By July 08, 2021 Home loans
Upgrading your home can be daunting and Verity Credit Union is here to help. Whether you are looking to find a bigger home so you can have a home office, more space for the family, or a bigger backyard, we can help.
Let’s address the elephant in the room: purchasing a bigger home does come with a price tag. But we’re here to help you clear all of the confusion of purchasing a larger home. Check out some common questions and answers.
Q: Do I need to sell my home before applying for a new home loan?
A: No you don’t! Our mortgage officers are excellent in working with you to find out the best path to achieve your goal.
Q: Do I need anything with me during the application?
A: We do not require anything at the time of application but it is recommended to have your two most recent tax returns to help the process move along faster.
Q: What does the mortgage process look like?
A: The process, overall, is not complicated. In general, you apply for the loan, get pre-approved with an estimate of your closing costs for the loan amount, find your new place and have an offer accepted, have the property appraised, and if everything looks good, you close on the property and have a new place! If you would like to see more details of the process, check out our mortgage education page for more information. And remember, Verity is waiving all origination fees!
Q: What is a bridge loan and does Verity offer it?
A: A bridge loan is temporary financing in order to cover a short interval between two transactions, typically the buying of one house and the selling of another. This loan is used to “bridge” financing from one transaction to another (selling and buying a home). At this time, Verity does not offer bridge loans.
Q: How much can I afford?
A: Check out our mortgage calculator! This will show you an estimate based off of your income.
Whether it’s a new home office or a bigger backyard for Fido, Verity can help achieve your goals. With low down payment options, zero origination fees, competitive rates, and a guarantee that the mortgage will always be serviced by Verity, what else would you need? Apply now and start dreaming about your new office today!
Contributed by Anthony Rice, member consultant II at Greenwood's Verity branch