Applying for a Loan
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Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. To estimate how much you can afford to borrow, use our Affordability Calculator. Our Licensed Mortgage Loan Originators can help you determine exactly how much you can afford.
Getting pre-qualified for a mortgage is generally fairly simple. We'll review your overall financial picture, including your debt, income and assets, but does not include a review of your annual report or an in-depth look at your ability to purchase a home. After evaluating your information, you'll receive an idea of the mortgage amount for which you qualify.
Being pre-qualified requires you to complete a mortgage application. You're financial background and credit rating will be reviewed. With pre-approval, you will receive a conditional commitment in writing for an exact loan amount. At this time you may be able to lock in a specific rate.
Whether you choose to be pre-qualified or pre-approved, either will help you determine what you can afford and help narrow your home search.
We do not require a property inspection. However, we highly recommend that you obtain one and make your purchase offer contingent on the findings of the inspection.
An appraisal is required in order to support the value of the home and the terms of the mortgage agreement.
In general, real estate attorneys are involved in purchase transactions. The decision to use an attorney is up to you. Your real estate agent may encourage you to use an attorney based on your individual circumstances.
We do not support loans for land purchases or 'construction to permanent' mortgages. If you intend to buy land and then build on it, we'd be happy to discuss refinance options after construction is complete.
Rates and Terms
Credit, loan amount, loan type, down payment and property type are just some of the factors that can influence your rate. Your loan officer will take all of these factors into account when quoting your interest rate. Our Licensed Mortgage Loan Originators can provide specific rate quotes for your loan program.
You can choose to lock or not lock your interest rate range. Locking your rate helps to protect you from financial market fluctuations that could increase your interest rate range. On the date and time you lock, that interest rate range remains available to you for a set period of time.
- If there are no subsequent changes to your loan and your interest rate range is locked, the interest rate range on your application generally remains the same.
- If there are changes to your loan, your final interest rate at closing may be different.
Loan Approval and Closing
The time to close will vary, depending on your situation. Once you've been preapproved, closing can range from 30-90 days, but generally occurs within the rate-lock period you've chosen.
Yes. There are costs related to processing any new loan application; they can include fees paid to third parties, such as an appraiser, the title company, and other closing expenses.
Your closing day will be an exciting one – it's the day you get the keys to your new home! The date will be set when your real estate agent, lender, closing agent and seller can be present. You will sign all mortgage loan paperwork on this day. The seller will execute the deed to the property and the lender will collect and disburse the funds. The closing agent will make sure the property is legally transferred to you as the owner of the home.
To close your loan you’ll need to cover your down payment, closing costs, and prepaid amounts for property taxes, and insurance escrow accounts. Prior to closing, you'll be informed of the final amount.
Paying Your Mortgage Loan
Yes, after closing you may set a recurring monthly mortgage loan payment. Call 703-788-4800, option 5, to speak with a Mortgage Specialist to set up a recurring transfer from your Apple Checking account.
You can make a payment and manage your mortgage account using Online Banking or the Mobile App. Access your mortgage account details, loan history, tax and interest data, contact information updates, and more. You may also make payments by check, electronic transfer or in person at a branch.
Contact us if you are facing payment challenges. Call us at 703-788-4800 or toll-free at 800-666-7996, Monday – Friday, 8 a.m. – 6 p.m., and Saturday, 9 a.m. – 12 p.m.
Meet Our Team
The Licensed Mortgage Loan Originators listed below are available to meet with you at the noted Apple FCU branches. Contact us to schedule a no cost, no obligation appointment.
*Fluent in Spanish
**Fluent in Mandarin, Cantonese and Taishanese