We asked our staff the most frequently asked questions they receive in regards to Mortgages. Here are the answers from Samantha Mulvaney, GSCU’s Assistant Vice President of Mortgage & Commercial Lending!
1. How do I start the mortgage process?
Starting the process is easier today than ever before. You can apply online or you can apply at one of our branches by sitting with a Member Service Representative. The application process can take from 30 minutes up to an hour to complete.
Whether you are looking to purchase your first home or refinance an existing home, we look forward to helping you through the process, every step of the way.
2. How do I know which mortgage option is the best fit for me?
Knowing what option is best for you, depends upon what you want to accomplish.
If you are purchasing a new home, a fixed rate option offers you a principal and interest payment that won’t change, while an adjustable rate offers a lower starting rate but will fluctuate with the market.
If you are refinancing, things to keep in mind include:
- Are you looking to lower your monthly payment or reduce your mortgage term?
- How many years do you have left on your existing mortgage?
- How much interest will you save over the life of the loan by refinancing?
- Are you looking to roll in closing costs or pay them out of pocket?
If you need assistance choosing your best option or mortgage product please contact our Mortgage Department at 1-800-645-4728 and we would be happy to assist you.
3. How long is the mortgage process?
The mortgage process typically takes 45 days from date of application to closing.
4. What are the interest rates?
Mortgage interest rates are set daily, and can be found on our website. You can also obtain the rates by calling a mortgage representative during normal business hours at 1-800-645-4728.
5. How much are closing costs?
Closing costs vary based on the type of loan transaction, such as a mortgage refinance versus the purchase of a new home. Once you have applied, a mortgage processor will be able to give you a rough estimate of your expected closing costs.
In general closing costs typically range from around $3,500 – $4,000 dollars. This figure would include the appraisal fee, credit report fee, attorney’s fees, title insurance, and flood determination fee.
In addition to the closing costs, most mortgage loans require an escrow account for property taxes and homeowners insurance. The amount needed to fund this escrow account varies based on the annual cost of these bills.
A purchase has other costs that are added to the above, such as state transfer taxes, which are calculated at $15.00 per thousand of the purchase price. Typically this cost is split between the buyer and the seller.
At GSCU, you’ll always deal with local, experienced Mortgage professionals because your servicing stays with us. If you have any other questions or want to learn more about our mortgages visit our website today.