Your Guide to Becoming a Homeowner
The mortgage loan process is easier than you might think, and our experienced team will walk you through every step of the way.
With the help of Hughes Federal Credit Union, you’ll be well on your way to achieving your dreams of owning a home. Here are the steps you need to take:
Begin with a pre-qualification from Hughes
This is the most important step and in only takes about 15 minutes to complete. Our mortgage loan representatives will ask you a series of questions in order to understand your current financial standing. They might ask you about your credit scores, household debt and assets. Using this information, they will determine whether you will be eligible for a loan in the future.
Most real estate agents will want to see your pre-qualification before showing you any properties. Make sure you have your pre-qualification ready from Hughes. Complete one in person or over the phone. Schedule your pre-qualification today!
Are you unsure whether you might qualify? You can run your own preliminary calculations using our mortgage finance calculators.
Submit your application and gather documentation
Once you have found your home, property or builder, make an appointment to see your Hughes Mortgage Loan Representative to complete your mortgage application.
Here is what you’ll need to bring:
- Current proof of address, as well as the previous two years
- Social Security numbers
- Employment history, with names, addresses, and phone numbers of current employer, as well as for the previous two years
- Bank account information, including current balances
- Investment information and any documentation showing ownership of homes and property. We’ll need to know the address, current market value, and the amount owed on an existing mortgage
- Your current debt, names of creditors, account numbers, current balances and monthly payment amounts
- Tax returns for the last 5 years
Once the income-to-debt ratio has been verified, Hughes Federal Credit Union will issue an approval on your loan request and will have the property you are interested in purchasing evaluated.
Once your paperwork has been completed and the home or property evaluated, the loan is sent for final approval and closing.
The path to homeownership is not a difficult one, with the help of Hughes Federal Credit Union, you’ll be well on your way to becoming a homeowner with affordable payment options.
Watch this video to learn more about applying for a mortgage: