Congratulations on your decision to buy a home!

Whether you are a first-time homebuyer, current homeowner looking to upgrade, looking to refinance,or build, Vue Community Credit Union is here to help with life’s big moments.

A mortgage loan is a financial tool that helps individuals purchase homes by borrowing money from a lender, with the house serving as collateral. It's essential to understand the terms, costs, and responsibilities involved before taking out a home loan to ensure it’s the right decision for your financial situation.

Your first step is to get preapproved for your loan with your lender.

Realtors and Sellers will value your efforts in getting a preapproval letter and it will put you in the driver’s seat of having your offer accepted on your dream home. A preapproval for a home loan is a process in which a lender evaluates your financial situation to determine how much money they are willing to lend you to buy a home. It’s one of the first steps you should take if you’re considering buying a home, and it gives you an estimate of the loan amount you can afford based on your financial circumstances.

What it Involves:

• Application: You will submit an application to the lender, providing information about your financial situation, such as your income, employment history, credit score, and any existing debts.
• Documentation: The lender may ask for documents such as pay stubs, tax returns, bank statements, and proof of assets to verify your financial situation.
• Credit Check: The lender will typically perform a hard inquiry on your credit report to assess your creditworthiness.

Why it’s Important:

• Budgeting: A preapproval tells you how much you can borrow, helping you set a realistic price range for homes. This can prevent you from wasting time looking at homes outside your budget.
• Stronger Position as a Buyer: Sellers take preapproved buyers more seriously because it shows that the buyer has been vetted by a lender and is more likely to secure financing. It can give you a competitive advantage, especially in a seller’s market.
• Faster Closing: Because much of the paperwork and verification is already done, preapproved buyers can often close on a home more quickly than someone who is not preapproved.

Once you're preapproved, you can start shopping for homes in the price range provided by the lender. When you find a property you're interested in, you can make an offer with confidence knowing that you’ve been preapproved for financing.

Meet our Mortgage Officer - Jessica

               Jessica Hoerer - Mortgage Loan Officer 

               NMLS 1731521
               Phone: 701.223.6533
               jhoerer@vueccu.com
               818 E Main Ave, Bismarck

               Contact Jessica

Mortgage Checklist

Home buying is an exciting journey and we want this process to be as simple as possible.

Below is a list of information required during the loan process:

• Most recent paystubs covering a consecutive 30 days
• Tax returns with W-2’s for the lasts two years
• If self-employed, a current Profit and Loss Statement and Balance Sheet will be required
• Most recent checking and savings account statements for the last two months from each financial institution with funds on deposit
• Copies of your most current Retirement Account Statements
• If you are receiving alimony or child support and want it to be considered as income to qualify for a home loan, please provide a Clerk of Court history of payments for the past 12 months along with a copy of Divorce Decree and any Amendments
• If you pay Child Support, please provide a copy of your Divorce Decree and any Amendments
• Copy of your Driver’s License(s) and please bring your social security card with you

Features

• Conventional loans with fixed rate or adjustable rate options
• In-House financing options
• Low down payment options
• First-Time Homebuyer Program (NDHFA)
• Second Home Loans (ND)
• Manufactured Homes loans on owned land