Pinnacle Federal Credit Union is an equal housing lender. NMLS#423010. The information below is for informational and educational purposes only. Not all applicants will qualify.
Getting you started toward home ownership.
Know before you buy. The mortgage lending industry has changed dramatically over the last several years. Many processes and procedures are now highly regulated and require documentation that lenders were not required to collect in the past. Lenders are also required to inform and send you certain documents within a timeline based on the submission of your application. Lenders and their representatives must be registered within the National Mortgage Licensing System in order to speak to you about a mortgage. Their NMLS identification number is the unique identifier assigned to registered Mortgage Loan Officers and should be displayed. Be sure to ask if you are speaking with an NMLS registered Loan Officer. It’s important that you have all of the information before you begin the mortgage process.
Before you start looking for a new home, ask yourself:
• Your social security number
• Pay stubs for the last two months
• W-2 forms for the past two years
• Bank statements for the past three months
• One or two years of federal tax returns
• Information on current debt, including car loans, student loans and credit cards
Selling your current home and buying a new one can be a daunting task, but it can be done successfully. Be sure to enlist the help of an experienced real estate agent in your area. You’ll need a professional who understands the dynamics of your unique needs and can handle both sales accurately and expeditiously. Use your negotiating power to extend the window before your closing date. Instead of the typical 45 days before closing, extend your time to 60 or 90 days to ensure you have time to find a home that best suits the needs of you and your family. You will find, most of the time, homeowners need to sell their home first to financially qualify to buy a new home.
You may want to consider refinancing if you want to pay off high-interest debt, shortening the length of your repayment term or lowering your monthly mortgage payment.
Yes, we offer a variety of options that allows you to tap into your home’s equity and take cash out. Speak to one of our Home Loan Specialists to talk about your options.