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.