Mortgage Process
Buying a new home is undoubtedly one of the biggest decisions you'll ever make. Finding a home that you love and you can afford is only one step in the mortgage process. With all the paperwork to complete and records to submit, it can be overwhelming to apply for a mortgage - but People First Federal Credit Union can help.

What to Expect: The Mortgage Process

Step One:

Make an appointment with one of our People First Mortgage Specialists or apply online. Make sure you have:

  • W-2 for the last two years and one months' recent pay stubs
  • Place of residence for the last two years
  • Employer name, address and phone number for the last two years
  • If this is a purchase, fully executed agreement of sale signed by both buyer(s) and seller(s)
  • Bank names, account numbers and balances
  • Most recent bank statements for the last month, all pages
  • An appraisal will be conducted for a minimal fee
  • If self-employed, last two years' tax returns with all schedules
  • Green card for permanent resident aliens
  • Account numbers, addresses, balances/monthly payments on all open loans and credit cards

Step Two:

A mortgage specialist will verify your employment and assets and review your credit history.

Step Three:

An appraiser will appraise the home you want to buy.

Step Four:

All of your information is sent to an underwriter for final approval.

Step Five:

Upon approval, your mortgage specialist will schedule the closing with you and your settlement agent. At this time you will need to provide the declaration page and a paid receipt for one year of homeowner's insurance.

Step Six:

Move into your new home!

Processing and underwriting for People First Mortgages are provided through our partner, First Heritage Financial, LLC.

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