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CalculatorsThere are many financial decisions involved in purchasing or refinancing a home. The calculators we provide here can help you decide some of those decisions.
Your PropertyWhen you buy or refinance a home, the property is used as collateral for the loan. Here's what the lender is looking for and why.
What is an appraisal?
An appraisal is a required written description and estimate of the value of the property. Appraisals follow a specific format and are done by licensed professionals in most states.
After the appraiser inspects the property, they’ll compare the features of your home (including design, square footage, number of rooms, lot size, age, etc.) with other homes that have sold recently in the same neighborhood. The comparable sales approach is the most important valuation method in the appraisal because a property is worth only what a buyer is willing to pay and a seller is willing to accept.
What types of things will an underwriter look for when they review the appraisal?
In addition to verifying that your home's value supports your loan request, we'll also verify that your home is as marketable as others in the area. We'll want to be confident that if you decide to sell your home, it will be as easy to market as other homes in the area.
We certainly don't expect that you'll default under the terms of your loan and that a forced sale will be necessary, but as the lender, we'll need to make sure that if a sale is necessary, it won't be difficult to find another buyer.
We'll review the features of your home and compare them to the features of other homes in the neighborhood. For example, if your home is on a 20-acre lot, or has a large accessory building, we'll want to make sure that there are other homes in the area on similar size lots or with similar outbuildings. It is hard to place a value on such unique features if we can't see what other buyers are willing to pay for them. In some areas, additional acreage or outbuildings could actually be a detriment to a future sale. Finding comparable properties can be more challenging in rural areas where it is more difficult to find homes that have similar features.
We'll also make sure that the value of your home is in the same range as other homes in the area. If the value of your home is substantially more than other homes in the neighborhood, it could affect the market acceptance of the home if you decide to sell.
We'll also review the market statistics about your neighborhood. We'll look at the time on the market for homes that have sold recently and verify that values are steady or increasing.
Will I get a copy of the appraisal?
As soon as we receive your appraisal, we'll update your loan with the estimated value of the home. We will promptly give you a copy of any appraisal, even if your loan does not close.
Are there any special requirements for condominiums?
Since the value and marketability of condominium properties is dependent on items that don't apply to single family homes, there are some additional steps that must be taken to determine if condominiums meet our guidelines.
One of the most important factors is determining if the project that the condominium is in is complete. In many cases, it will be necessary for the project, or at least the phase that your unit is located in, to be complete before we can provide financing. The main reason for this is, until the project is complete, we can't be certain that the remaining units will be of the same quality as the existing units. This could affect the marketability of your home.
In addition, we'll consider the ratio of non-owner occupied units to owner-occupied units. This could also affect future marketability since many people would prefer to live in a project that is occupied by owners rather than renters.
We'll also carefully review the appraisal to insure that it includes comparable sales of properties within the project, as well as some from outside the project. Our experience has found that using comparable sales from both the same project as well as other projects gives us a better idea of the condominium project's marketability.
Other items will also need to be reviewed, such as a condominium questionnaire. We will provide you with the questionnaire, which will need to be completed by your Home Owner's Association.
I'm purchasing a home, do I need a home inspection AND an appraisal?
Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you've found the perfect home.
The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.
However, appraisers are not construction experts and won't find or report items that are not obvious. They won't turn on every light switch, run every faucet or inspect the attic or mechanicals. That's where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.
Accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.
I've heard that some lenders require flood insurance on properties. Will you?
Federal Law requires all lenders to investigate whether or not each home they finance is in a special flood hazard area as defined by FEMA, the Federal Emergency Management Agency. The law can't stop floods. Floods happen anytime, anywhere. But the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 help to ensure that you will be protected from financial losses caused by flooding.
We use a third party company who specializes in the reviewing of flood maps prepared by FEMA to determine if your home is located in a flood area. If it is, then flood insurance coverage will be required, since standard homeowner's insurance doesn't protect you against damages from flooding.
Loans, Rates & FeesWhen it comes to home financing, there are many different options to choose from. How do you find the loan that's best for you? Here is some information to help you.
What is an adjustable rate mortgage (ARM)?
Adjustable-rate mortgages (ARMs) are mortgages where the interest rate you pay adjusts at a specified time and frequency. There are many different ARM products, but generally they offer a lower initial rate than a 30-year fixed and they adjust with market trends. Therefore, when your initial rate period ends and your ARM is ready to adjust, you may pay more (with higher current market trends) or less (with lower current market trends) than your initial rate. Generally, ARMs follow this pattern: the shorter the initial term, the lower the initial rate.
