How long does this loan process take?
Generally, you loan can be completed in 7-10 business days, after we receive all the required documentation.
Do I have to get an appraisal?
Yes. An appraisal must be completed by a Chase assigned appraiser.
What is involved in the process?
The first step is to call 1-310-569-2690 to submit a complete application. We will determine an appropriate loan program tailored to fit your needs, your loan application and required documentation are submitted to an underwriter for approval. After your loan is approved, the information provided on your application is verified. Next, your loan documents are printed and a signing is scheduled with a notary at your home or work. Your loan will be funded 1-4 business days after you sign.
Will my credit score decrease if you check my credit?
Shopping around for a loan does not hurt your score. When you apply for a loan or get pre-approved the creditor checks your credit report, which shows up as an inquiry to your credit. While it's true that too many inquiries to your credit will lower your score, you absolutely can shop around for a mortgage, home equity loan or car loan without worrying about damaging your credit. As long as the same kinds of inquiries are made within 14 days of each other, they count as one inquiry on your credit score. Take note: This grace period doesn't apply to credit cards.
What can I do to increase my credit score?
Pay your bills on time, pay more than the minimum and don't use all your available credit. Keep unused credit card accounts open. Closing accounts could lower your overall utilization, which in effect hurts your score.
I don't know where to start in my search for a home. What should I do first?
Speak to a Union Mortgage Specialist. We will be happy to answer all you home-buying questions -- ranging from how much you can afford to pay for a house, to what type of mortgage will best suit your needs.
What does it take to get approved for a mortgage?
A record of stable employment, savings for a down payment, some asset reserves and a satisfactory credit history are suggested. As one of the top national lenders, Chase offers competitive pricing to borrowers with credit scores as low as 500 with limited documentation and financing up to 100%. Call 1-310-569-2690 for an evaluation of your individual situation.
How do I get prequalified for a mortgage?
Just have your documentation ready and call 1-310-569-2690. We will go over your information to help you determine how much you can afford to spend on a home, and help you with the pre-approval process. Even if you're not sure you're ready for homeownership, this process will help you learn about the costs involved and if you are pre-approved for a mortgage, you'll have an advantage over other buyers by allowing you to house hunt as a "cash buyer."
Who is eligible?
Participating AFL-CIO Union members, their parents and children are eligible to participate in this program. This program is not available in Canada, Guam, Puerto Rico or the Virgin Islands.
How much money do I need up front to buy a house?
You will need cash for the down payment and the closing costs. The amount of money you need, will vary based on the price of the home and the loan program for which you apply. We will help you choose a Chase Home Finance loan that best suits your needs and will supply you with estimates of the required down payment and closing costs.
How does the Program help first-time buyers?
There are many types of mortgage loans available to first-time buyers, depending on their financial situation and their needs. Most first-time buyer programs allow for lower down payments, more flexible debt-to-income guidelines, and in some cases alternative documentation can be used to prove your income and/or credit history. We will explain the different programs available and will help you choose the loan program that will best fit your circumstances.
How do I know if I'm getting a good rate?
We can make a side-by-side comparison between the union mortgage and the other mortgages you may be considering.