Question 1

Do you finance home equity line of credit (HELOC)?

Accepted Answer

Yes, we do! Get started online to begin the loan application process. It only takes 3 minutes to complete.

Question 2

Do I have to have an appraisal to refinance my mortgage?

Accepted Answer

We typically do recommend re-evaluating your home to get an updated snapshot of how much equity you’ve built up with all your hard work, but we do have other methods to evaluate what your home is worth.

Question 3

Can I setup an automatic payment for my mortgage payment?

Accepted Answer

Yes. You can set up automatic loan payments in just a few minutes. Contact us to learn more.

Question 4

Can I make loan payments online or via my mobile phone?

Accepted Answer

Yes! You can make loan payments via Online Banking or the mobile app.

Question 5

How is my mortgage loan payment calculated?

Accepted Answer

A mortgage payment is calculated using four components.

 	Home purchase price
 	Down payment
 	Monthly Homeowner Association (HOA) dues
 	Mortgage escrow (annual property tax and home insurance costs)

Wondering what you can afford? Check out our Mortgage Calculators.

Question 6

What is mortgage escrow?

Accepted Answer

A mortgage escrow account is a savings account that your loan servicer will place a portion of your loan payment into each month to pay property taxes and insurance premiums.

Question 7

Can I apply for a mortgage loan online?

Accepted Answer

You can begin the application process online, and it only takes about 3 minutes to complete. Get started on your application now.

Question 8

What do I need to qualify for a home purchase?  What programs are available?

Accepted Answer

We have flexible options with credit score, income, and creative ways to help with your down payment. Marine Credit Union supports conventional, USDA, FHA, VA, WHEDA and ITIN loans. Our lending team will assist in finding you the best loan fit.

Question 9

Who pays for closing costs?

Accepted Answer

Usually, the buyer is responsible for paying closing costs, and the amount will vary from transaction to transaction.

Question 10

How much does closing cost?

Accepted Answer

The amount you pay in closing costs will vary but commonly depends on three key factors:

 	The price of the home
 	The location of the home
 	Whether you’re buying or refinancing

Marine Credit Union offers a variety of free budgeting and financial planning tools. Learn all about closing costs and use our free online calculator to calculate your home closing costs.

Question 11

What causes delays with closing?

Accepted Answer

Your closing date can be pushed back (by days or weeks) if you encounter unexpected issues. Some things that might delay closing on a house include:

 	Changes to your credit. If your credit score has been impacted by a significant change in income, making large purchases, or taking out other loans to affect your debt-to-income ratio (DTI), your credit may need to be re-evaluated by the lender, and this may delay closing.
 	A low appraisal. If your appraisal comes in lower than the contracted sale price, you may need to renegotiate with the seller, which may delay closing.
 	Title issues. If the seller of the home has unresolved liens, judgments, or ownership disputes on the home and these issues are uncovered during transfer of the house title, closing can be delayed.
 	Home sale contingency. If your contract dictates that you can’t close on a new home until your previous home sells, your closing date may be delayed.

Question 12

How long after closing can you move in?

Accepted Answer

In some cases, the sellers will hand over the keys on the same day as closing. Generally, however, sellers have 7 to 10 days to vacate the home after the closing date.

Question 13

What to expect at closing?

Accepted Answer

Closing day is the day you sign the final paperwork on your loan. Expect to set aside 1.5 to 2 hours for the closing meeting. Buyers usually attend the closing meeting in person, but sellers can sometimes sign the paperwork ahead of time and don’t need to be in attendance.

During the closing meeting, you’ll sign documents and make your down payment; then, your lender will wire the balance of the sale price. Here’s how to prepare for your closing meeting:

What you’ll sign at closing:

 	The promissory note, which commits you to repay the loan.
 	The mortgage (may also be called the Deed of Trust or security instrument).
 	The escrow disclosure detailing the fees incorporated into your monthly payments for taxes and insurance.
 	A right-to-cancel form, allowing you three business days to back out of the deal.
 	Other disclosures, disclaimers, and government-mandated documents.

What to bring to closing:

 	Your government-issued ID, such as a driver’s license or passport,
 	A cashier’s check for the amount of your down payment,
 	Proof of homeowners’ insurance, and
 	The purchase and sale contract.

Question 14

How long does closing on a house take?

Accepted Answer

One of the first questions many homebuyers ask is, “How long does closing take?” Closing on the purchase of a home can take anywhere from 7 to 60 days, and the timing depends on multiple factors.

According to the Ellie Mae Origination Insight Report, the average time to close a home in 2021 was 50 days.

Question 15

What is house closing?

Accepted Answer

Especially if you’re a first-time homebuyer, you might be wondering exactly what it means to close on a house. When you buy a home, closing is the last step in the process. It is when you finalize all the details of the transaction and sign the final paperwork on your loan.

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