An ARM has an initial fixed period followed by semi-annual repricing. For example, a 3/6 ARM would keep its initial rate for three years, followed by a rate adjustment every six months, while a 7/6 ARM would keep its initial rate for seven years, followed by a rate adjustment every six months.
Should I pay discount points in exchange for a lower interest rate?
Discount points are considered a form of interest. Each point is equal to one percent of the loan amount. You pay them, up front, at your loan closing in exchange for a lower interest rate over the life of your loan. This means more money will be required at closing, however, you will have lower monthly payments over the term of your loan.
To determine whether it makes sense for you to pay discount points, you should compare the cost of the discount points to the monthly payments savings created by the lower interest rate. Divide the total cost of the discount points by the savings in each monthly payment. This calculation provides the number of payments you'll make before you actually begin to save money by paying discount points. If the number of months it will take to recoup the discount points is longer than you plan on having this mortgage, you should consider the loan program option that doesn't require discount points to be paid.
If you'd prefer not to make this calculation the "old-fashioned way," we have a discount points calculator!
Is comparing APRs the best way to decide which lender has the lowest rates and fees?
The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term.
Also, unfortunately, the APR doesn't include all the closing fees and lenders are allowed to interpret which fees they include. Fees for things like appraisals, title work, and document preparation are not included even though you'll probably have to pay them.
For adjustable rate mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.
You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Look at total fees, possible rate adjustments in the future if you're comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.
Don't forget that the APR is an effective interest rate--not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.
Are there any prepayment penalties charged for these loan programs?
None of the loan programs we offer have penalties for prepayment. You can pay off your mortgage any time with no additional charges.
Tell me more about closing fees and how they are determined.
A home loan often involves many fees, such as the appraisal fee, title charges, closing fees and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender or broker should be able to give you an estimate of their fees, but it is more difficult to tell which lenders have done their homework and are providing a complete and accurate estimate. We take quotes very seriously. We've completed the research necessary to make sure that our fee quotes are accurate to the city level - and that is no easy task!
To assist you in evaluating our fees, we've grouped them as follows:
Third Party Fees
Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.
Third party fees are fees that we'll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee and a title company or an attorney is paid the title insurance fees.
Typically, you'll see some minor variances in third party fees from lender to lender since a lender may have negotiated a special charge from a provider they use often or chooses a provider that offers nationwide coverage at a flat rate.
Taxes and other unavoidables
Fees that we consider to be taxes and other unavoidables include: State/Local Taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay it. It probably means that the lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.
Fees such as discount points, document preparation fees and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.
This is the category of fees that you should compare very closely from lender to lender before making a decision.
You may be asked to prepay some items at closing that will actually be due in the future. These fees are sometimes referred to as prepaid items.
One of the more common required advances is called "per diem interest" or "interest due at closing" . All of our mortgages have payment due dates of the 1st of the month. If your loan is closed on any day other than the first of the month, you'll pay interest, from the date of closing through the end of the month, at closing. For example, if the loan is closed on June 15, we'll collect interest from June 15 through June 30th at closing. This also means that you won't make your first mortgage payment until August 1st. This type of charge should not vary from lender to lender, and does not need to be considered when comparing lenders. All lenders will charge you interest beginning on the day the loan funds are disbursed, it is simply a matter of when it will be collected.
If an escrow or impound account will be established, you will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the bills when they become due.
If your loan requires mortgage insurance, up to two months of the mortgage insurance will be collected at closing. Whether or not you must purchase mortgage insurance depends on the size of the down payment you make.
If your loan is a purchase, you'll also need to pay for your first year's homeowner's insurance premium prior to closing. We consider this to be a required advance.
What is title insurance and why do I need it?
If you've ever purchased a home before, you may already be familiar with the benefits and terms of title insurance. But if this is your first home loan or you are refinancing, you may be wondering why you need another insurance policy.
The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and especially your mortgage lender, want to make sure the property is indeed yours: That no individual or government entity has any right, lien, claim, or encumbrance on your property.
The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.
Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies:
1) Owner's Policy. This policy covers you, the homebuyer.
2) Lender's Policy. This policy covers the lending institution over the life of the loan.
Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner's policy that was issued when you purchased the property, so we'll only require that a lender's policy be issued.
Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company's own title plant.
After a thorough examination of the records, any title problems are usually found and can be cleared up prior to your purchase of the property. Once a title policy is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense of your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.
The fact that title companies try to eliminate risks before they develop makes title insurance significantly different from other types of insurance. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen future event, say a fire, accident or theft. On the other hand, the purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that may have happened in the past.
This risk elimination has benefits to both the homebuyer and the title company. It minimizes the chances that adverse claims might be raised, thereby reducing the number of claims that have to be defended or satisfied. This keeps costs down for the title company and the premiums low for the homebuyer.
Buying a home is a big step emotionally and financially. With title insurance you are assured that any valid claim against your property will be borne by the title company, and that the odds of a claim being filed are slim indeed.
What is mortgage insurance and when is it required?
First of all, let's make sure that we mean the same thing when we discuss "mortgage insurance". Mortgage insurance should not be confused with mortgage life insurance, which is designed to pay off a mortgage in the event of a borrower's death. Mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against the additional risk associated with low down payment lending. Low down payment mortgages are becoming more and more popular, and by purchasing mortgage insurance, lenders are comfortable with down payments as low as 5% of the home's value. It also provides you with the ability to buy a more expensive home than might be possible if a 20% down payment were required.
The mortgage insurance premium is based on loan to value ratio, type of loan, and amount of coverage required by the lender. Usually, the premium is included in your monthly payment and one to two months of the premium is collected as a required advance at closing.
It may be possible to cancel private mortgage insurance at some point, such as when your loan balance is reduced to a certain amount - below 75% to 80% of the property value. Recent Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78% of the original property value. If you have any questions about when your mortgage insurance could be cancelled, please contact your a Credit Union Representative.
What do I need to know about closing fees?
Our origination fee is $995-$1930, depending on the mortgage amount and the loan type. This is the only fee paid directly to Alliant Credit Union. The rest of the closing fees you will pay are pass-through fees paid to third parties. They will vary by geographic location and property type, and may include:
- Appraisal Fee
- Courier Fee
- Credit Report fee
- Flood Certification Fee
- Tax Service Fee
- Title Fees (including Closing Fee and Title Insurance)
- Government Recording Charges
When is private mortgage insurance needed?
Lender-Paid Mortgage Insurance (LPMI) is generally required when your down payment is less than 20%. If your Alliant mortgage requires LPMI, then the cost of the mortgage insurance is built into your interest rate. Alliant pays the mortgage insurance premium, saving you the hassle of making an additional payment each month.
The Alliant Advantage Mortgage (AAM) Program is designed for very well-qualified borrowers and allows you to put down less than 20% without private mortgage insurance (PMI) payments. For first-time homebuyers, AAM offers loan amounts up to $500,000 with 0% down with no pricey PMI. If you’re not a first-time homebuyer, you can buy a new home with as little as 5% down (or refinance with 5% equity), and eliminate PMI with AAM.
The mortgage insurance premium you’ll pay is based on the loan-to-value ratio, the type of loan and the amount of coverage required Alliant. It may be possible to cancel private mortgage insurance at some point, such as when you’ve paid your mortgage balance down to a certain amount (generally 80% of your home’s value)
What’s the difference between a fixed-rate and adjustable-rate mortgage?
Fixed-rate mortgages provide more stability than an adjustable-rate mortgage (ARM) but could be more expensive. With a fixed-rate mortgage, your rate and principal and interest payments remain the same for the entire term of the loan. People like fixed rates because of the rate stability. You could manage a budget better knowing your mortgage payment will never change.
ARMs are mortgages where the interest rate you pay adjusts at a specific time and frequency. For the initial period, your rate and payments will stay the same and then adjust with market trends. For example, your rate will change on the 11th year of a 10/6 ARM. The rate may go up or down, depending on the market. ARMs may be good for people who plan to move or refinance before their rate changes.
How to choose between a 15-year and 30-year fixed?
The shorter the loan term, the less you’ll pay in interest over the long run, but the larger the monthly payment will be. A 15-year fixed mortgage will allow you to pay less in interest over time than a 30-year mortgage. It will also allow you to build equity in your home more quickly.
A 30-year fixed mortgage could have lower monthly payments than a 15-year mortgage. Note: Alliant mortgages do not have prepayment penalties. So, even with a 30-year fixed mortgage, you could make extra payments to reduce the total amount of interest you pay.
