Mortgage Process Details
Phase I: Application
Complete and submit the online mortgage application or
complete the printable application. Print the
General Consent Form, sign, date and return to our Online Mortgage Group. You may fax it using our Fax Cover Sheet or mail it to: NEFCU Attn: Online Mortgage Group, P.O. Box 527, Williston, VT 05495. Collect applicable items from the
Mortgage Checklist for your situation. A Mortgage Loan Officer from our Online Mortgage Group will contact you to discuss your application and to ensure that the loan program you selected is suited to your goals.
Phase 2: Processing
Mortgage Assistant will order the appraisal and legal work.
Mortgage Processor will mail a Commitment Letter to the borrowers outlining the conditions of obtaining the loan.
Phase 3: Underwriting/Approval
Borrowers return to NEFCU requested conditions from the Commitment Letter.
Mortgage Processor receives the appraisal and contacts the borrowers with the results. A copy of it will be provided to the borrowers 3 days prior to closing.
When all of the conditions of the loan have been met, Mortgage Processor will schedule the closing at a convenient time for the borrowers.
Attorney performs a 40 year title search on the property and obtains title insurance.
Phase 4: Closing
Borrowers to provide NEFCU with a homeowner's insurance binder naming NEFCU ISAOA ATIMA as the first mortgagee (and second if applicable) prior to closing.
Borrowers to call the attorney approximately 24 hours prior to closing to confirm the final closing figures.
Borrowers to obtain an in-state official check made payable to the closing attorney if they are required to bring funds to closing.
Attend the closing at the attorney's office.