24 09, 2019

How long does the loan process take?

2019-09-27T17:07:00-04:00September 24th, 2019||

Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.

24 09, 2019

What do I do if I receive a tax statement?

2019-09-27T17:07:00-04:00September 24th, 2019||

Many tax authorities will mail an informational copy of the real estate tax statement to the homeowner in addition to the Credit Union.  However, there are some statements tax authorities do not forward to the credit union, and in special cases we will need your assistance in obtaining the bill. If you receive a statement for any of the following, [...]

24 09, 2019

How is interest calculated on a mortgage loan?

2019-09-27T17:07:00-04:00September 24th, 2019||

Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.

24 09, 2019

Can I pay my own taxes and insurance?

2019-09-27T17:07:00-04:00September 24th, 2019||

When a loan is originated, the mortgage documents specify the escrow conditions. This has become a standard practice for all mortgages, including FHA, VA and conventional mortgages.  Occasionally on conventional loans, FRFCU waives the collection of escrow requirement at closing if the member has a minimum 20% equity position in the property.

24 09, 2019

What is the difference between being prequalified and preapproved for a loan?

2019-09-27T17:07:00-04:00September 24th, 2019||

If you’re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information you provide to the bank is accurate and true. This is not as strong as a preapproval. If you’re preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous [...]