Our mortgage professionals are ready to find a solution to fit your situation.

Features & Benefits

Local and Member Focused

• Our local mortgage professionals are ready to guide you through each step in the mortgage process, from pre-approval to closing and beyond.

Fixed, Adjustable, and Hybrid Rates

• With a fixed-rate mortgage your payment amount and rate will never change making it easy to budget for your mortgage expenses.
• An adjustable-rate mortgage starts with a lower monthly payment and rate, giving you the flexibility to start with smaller mortgage expenses. The rate and the payment may change annually with changes in US Treasury rates.
• The hybrid-rate mortgage may change annually based on U.S. Treasury rates after the initial fixed period of 3, 5, 7, or 10 years. Great option if you are planning to move or pay off your mortgage within a few years.

Loan Terms from 5 to 30 Years

• Find a payment amount that fits your budget. With a shorter term you can pay off your mortgage quicker and save money on interest. Or take the longer route for a lower payment.

Down Payment starting at 5%

• You may qualify to purchase a house without the traditional 20% down payment giving you the option to own a home sooner than you thought was possible. Private Mortgage Insurance will be required for all loans with less than a 20% down payment.

First-time Home Buyers Discount

• We’ll help you go from renting to ownership so that you can have a place to call your own.

Same Day Pre-Qualification in most cases

• Get a free estimate based on limited information to learn how much you qualify for. This will help you narrow down your house search and price range.

Timely Closing

• Move in faster and start enjoying your home. Our mortgage originators are locally based to expedite the mortgage process from application to closing.

Lower Closing Costs and Fees

• Put more of your hard-earned money towards your down payment instead of fees. Compare our closings costs and see how much you can save.

No Penalties for Prepayment

• Pay off your mortgage as quickly as you desire without any penalties or fees.

First and Second Mortgages

• Financing is available in many U.S. states: Alabama, Arkansas, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Mississippi, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, Washington D.C., West Virginia, and Wisconsin.

Refinancing and HELOCs

• Explore other options to lower your existing mortgage rate, or to use your equity for other expenses.

Process

1. APPLICATION – Typically within the 1st week*

   1. Bring all the required documents and make a formal application at a UFCU branch or apply online to save on your Application Fee.

2. APPROVAL – Typically within 3-4 weeks*

   1. One of our mortgage originators will work with you to finalize the application process and provide a formal written mortgage approval if you qualify for a mortgage.
   2. Your approval may be delayed if you don’t provide all the necessary income & asset documentation or when we need additional verification.
   3. An appraisal will be ordered and typically takes 2-3 weeks to complete.

3. CLOSING PROCESS – Typically within 4-5 weeks*

   1. Title Search and Review
   2. Homeowners Insurance

4. CLOSING – Typically within 6 weeks*

   1. Official Closing with Attorney or Title Company

*Mortgage process is an estimated range, times are not guaranteed.

Documents Needed

1. PERSONAL IDENTIFICATION – for all applicants

   1. Photo ID and proof of Social Security number
   2. Residence addresses for the past two years

2. INCOME & ASSETS VERIFICATION – for all applicants

   1. Pay stubs for the last 30 days
   2. W-2s, 1099s, and employment history for the last 2 years
   3. 3 months of bank account statements, mutual fund and/or investment account statements
   4. If you have made any deposits to your accounts over $1,000:
      1. Explanation and source for deposit.
      2. If large deposit was a gift:
         • Signed gift letter
         • Copy of gift check
         • Copy of deposit receipt
   5. If self-employed:
      1. Tax returns for the last three years (with schedules).
      2. Year-to-Date Profit and Loss Statement prepared by an accountant.
      3. If you own rental property please provide tax returns for the last two years and current rental agreements.
   6. If you are retired, please provide pension Award Letter.
   7. If you receive Social Security, please provide Social Security Award Letter.

3. PROPERTY INFORMATION

   1. If you already have a contract on a house:
      1. Purchase Agreement
      2. MLS information sheet.
      3. If you are selling your current home, copy of listing contract.

Home Equity Loans & Home Equity Lines of Credit (HELOC)

Your home isn’t just where you live—it can also be a powerful financial resource. A Home Equity Loan or a Home Equity Line of Credit (HELOC) lets you borrow against the value you’ve built in your home, giving you access to funds when you need them most.

What is Home Equity?

Home equity is the difference between your home’s current market value and the remaining balance on your mortgage. As you pay down your mortgage—or as your home’s value increases—your equity grows.

Home Equity Loan – A Home Equity Loan provides a lump sum of money with a fixed interest rate and predictable monthly payments.

This option is ideal if you have a specific expense in mind, such as:

· Home renovations

· Debt consolidation

· Major life expenses

You’ll know exactly how much you’re paying each month, making it easier to plan your budget.

Home Equity Line of Credit (HELOC) – A HELOC works more like a credit card. You’re approved for a credit limit and can borrow as needed, when you need it. During the draw period, you can access funds multiple times and only pay interest on what you use.

A HELOC is a great fit for:

· Ongoing or phased home improvement projects

· Emergency expenses

· Flexible access to funds over time

Which Option is Right for You?

If you prefer stability and a fixed payment, a Home Equity Loan may be the better choice. If you want flexibility and access to funds over time, a HELOC could be the right fit.

At Ukrainian Federal Credit Union, we’re here to help you make the most of your home’s value with solutions tailored to your needs. Reach out to our team to learn more and find the option that works best for you.