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Mortgage Financing Process


Purchasing a home is often one of the most expensive purchases you’ll make in your lifetime. It’s no wonder many people are intimidated by the home buying process. At ēCO Credit Union, we’re here to help you make the process smooth and simple.

If you want to learn more about the home buying process, you can check out our “What Does the Home Buying Process Look Like for a First-Time Home Buyer” blog.

Now, we’ll break down the steps to financing your mortgage with ēCO.


First, you’ll need to complete ēCO’s mortgage application. If you plan to have a co-borrower on the loan, they’ll also need to complete and sign the application. It collects a variety of information, including basic personal information, employment history, monthly income, and other assets.

You can complete an application at any ēCO Credit Union branch.

Pre-Approval Letter

Once your application is approved, you will receive a pre-approval letter. A pre-approval is an offer by a lender to loan you a certain amount of money under specific terms. The terms can include mortgage product, rate, and a set time frame. A pre-approval allows you to shop with confidence and can prevent you from falling in love with a home that doesn’t fit in your budget.

Initial Disclosures

Next, you’ll receive initial disclosures. Initial disclosures are the preliminary disclosures that must be signed to move forward with your loan application. They outline the initial terms of the mortgage application and also include other required disclosures. They will include cost, monthly payments, and loan structure.

Contract Submitted

A contract is a written agreement between the buyer and seller for the purchase of a residential home. It includes the price, who will handle closing costs, and typically, the date you plan to close on the home. Once you have agreed on terms and signed a contract, it’s time to let ēCO Credit Union know so the underwriting process can begin.


ēCO Credit Union will order your appraisal for you. An appraisal is an estimated value of a home determined by an inspection of property and comparing it to other homes that recently sold in the area. You, the borrower, are responsible for the cost of the appraisal. ēCO will review the appraisal to be sure the amount you’re borrowing for the home does not exceed the appraised value.


A title is the legal document with the specifics about the property you are purchasing and who owns it. Typically, your closing attorney will handle ordering your title, unless you’re refinancing. If you’re refinancing, ēCO will order the title. Either way, ēCO will need to see the home has a clear title. A clear title means the owner of the property owns it free and clear.

Submit Homeowners Insurance

Before you close on your new home, it’s important to be sure it is insured. It’s always a good idea to shop around to be sure you’re getting the best price and coverage. We want you to have insurance squared away before closing day.

Close Loan

Get your favorite pen and practice your signature, it’s time to sign a lot of documents. When you purchase a home, your closing will usually take place at a closing attorney’s office. You might feel as if you’re signing your life away, but after it’s all said and done, you’ll get the keys to your home! Cue the happy dance!

Not to ruin the fun but be sure to remember your payment amount and date. It’s important to make your mortgage payments and make them on time. We can also work with you to set-up direct deposit and payroll deduction, so you never miss a payment.


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