union members and individual borrowers since 2001. As a full service mortgage lender with an experienced staff, MFM offers expertise in all aspects of mortgage lending; from purchase to refinance. Through our partnership with MFM, we can offer our members a wide variety of home loan options to fit their unique needs and goals.

Together with Member First Mortgage, we now offer a full suite of conventional and government loan programs; including FHA, Rural Development/USDA and VA (Veterans Administration), as well as conventional fixed rate and adjustable rate programs, jumbo loans and more!

Ready to get started? Contact us today or apply at: 800.532.0223 or apply online

onesource.org
NMLS ID# 1505224
800.532.0223

memberfirstmortgage.com
NMLS ID#143532
866.898.1818