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We know buying a home is a big financial decision, but our team is here to support you at every step of the way.
Benefits You’ll Love
- Mortgage Journey
- Frequently Asked Questions
- Mortgage Glossary
- HomeBuyer Education
Mortgage Journey with FCCU
Step 1: Loan Application
Once you have applied for your home loan, your loan officer will help you choose the best mortgage option for you. Within 3 days of a completed application, FCCU will provide a loan estimate to break down your financing costs. During this time, paperwork can be signed online through our borrower portal.
Step 2: Loan Processing
An appraisal and title work will be ordered for your home. Once completed, loan processing will review signed disclosures and make sure there is sufficient information to continue to underwriting. Your timely response when required documents are needed will help keep the process running smoothly!
Step 3: Loan Underwriting
FCCU will verify your work history and review financial documentation, title work, and appraisal information. Your loan officer may request additional documentation during this process to ensure the application meets your loan program's guidelines. Uploading documents through the borrower portal is a safe and secure way to submit your documents.
Step 4: Approval
Once we receive approval from underwriting, FCCU will work with the title company to finalize numbers, do a final check on employment, and make sure we have everything to create your closing documents. At least 3 business days prior to closing, a closing disclosure will be sent to you for signatures. This will outline all the closing costs associated with your loan.
Step 5: Closing Day
You will meet with the closing agent at the title company to review and sign closing documents. To save time at closing, FCCU allows for e-signing. Be sure to ask your Mortgage Loan Officer about this option.
Congratulations! You're now a proud home owner!
Frequently Asked Mortgage Questions
- How much of a down payment will I need? Different loan programs have different down payment requirements. FCCU offers a variety of programs that require less than 20% down payment so you can get into your home faster.
- What documents will my loan officer need to prequalify me? A few standard income documents like your prior two years personal tax returns and most recent pay-stubs, a valid ID and bank statements are needed for prequalification. Your loan officer will let you know which documents you need.
- How long is my prequalification good for? Prequalifications are good for 60 days. After a prequalification expires, provide updated documentation to your loan officer to receive a new prequalification letter.
- Why should I get prequalified for a home loan? Prequalifications are good for 60 days. After a prequalification expires, provide updated documentation to your loan officer to receive a new prequalification letter. A prequalification lets your realtor know you have reached out to a financial institution to obtain financing and you are committed to purchasing a new property. It also gives you a good idea how much you can afford for a house payment and what programs will benefit you.
- What is the difference between an appraisal and a home inspection? An appraisal provides the fair market value of the property. The appraiser ensures the property meets the standards for the loan program selected for your home loan. A home inspection is completed by an inspector who will determine the condition of the home and identifies any needed repairs. A home inspection is optional, but identifies any potential damage.
Our Home Loans Team is happy to answer any questions you have along the way. Reach out to one of our expert loan officers today!
Homebuyer Education Resources
F-M Homebuyer Class- This in person two day evening class is hosted from 5:00-9:00pm. Learn more.
eHome America- NDHFA, CommunityWorks North Dakota, and The Village Family Service Center have partnered to provide individuals and families with access to eHome America’s online Homebuyer Education program. The full course is available online and can be completed at your convenience. You’ll learn about the home buying process from start to finish. The cost is $99 per registration. To receive a discount that will lower the fee to $30, use the coupon code HOME30 when you register. Register here.
Mortgage Glossary
There are a lot of terms and acronyms you may hear on your mortgage journey from interest rate, to escrow, loan terms, and more. We're here to help you understand what they all mean.
Use this calculator to determine your projected earnings from our Kasasa Cash account. Move the sliders or type in the numbers to see your potential rewards.
- Estimated Annual Rewards $0
- Estimated monthly dividends earned* $0
- Monthly ATM fees refunded**$0
This calculator compares the costs of buying or leasing a vehicle. There are three sections to complete, and you can adjust and experiment with different scenarios.
- Net cost of buying $0
- Net cost of leasing $0
A fixed-rate, fixed-term CD can earn higher returns than a standard savings account. Use this calculator to get an estimate of your earnings. Move the sliders or type in numbers to get started.
- Total value at maturity $0
- Total dividends earned $0
- Annual Percentage Yield (APY)0.000%
Whether it's a down payment, college, a dream vacation...a savings plan can help you reach your goal. Use the sliders to experiment based on length of time and amount per month.
- Monthly deposit needed to reach goal $0
This calculator can help you get a general idea of monthly payments to expect for a simple loan. Move the sliders or type in numbers to get started.
- Estimated monthly payment $0
- Total paid $0
- Total interest paid $0
Kasasa Cash*
| Balance | Rate | APY |
|---|---|---|
| 0 - $25,000 | 2.47% | 2.50% |
| $25,000+ | 0.15% | 2.50% to 0.62% |
| All balances if qualifications not met | 0.02% | 0.02% |
Qualifications to Earn Rewards
Enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Cash® account during each Monthly Qualification Cycle:
- At least 12 debit card purchases
- Be enrolled in and agree to receive eStatements
- Be enrolled in and log into online banking
If you don’t qualify this monthly qualification cycle, your account is still free. Plus, you’ll still earn the base interest rate for your account. Then, next month, you can get right back to earning your full rewards.
Kasasa Saver*
| Balance | Rate | APY |
|---|---|---|
| 0 - $25,000 | 0.25% | 0.25% |
| $25,000+ | 0.15% | 0.25% to 0.17% |
| All balances if qualifications not met | 0.02% | 0.02% |
Qualifications to Earn Rewards
Qualifying for your Kasasa Cash or Kasasa Cash Back® rewards automatically qualifies you for the highest Kasasa Saver rate, too. Enrollments must be in place and all of the following transactions and activities must post and settle to your Kasasa Cash or Kasasa Cash Back account during each Monthly Qualification Cycle:
- At least 12 debit card purchases
- Be enrolled in and agree to receive eStatements
- Be enrolled in and log into online banking
If you don’t qualify this monthly cycle, your account is still free and you’ll still earn the base interest rate. Plus, you’ll get right back to earning your rewards the very next month.
APY = Annual Percentage Yield. Rates and APYs accurate as of 1/1/2021. Rates and rewards are variable and may change after account is opened. Fees may reduce earnings.