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Choosing Your Mortgage

Thank you for considering Credit Union of New Jersey to finance your dream home! Obtaining a mortgage is the first step to home ownership. It's also the most important step. At Credit Union of New Jersey, our mortgage lenders can provide the personalized assistance to make your home financing go smoothly. Whether you purchase, build or refinance your home, we'll answer any questions that you may have about the mortgage process or procedures.

The Mortgage Process

Home buying, though an exciting time in your life, can also be a very involved process. Therefore, it helps to know exactly what goes into the mortgage process.

Your qualifications for a mortgage loan will be based on your ability to make your regular monthly payments. This assumes you have met the minimum down payment requirements and covered the costs of your closing. Consideration will also be given to your credit history, household income, and the appraisal of your new home's market value.

After we receive your completed application package, we appraise the property, verify income, and order your credit report. Once we obtain these items, your loan is reviewed by an underwriter. If everything is in order, we then prepare the loan for commitment. Once you accept the commitment and all the conditions are met, a closing can be scheduled. (Prior to the closing, a title search, and a survey of the property, if applicable, will be required.)

Home Buying Made Easy

With all the alternatives in today’s housing market, the first thing we’ll do is help you to identify the price range appropriate for your financial situation. We offer the convenience of our 24 Hour Online Mortgage Center. You can instantly pre-qualify for a loan, refinance, or use the handy mortgage calculator to find out just how much financing you really need.

Mortgage Loan Programs Available

Fixed Rate Mortgages
Adjustable Rate Mortgages (ARMs)
- 1 Year ARM - adjusts annually
- 3/1, 5/1 or 10/1 ARM - fixed for 3, 5 or 10 years, then converts to annual adjustments thereafter
Refinancing
Loans with no pre-payment penalty
Low down payment mortgages

The Closing

The closing is the final stage of the home buying process in which you pay for your new home and receive the title. Once all the checks and documents are signed and delivered, the keys to your new home are yours! We urge you to review the details presented here. We'd be delighted to answer any questions you may have, and we look forward to working with you in order to secure the home of your dreams.

Refinancing

Are you paying a high interest rate on your current mortgage? Would you prefer the security that a fixed rate mortgage has to offer? At Credit Union of New Jersey, we can recalculate your mortgage payments for you in less than 10 minutes over the phone. There’s no cost and no hassle. Call today(800-880-0785) to see how much you can save! Or, visit our Online Mortgage Center to use the free refinance calculators.

Learn more about our home loans.

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Application Checklist

We recommend that you bring the following items and information with you to the application meeting:

	Signed purchase/sales contract

	Social Security number(s)

	Information concerning your new home: - Annual taxes o Name of contact to arrange inspection - Address of new home

	Name and address of employer for past two years

	One month of most recent paystubs

	Two years of W2 forms

	Present annual income (if self-employed, last two years' tax returns are required)

	Name, address, account numbers, balances, and monthly payments for existing creditors (Non-CUNJ items)

	Two most recent savings/checking and investment statements (Non-CUNJ items)

	Listing of assets including: Life insurance coverage, stocks or bonds, automobiles owned, personal property, other assets

	Cash gifts require a gift letter, if applicable

	Closing Agent’s name, address and phone number

	If applicable, a complete summary of any of your real estate holdings. Please include the complete address, rental income, and the total monthly payments of mortgage, taxes, and insurance. Also include copies of your lease or rental agreement.