CornerstoneCU - Mortgage Checklist

Excited to purchase your first home?

Or are you an existing homeowner looking to sell and upgrade to a new home? 

Cornerstone Credit Union wants to help make your dreams of homeownership come true. Here are some easy steps to guide you through the process.

STEP ONE: MORTGAGE PRE-APPROVAL

Contact your lender to discuss mortgage options. You will need to bring the following:

Employment/Income Verification

Confirmation of Down Payment and Closing Costs

Minimum of 5% down payment required
Savings / Investments – account statement
Sale of existing property – confirmed sale agreement with removal of all conditions
Gift letter

STEP TWO: OFFER TO PURCHASE

STEP THREE: COMPLETED AND ACCEPTED OFFER TO PURCHASE

Forward a copy of the offer to purchase and MLS listing to your lender
Inspections (if required)
An Appraisal may be required once all other conditions have been met
Once final mortgage approval is obtained your lender will provide you with a mortgage approval letter
Forward a copy of removal of conditions to your lender
Provide your lawyer’s name and contact information to your lender

STEP FOUR: MORTGAGE DOCUMENTATION

Sign application with your lender – instructions will then be sent to your lawyer
Sign formal mortgage documentation at lawyer’s office
Obtain adequate fire insurance with first loss payable to Cornerstone Credit Union

STEP FIVE: POTENTIAL FEES

Inspection Fees (if required)
Appraisal fee (if required)
Legal fees for preparing and registering security documentation
Any other professional or out of pocket fees required to finalize financing arrangements

* Please note this information is provided as a general reference tool only and may vary based on the circumstances of your mortgage application.

Call us at 1.855.875.2255 and let’s make your dream of home ownership a reality.