How the Mortgage Loan Process Works

Shopping for a mortgage loan? We can help! Give us a call today at 903-561-2603. Want to get started? Apply Now.

There's a lot to do when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple mortgage application and get the best loan check cut in one day. But Cooperative Teachers Credit Union does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in obtaining a loan.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where the process really begins and Cooperative Teachers Credit Union can really save you money. You will supply information on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll provide a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan that's right for your situation.

Step three: apply for your loan

Once you've made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires are available, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your date of closing. Since you will not need to worry about these details, you can think about the move, paint colors, new carpet, and all the details of moving into your new house.

You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! Cooperative Teachers Credit Union is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Cooperative Teachers Credit Union at 903-561-2603. We answer questions about the loan process every day.