Can I apply for a loan before I find a property to purchase?
Will the inquiry about my credit affect my credit score?
Will I be charged any fees if I authorize my credit information to be accessed?
Can I really borrow funds to use towards my down payment?
How do you decide what you need from me to process my loan?
I'm self-employed. How will you verify my income?
Will my overtime, commission or bonus income be considered when evaluating my application?
I am retired and my income is from pension or social security. What will I need to provide?
I am refinancing. Why do you need to know when I purchased my home?
I'm not exactly sure of the amount of my real estate taxes. What should I do?
Are we right for you?
Tips for completing our online application.
What is a credit score and how will my credit score affect my application?
If I have income that's not reported on my tax return, can it be considered?
I didn't get a pre-qualification online. Does that mean you can't provide me with financing?
How will rental income be verified?
I have income from dividends and/or interest. What documents will I need to provide?
Do I have to provide information about my child support, alimony or separate maintenance income?
Will my second job income be considered?
I've had a few employers in the last few years. Will that affect my ability to get a new mortgage?
I was in school before obtaining my current job. How do I complete the application?
If my property's appraised value is more than the purchase price can I use the difference towards my down payment?
I'm getting a gift from someone else. Is this an acceptable source of my down payment?
I am selling my current home to purchase this home. What type of documentation will be required?
I am relocating because I have accepted a new job that I haven't started yet. How should I complete the application?
I've co-signed a loan for another person. Should I include that debt here?
I have student loans that aren't in repayment yet. Should I show them as installment debts?
How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?
What is an installment debt?
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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 will issue an approval so we are ready to begin the process once you find the perfect home. We will issue a pre-qualification letter online instantly. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage will give more weight to any offer to purchase that you make.

When you find the perfect home, simply call your Mortgage Services Officer to complete your application. You will have an opportunity to lock in our great rates and fees at that time and we will complete the processing of your request.

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An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.

There is not a reason to be overly concerned. The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don't limit your mortgage shopping for fear of the effect on your credit score.

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There is no charge to you for the credit information we will access with your permission to evaluate your application online. You will only be charged for a credit report if you decide to complete the application process after your loan is approved.

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Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

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We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. Gone are the days when it was necessary to verify every piece of data collected during the application. Typically, we collect two years of W-2s or federal tax returns, two recent paystubs within the past thirty days, verification of assets and your homeowners insurance policy binder.

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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 will review and average the net income from self-employment that is 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 will need a full two-year history of self-employment to verify that your self-employment income is stable.

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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 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 will 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.

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We will ask for copies of your recent pension check stubs or bank statement if your pension/retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify that this income will continue for at least three 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 are receiving tax-free income, such as social security earnings in some cases, we will consider the fact that taxes will not be deducted from this income when reviewing your request.

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The year you purchased your home and the price you paid for it are provided to the appraiser to assist them in finding data about your home through local public records. In addition, if you purchased your home in the last year some of the loan programs we offer require us to compare the original purchase price to the current appraised value so that any large increases in value can be justified.

If you don't remember the exact year and purchase price of the property an estimate will work just fine.

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If you're not sure exactly how much the annual real estate taxes are for the property you are purchasing, an estimate will do. The appraiser and title company will provide us with the exact amount later. If you do need to estimate the amount, shoot for the high side just to be sure.

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Seasons Federal Credit Union began to originate first mortgages in 2008 and the first mortgage platform has been very successful at meeting the needs of our members. During 2009 and 2010, our mortgage team originated over 70 million dollars in mortgage loans, which propelled Seasons into the top five producing credit unions in Connecticut. We are very proud of this accomplishment! Moreover, as a non-profit, Seasons Federal Credit Union is uniquely positioned to provide some of the lowest combinations of rates and fees available in the marketplace. Fill out an application today and experience the credit union difference!

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Completing our online application is as easy as 1-2-3! We will ask you questions about your personal finances and the home. You will probably know all the answers off the top of your head.

The application is broken down into sections and you can track your progress through each section at the top of each screen. It should take less than 20 minutes to complete the application.

Move through the application by using the back and next arrows at the bottom of each screen. Do not use the back and next button on your browser while you are completing the application.

We use exciting new technology in order to provide you with the most convenient online mortgage application ever! As you answer some of the questions, note that questions below may change, disappear or new questions are added instantly. We do not ever want to waste your time asking for information that is not important in your situation, so we evaluate the information we need based on your answers. We pride ourselves on identifying your needs and offering solutions!!

If you need additional help answering a question, click on the question mark at the end of the question for more information.

If you do not have time to complete the application right now or if you need to gather information before you finish, we will save the information you have completed. When you are ready to finish, return to the site and enter your User ID and password to continue.

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A credit score, obrained through a tri-merge credit report, is one of the pieces of information that we use to evaluate your application. Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use and the number of inquiries that have been made about your credit history, in the recent past.

Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, a higher credit score, translates to a lower risk loan and a high probability of repayment.

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a member.

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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.

Please contact a Mortgage Services Officer with any questions.

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Some situations are just more complicated than others and require additional analysis before a pre-qualification can be provided. The fact that we weren't able to approve your request online doesn't mean that we can't provide the financing you are looking for. One of our experienced Mortgage Services Officers will be assigned to your file and will do a complete review of the information you provided and will contact you the next business day.

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If you own rental properties, we generally ask for the most recent year's federal tax return to verify your rental income. We will 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.

If you haven't owned the rental property for a complete tax year, we will ask for a copy of any leases you have executed and we will estimate the expenses of ownership.

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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.

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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.

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Typically, income from a second job will be considered if a two year history of secondary employment can be verified.

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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 will also look at your income advancements as you have changed employment.

If you are paid on a commission basis, a recent job change may be an issue since we may have difficult time of predicting your earnings without a history with your new employer.

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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."

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Unfortunately, if you are purchasing a home, we use the lower of the appraised value or the sales price to determine your down payment requirement.

It's still a great benefit for your financial situation if you are able to purchase a home for less than the appraised value, but we are not allowed to use this "instant equity" when making our loan decision.

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Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower. We will 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 will need to verify that you have at least 5% of the property's value in your own assets.

Prior to closing, we will verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.

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If you are selling your current home to purchase your new home, we will ask you to provide a copy of the settlement or closing statement you receive at the closing to verify that your current mortgage has been paid in full and that you will have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we will just ask you to bring your settlement statement with you to your new mortgage closing.

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Congratulations on your new job! If you will be working for the same employer, complete the application detailing your work experience and simply enter the income you anticipate receiving at your new location.

If your 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 will be leaving should be entered as a previous employer. We can sort out the details after you submit your loan for approval.

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Generally, a co-signed debt is considered when determining your debt to income ratio for a mortgage. If the co-signed debt doesn't affect your ability to obtain a new mortgage, is is a non-issue. However, if it does make a difference, we can ignore the monthly payment of the co-signed debt if you can provide verification that the other person responsible for the debt has made the required payments, by obtaining copies of their cancelled checks for the last six months.

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Any student loan that will go into repayment within the next six months should be included in the application. If you are not sure exactly what the monthly payment will be at this time, enter an estimated amount.

If other student loans are reflected on your final credit report, which will not go into repayment in the next six months, we may need to ask you for verification that repayment will not be required during this time period.

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If you had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you have re-established an acceptable credit history with new loans or credit cards. Feel free to discuss your situation with one of our Mortgage Services Officers.

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An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or medical bill payments. We will include any installment debts that have more than 10 months remaining when determining your debt to income ratio for this mortgage.