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Missouri Central Credit Union and our partner Pivot Lending Group are excited to help you on the journey to home ownership or refinancing your existing home. Picking the right company to help you through the process is very important. We are here to help!! As always, when you call Missouri Central Credit Union, you won’t need to navigate through an annoying voicemail system. You will speak with a real person. Our mortgage loan officers will answer all your questions regarding the mortgage loan application, closing costs, down payment, interest rates, and more. Even if you’ve owned a home before, the ever changing lending guidelines and regulations can be cumbersome to navigate.
Home Ownership Advantages and Benefits
- Tax deductability– For now, the interest you pay each month on a mortgage is tax deductible.
- Retirement planning– As you pay down the balance of your mortgage loan, the equity you have in that home should rise. Once the loan is paid in full, the amount you can sell the house for can be used to other cost of living type items OR you can rent that home out and use the monthly rent to subsidize your retirement.
- Rent vs. Own– It is typically cheaper on a monthly basis to make payments for mortgage loan costs versus paying rent to a landlord.
- Missouri Central Credit Union in partnership with Pivot Lending Group offers these home mortgage loan types:
- Conventional Loans
- FHA Loans
- VA Loans
- USDA Loans
- Fixed Rate and Adjustable Rate Mortgage Loans
- Secondary financing to avoid mortgage insurance
Each of these options for home mortgage financing and lending could be the right choice depending on the many factors each person has present in their personal and financial lives. We aim to incorporate both sets of factors to give you the best possible options for your unique situation.
Missouri Central Credit Union can help make your mortgage transaction smooth from start to finish. Here’s a heads up on what you can expect. When applying for a mortgage, general and personal information is needed to process and approve your loan request. The list of documents below will be required for any residential mortgage loan. Having these documents will give you a great start!
- Paystubs from the most recent 30 Days showing year to date earnings (All Borrowers)
- W‐2 or 1099 forms for the most recent two years (All Borrowers)
- Federal tax returns for the last 2 years (All Borrowers)
- IF YOU ARE SELF EMPLOYED, please also send any applicable Business returns and copies of your K‐1 forms.
- List of assets, including bank statements, mutual fund statements, brokerage statements and records of other investments or assets, AS APPLICABLE.
- Statements from the last 60 days for all accounts (Credit Union and Bank). Include all pages of each statement.
- Current mortgage statement (if applicable)
- Homeowners insurance agent (name and phone number)
- Copy of Driver’s License for each borrower
- Bankruptcy documents (if applicable)
- Full Divorce decree or separation agreement (if applicable)
- Please note that other documents may be needed due to circumstances specific to you and your transaction.
Do’s and Don’ts
The DO List:
- Be sure to read and understand everything before signing.
- Engage this process with attention and detail.
- Be upfront about all sources of funds you will use to close the loan.
- Be upfront about any credit problems you have or have had in the past.
- Be as accurate as possible regarding all information on your loan application.
- If you have questions at any point throughout the process, contact your loan officer or processor immediately.
The DON’T List:
- Do not sign blank documents.
- Do not apply for other types of debt, unless you’ve consulted your loan officer first.
- Do not change jobs, or begin self‐employment during the loan process.
- Do not involve CASH in this transaction unless it can be documented.
- Do not make large deposits into accounts being reviewed without speaking to your loan officer.
The Loan Process
Whether this is your first or fifth mortgage, Missouri Central Credit Union and our partner Pivot Lending Group are available to make the process easy to understand.
Although YOU are the main player and decision maker in this process, we act in an advisory capacity to allow you to make informed decisions. We are excited to work together to close your loan and to make sure your experience the best it can be.
Please review the steps below to better understand how this process will flow from beginning to end.
- Initial Consultation - This meeting can occur via phone or face to face. It’s up to you. This step will determine your options and qualification. It would be very helpful to have all of your documents ready for this meeting.
- Initial Disclosures - After you give your Loan Officer permission to proceed, documents detailing your selected loan will be sent within 72 hours for your review and signatures. For your convenience, these documents can be uploaded and sent directly to your loan officer or processor.
- Timely Response - It is very important that all documents you are sent are returned to us quickly. Please also send any additional documents we may request quickly as well.
- Processing - The documentation we’ve generated for you to sign AND the documentation you sent to us will all be reviewed by your Loan Processor. Any additional items will be collected and added to the package in preparation for underwriting.
- Appraisal - We will order an appraisal of your home from a qualified appraiser. This report is used to determine the market value of your home and to make sure that the loan program you selected initially is appropriate.
- Underwriting - A mortgage underwriter will evaluate the loan package and compare it against current guidelines to make sure the loan meets all required criteria.
- Approval - Assuming the review noted in step 6 goes as planned, your mortgage loan will be approved as is. The underwriter will request any further documentation necessary to clear your loan to Close.
- Closing Documents - Once your loan is approved to close, we will begin preparation of closing documents. We will also send a Closing Disclosure (CD) to you for review a minimum of 3 days prior to closing. This CD needs to be reviewed and signed right away.
- Closing Day!! - Whatever your reason for obtaining a mortgage loan, Missouri Central Credit Union and our partner Pivot Lending Group will guide you throughout the process. From application to closing, our mortgage loan professionals will navigate you through the maze of options available. As a member of your local Lee’s Summit community, we want you to rest easy in your new home while we handle all the details.
Contact Missouri Central Credit Union today to learn more about our home mortgage loans.
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