You may apply online or you may stop by our office at 740 County Street, Somerset, MA. Our Mortgage Officers are always available to meet with you. No appointment is needed.
Documentation showing your closing costs are provided to you within three business days of receiving your completed mortgage application.
In general, you’ll need 5% down with private mortgage insurance (PMI) and 20% down without it. You can choose to pay PMI monthly or in a lump sum. We can also work with you to pay down the principal in order to eliminate PMI quicker. Because individual situations vary, we suggest you meet with one of our Mortgage Officers who can tell you exactly what you need for a down payment based on your unique situation.
What's best for you really depends on what you're trying to accomplish. Everyone's situation is unique, so stop in or call. Our Mortgage Officers are always available to meet with you to discuss your options. There is no obligation and this service is FREE.
This insurance, paid by the homeowner, covers the lender in the event that the homeowner defaults on the mortgage.
While an expense, PMI does enable those who have accumulated as little as 5% for a down payment to purchase a home sooner rather than later. PMI premiums are paid monthly as part of your mortgage payment. Also, once you have paid down your mortgage to 80% of the purchase price, you have the right to cancel the coverage. (You must be current on your mortgage, with no second mortgage, and any appreciated home value does not factor into the 80% amount.)
We employ the standard debt-to-income ratio of 28/36. Those numbers have to do with the percentage of your income that can be used toward housing costs – things like PMI, real estate taxes and hazard insurance. They’re used to help determine the mortgage amount you can reasonably afford and the amount we can lend you.
For example, with a gross annual income of $45,000, we’d allow $12,600 to be used for housing expense ($45,000 x .28 = $12,600) and $16,200 would be allowed for housing expense plus other regular payments, like car payments ($45,000 x .36 = $16,200).
The debt-to-income ratio is just one metric for deciding if you qualify for a mortgage, whether for purchase or refinance. One of our Mortgage Officers can consider your individual situation and advise you of what you need to qualify, and the amount you qualify for.
Yes, it’s very possible. The documentation needed is the same needed for a conventional purchase. With your income and expense documents supplied to us, a Mortgage Officer can meet with you to explore the financing options.
A pre-qualification is a lender’s estimate of how much you could be eligible to borrow based on information you supply such as gross monthly income, your monthly expenses such as payments for car loans, student loans, credit cards and other loans (utilities and rent are not included). Pre-qualification does not mean you will get the loan. It helps you shop for a home you can afford.
Pre-approval means that a lender is ready to offer financing based on the information and documentation you provide. A pre-approval is valid for a certain length of time and may contain other conditions. The only fees you incur for a pre-approval is the cost of your credit report.
Absolutely! Everyone’s situation is unique, so stop in or call. Our Mortgage Officers are always available to meet with you to discuss your options. There is no obligation and this service is FREE.
You may apply for a loan with SFCU if you qualify for membership. You qualify for membership if you, or a member of your immediate family, lives or works in Bristol County, Massachusetts.
The property financed must be located in Massachusetts.
SFCU finances the following types of property:
- Single family, owner occupied.
- 1 to 4 family, owner occupied.
- 1 to 4 family, non-owner occupied.
- Construction loans.