Your ApplicationApplying for a mortgage can be very intimidating. You're asked specific details about your income, assets, and debts. Here we will give you information that will let you know how that information is used when applying for a mortgage.
Can I apply for a loan before I find a property to purchase?
Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we'll issue a pre-qualification approval prior to you finding the perfect home. Pre-Approved or Pre-Qualified terms are often used interchangeably. The key to either one is to make sure the lender gets a good picture of your financial situation before a letter is generated. A full mortgage application (income, assets, and liabilities) should be reviewed along with a credit report. If additional documentation is reviewed by the lender, such as tax returns for a complicated income situation, the Pre-Approval or Pre-Qualification is even stronger. Remember that until the property is identified, either document is based off estimated figures for insurance and Real Estate taxes. These can vary depending on property type and location. This is a strong first step in shopping for a home and will give you a better idea how much you can afford. You are in a better position to negotiate and you will avoid wasting time looking at homes outside your price range.
When you find the perfect home, you'll simply call your Home Finance Consultant to complete your application.
Will I be charged any fees if I authorize my credit information to be accessed?
There is no charge to you for the credit information we'll access with your permission to evaluate your application on-line. You will only be charged for a credit report if you decide to complete the application process after your loan is approved.
What can you expect when you apply for a mortgage?
First, you'll complete our on-line application.
The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. As soon as you've finished the application we'll review your request for approval.
On the next business day after you have completed your application, a Processor will contact you to introduce themselves and to answer any questions you may have. Your Processor is a mortgage expert and will provide help and guidance along the way. If your request wasn't approved on-line, they'll ask you for any information required to make a decision about your loan.
You will receive a packet of materials in the mail that includes important disclosures relating to your application. The packet will contain papers for you to sign along with a list of items we’ll need in order to verify the information provided.
We'll order the appraisal from a licensed appraiser who is familiar with home values in your area.
Title insurance will be necessary. This should be ordered by your closing agent as soon as possible.
Your Processor will keep you informed every step of the way via e-mail.
After we receive these materials back from you and the appraisal and title work, we'll contact your closing agent to schedule your loan closing.
That's all there is to it! You're on your way to the most convenient home loan ever!
I'm self-employed. How will you verify my income?
Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.
We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns. Typically, we'll need a full two-year history of self-employment to verify that your self-employment income is stable.
Will my overtime, commission, or bonus income be considered when evaluating my application?
In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We'll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.
If you haven't been receiving bonus, overtime, or commission income for at least one year, it probably can't be given full value when your loan is reviewed for approval.
I am retired and my income is from pension or social security. What will I need to provide?
We will ask for copies of your recent pension check stubs, or Credit Union or bank statement if your pension or retirement income is deposited directly in your Credit Union or bank account. Sometimes it will also be necessary to verify that this income will continue for at least 3 years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you don't have an award letter, we can contact the source of this income directly for verification.
If you're receiving tax-free income, such as social security earnings in some cases, we'll consider the fact that taxes will not be deducted from this income when reviewing your request.
If I have income that's not reported on my tax return, can it be considered?
Generally, only income that is reported on your tax return can be considered when applying for a mortgage. Unless, of course, the income is legally tax-free and isn't required to be reported.
Some lenders may offer a stated income program, which means that you can be qualified for a loan based on the income you state rather than that which can be verified. Usually these programs require larger down payments and offer interest rates that are substantially higher than regular mortgage rates. We do not offer stated income programs at this time.
How will rental income be verified?
If you own rental properties, we'll generally ask for the most recent year's federal tax return to verify your rental income. We'll review the Schedule E of the tax return to verify your rental income, after all expenses except depreciation. Since depreciation is only a paper loss, it won't be counted against your rental income.
I have income from dividends and/or interest. What documents will I need to provide?
Generally, two years personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes.
Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.
Do I have to provide information about my child support, alimony or separate maintenance income?
Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.
Will my second job income be considered?
Typically, income from a second job will be considered if a one-year history of secondary employment can be verified.
I am relocating because I have accepted a new job that I haven't started yet. How should I complete the application?
Congratulations on your new job! If you will be working for the same employer, complete the application as such but enter the income you anticipate you'll be receiving at your new location.
If you're employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you'll be leaving should be entered as a previous employer. We'll need to have a current paystub from your new employer before closing. We'll sort out the rest of the details after you submit your loan for approval.
