Frequently Asked Questions

Applying for a loan


How do I start my application?
Get started through any of these convenient ways:

• Apply online and a representative will then be in touch with you after reviewing your information.
• 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.
• Contact a Licensed Mortgage Loan Originators by phone or in person.

How do I know how much house I can afford?
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.

What will my monthly payments be?
This number is dependent on the size of your mortgage, your interest rate, and the frequency of your payments. You can estimate your payment with our Fixed Rate Mortgage Payment or Adjustable Rate Mortgage Payment calculators.

What is the difference between getting pre-qualified versus pre-approved?
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.

Does Apple FCU require a property inspection or appraisal?
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.

Do I need an attorney?
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.

Can I use my loan to purchase land?
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


How are interest rates set?
Interest rates are influenced by the financial markets and can change daily – or multiple times within the same day. View our current interest rates >

What affects my interest rate?
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 will can provide a specific rate quotes for your loan program.

What is a rate lock?
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


If I've been pre-approved by Apple, how long does it typically take to close?
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.

If I want to refinance my mortgage loan, will I have to pay closing costs again?
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.

What happens on the closing date?
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.

How much money will be required at closing?
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.

Will homeowners insurance be required at closing?
Proof of homeowners insurance will be required before you can close your loan. Get a FREE insurance quote today >


 

Paying the Mortgage Loan


Can I have my mortgage payment deducted automatically from my account each month?
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 Savings/Checking account.

Can I make a mortgage payment online?
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.

Who do I contact if I am having trouble paying my mortgage?
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.

AaronGagnonrs
Aaron Gagnon
NMLS ID: 1084701  
703-225-1120
Branch:

Fairfax Corner/Headquarters
Email
 
 
HeatherBrightrs
Heather Bright
NMLS ID: 804635
703-225-1183
Branch:

Winchester
Email
 
 
KarenDiazrs
Karen Diaz*
NMLS ID: 1391161
703-225-1121
Branches:
Gainesville, Manassas,
Stafford, Woodbridge
Email
 
 
SherryMessersmithrs
Sherry Messersmith
NMLS ID: 315442
703-225-1105
Branches: Ashburn,
Falls Church, Herndon,
Merrifield, Sterling,
Vienna
Email
KateRichardsonrs
Kate Richardson
NMLS ID: 1176524
703-766-8865
Branches:
Fairfax, GMU,
Kingstowne, Mt. Vernon,
Springfield
Email
JulieYocumrs
Julie Yocum
NMLS ID: 1579692
703-667-8718
Branches:
Centreville, Chantilly,
Fairfax Station,
Sudley Manor
Email

*Bilingual in Spanish

Apple FCU can finance mortgages for property within Virginia, Maryland, West Virginia, North Carolina and the District of Columbia. The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at 703-788-4800 or 800-666-7996 regarding the locations where HMDA data may be inspected.