The offer you made on your home loan was accepted (good for you!) and there is nothing wrong (and everything right!) about having a celebratory dinner as you picture turning this house into the home of your dreams.
But there are a few more steps to take before you can actually close the deal. This post provides step-by-step guidance. If, at any point along the process, you have questions, simply call us at one of the numbers listed below:
Brevard: 321-752-2222, option 3
Broward: 954-704-5000, option 3
Miami-Dade: 305-882-5000, option 3
All Other Areas: 800-447-7228, option 3
Step One: Send Us Your Contract
You’ll want to get the process started as soon as possible, so send us the purchase agreement you signed with the seller of the home.
Step Two: Home Appraisal and Inspection Time
Your home will be appraised by a professional, who will provide you with a detailed report on your home’s value. The home inspection will help to ensure that that there aren’t any unexpected problems. At this point, you’ll need to forward SCCU the funds to cover the appraisal.
Step 3: Get Covered with Home Insurance
You’ll want to shop around to get the best homeowner’s insurance policy for your situation. Once you get a policy, you’ll need to send us proof of insurance. Flood insurance is sometimes required, depending upon where the home is located—here is more information on flood insurance
Step 4: Gather Financial Documents Together
You will typically need the last two years of tax returns for all borrowers who will be on the mortgage note, along with the last two pay stubs for each. Also gather together the last two months of bank statements for each of the accounts you will list on your application, as well as any accounts where your down payment and closing costs are being held.
Step 5: Apply for Your Home Mortgage Loan
When you apply for your mortgage loan, you’ll provide your employment and income information, along with a list of assets and debts. You’ll need to choose which loan program
you want (fixed or adjustable), along with the number of years on the loan. If you need guidance on which program is best for your needs, simply call the SCCU mortgage department at the numbers above.
After you apply, we’ll provide you an estimate of your closing costs, your mortgage payment (principal, interest, property taxes and insurances), and how much you will pay back in total over the loan’s life.
Local decision makers will promptly review your application at SCCU. We know how excited you are to get into your new home!
Step 6: Sign Your Mortgage Papers
Once your loan is approved, you’ll sign a stack of papers, including a document that details exact closing costs. You’ll pay your down payment and the closing costs and, when this closing procedure is done, the home is officially yours.
Space Coast Credit Union