I've had a few employers in the last few years. Will that affect my ability to get a new mortgage?
Having changed employers frequently is typically not a hindrance to obtaining a new mortgage loan. This is particularly true if you made employment changes without having periods of time in between without employment. We'll also look at your income advancements as you have changed employment.
If you're paid on a commission basis, a recent job change may be an issue since we'll have a difficult time of predicting your earnings without a history with your new employer.
I was in school before obtaining my current job. How do I complete the application?
If you were in school before your current job, enter the name of the school you attended and the length of time you were in school in the "length of employment" fields. You can enter a position of "student" and income of "0."
I'm getting a gift from someone else. Is this an acceptable source of my down payment?
Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower. We'll ask you for the name, address, and phone number of the gift giver, as well as the donor's relationship to you.
If your loan request is for more than 80% of the purchase price, we'll need to verify that you have at least 5% of the property's value in your own assets.
Prior to closing, we'll verify that the gift funds have been transferred to you by obtaining a copy of your Credit Union or bank receipt or deposit slip to verify that you have deposited the gift funds into your account.
Do I have to be a Credit Union member to apply for a mortgage loan?
No, not to apply, however you will need to join Alliant Credit Union prior to closing your mortgage loan. Membership entitles you to take advantage of our unbeatable savings dividends and great everyday low rates for mortgages, home equities, vehicles, and credit cards.
What does APR mean and how is it different from my mortgage rate?
An annual percentage rate (APR) reflects the interest rate plus other charges. The APR typically includes your interest rate, points, mortgage broker fees, and other charges that you pay to get the loan.
Lenders have some wiggle room when they calculate your APR. They may not include certain costs, but you still need to pay those costs. Since different lenders can charge different fees, comparing the rate from lender to lender may not be a true way to compare costs but it’s a good starting point.
Should I get pre-approved for a mortgage before shopping for a home?
There are three main benefits to getting preapproved for a mortgage.
You’ll have an estimate of the amount you can afford to pay for a house.
You’ll identify any obstacles to getting approved for the amount you want to spend; for example, you’ll find out if you have too much debt, a low credit score or errors on your credit report.
You’ll have a competitive advantage compared to other buyers who haven’t been preapproved.
Before you’re preapproved, Alliant will run a detailed credit check and ask for proof of your assets and income.
Does my spouse have to be a member of Alliant in order to obtain a loan?
Your spouse would need to be a member of Alliant only if they are going to be a joint borrower on the loan
Closing & BeyondHurray! Your loan has been approved and your loan closing date has been set! This section will give you some idea of what to expect at closing and what happens after closing.
What happens at the loan closing?
The closing will take place at the office of a title company or an attorney in your area. You’ll sign a few key documents at the closing, all of which should be provided in hard copy to you for your records. Documents include:
- Promissory Note: states the terms of your loan and repayment agreement
- Mortgage/Deed of Trust: pledges the property to the lender as security for the repayment of debt
- Closing Disclosure: provides an itemized listing of the final fees, as well as any payoff breakdown if you’re refinancing
Will I need to have an attorney represent me at closing?
In some areas of the country it is very customary, and sometimes required by law, to have an attorney represent you at the closing. In other areas, attorneys are not as common at a real estate closing. Please contact the closing agent if you have questions about attorney representation. By all means, we recommend that you have an attorney at the closing if it would make you more comfortable. If your attorney has any questions about your new mortgage, please refer them to your a Credit Union Representative. We'd be happy to provide any information necessary.
What happens after loan closing and loan disbursement?
Once the new loan has been paid out, you’ll receive an official welcome letter and payment coupon from Alliant indicating your monthly payment and first payment due date. This will also provide information on where to send your monthly payments if you elect out of automated payments.
What is an owner’s title policy? Why is it important to get one when I buy a home?
When you purchase your home, you receive a deed to the home. This document shows that the seller transferred their legal ownership, or “title”, to you. An owner’s title insurance policy can protect you if someone else says they have a claim against the home from before you purchased it. These claims most commonly include work done to the house that was never paid for or back taxes that were not paid before you purchased the home.
Most lenders, including Alliant, require you to purchase a lender’s title insurance policy, which protects the amount they lend. You also have the option to purchase an owner’s title insurance policy to help protect your financial investment in the home, such as your down payment.