Mortgages

To help serve our members efficiently and with the least amount of anxiety during the purchase of a new home or that of refinancing an existing property, the loan department at Cleveland Selfreliance Federal Credit Union has established the following guidelines and timeframe for new applications.

If a member prefers, this can also be done at our main branch by appointment only.

Those interested, can proceed by entering their information which, once complete, will inform the loan department. A credit union employee will contact the member(s) within 24 business hours to discuss the options available to them and to potentially issue a pre-approval letter, if applicable.

With pre-approvals there is no loan guarantee, it is simply a document that states that an authorized credit union representative has completed a preliminary review of the member’s creditworthiness. The final approval decision is ultimately made by the credit committee not the loan department, nor its manager.

The following is the minimum required for a pre-approval letter and ultimately for the official loan application:

1. Two (2) years (most recent) of Federal tax returns (Form 1040) and all attached schedules, W-2s, and 1099s. The 1040 must be signed.
2. Two (2) months (most recent) of paystubs for borrowers who are not self-employed. Those who are self-employed must contact their tax preparer and request a Profit & Loss statement (year-to-date statement) that is signed and “Reviewed and Verified” by the tax preparer or accountant. Likewise, self-employed individuals must provide copies of the canceled checks from their quarterly estimated tax payments.
3. Two (2) months (most recent) of bank (savings/checking), investment, credit (student loan/automobile loan, etc.) statements, and any other relevant financial documentation.
4. Current driver’s license and social security card. Permanent residents (green card holders) must also provide the loan department with their original U.S. immigration status card and foreign-issued passport for copies.

Please contact us if any of the previously discussed information has changed prior to signing a purchase agreement (purchase contract).

Within three (3) days of the Loan Department’s receipt of a new purchase agreement (purchase contract), we will issue a Loan Estimate to the prospective borrower. This document will show the estimated costs provided to us by the title company for their respective work, and will include our costs. This document will also include the calculated monthly payment for the loan for which the contract stipulates.

The Loan Estimate serves as a guideline for borrowers to make a final decision about whether to proceed by giving them the necessary information to anticipate costs and to compare them with other prospective lenders. This document will also show the interest rate for the respective loan which will be locked on a separate document for 60 days.

Please note: signing the Loan Estimate does not contractually obligate the borrower to any loan.

If the members wish to proceed, they must acknowledge receipt of the Loan Estimate and submit it along with an official loan application through our online mortgage portal. A loan department representative is available by appointment only to help guide members through this process.

Please Note: Mortgage rates will be locked for 60 days once a contract is received, and the application is fully completed. Pre-approvals issued DO NOT guarantee the rate.

For current rates please check with the mortgage department directly at the credit union.

Once a fully completed and signed application is received along with uploaded documents, applicants can expect to have a loan decision from the credit committee within approximately two (2) weeks. In some cases, this may take slightly longer due to our reliance on third party vendors. If loan approval is granted, the borrowers should expect another 2-4 weeks prior to closing (loan disbursement and transfer of title).

We look forward to helping you purchase your new home or refinance. Should you have any questions, please feel free to call us at (440) 884-9111 or email at mortgage@clevelandselfreliance.com.