Avista Corp. Credit Union Mortgage Process
1. Apply for a mortgage online or call us at 509-495-2000
We’ll provide you with a letter that affirms you’re pre-qualified for a mortgage. Even if you haven’t found a property yet, it’s smart to have a pre-approval so you can make a more competitive offer on your new home.
2. We’ll send you initial loan disclosures to sign:
- Loan Estimate
- Borrower’s authorization
- Appraisal disclosure
- Servicing disclosure
If you would like additional information about Home Ownership and Counseling please feel free to locate your nearest independent counselor at the CFPB website
3. Provide all required loan documentation to your Loan officer
- Most Recent paystubs
- Most recent Tax return
- Copy of Home Owners Insurance
- Docs supporting additional income
4. We’ll order an appraisal after you have been approved
After everything has been approved, we will order an appraisal
5. We will order title insurance and flood insurance
Once we have received your appraisal and you have been approved, we will move forward with title insurance. Title insurance insures that there are no additional liens or encumbrances on your property.
6. Your loan office will submit the documents to our real estate closing attorney
Once everything has come back, we will have our real estate attorney draw up the deed of trust, note, and any additional documents needed. If this is a purchase, your documents will be sent to the closer of your choosing. There you will sign all of your documents.
Once all the closing documents have been signed and everyone has been paid, your new loan typically funds the next business day (refinances typically fund 3 business days after signing.) This is considered the settlement date and it means that funds have been wired to the title company and the deed of trust is recorded with the county. This is usually when you’ll receive your keys!
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