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Real Estate Loans

Your home is one of the most important assets you’ll ever own. The process of a home loan can seem overwhelming, but North Star Community Credit Union’s lending experts are here to walk you through each step to help make your dream home a reality.

Whether you’re buying your first home, looking to expand for a growing family or wanting to utilize the equity in your home for a large purchase; we have the flexible real estate loans, and guidance, you deserve.

Stop in or call to speak with your local Financial Services Officer today.

Real Estate Loan Options

Home Equity Loan

A home equity loan is a great option if you have a large expense and know how much money you’ll need. Because it is secured by the equity in your home, you’ll pay lower rates than a traditional unsecured loan.

  • Fixed-rate loan with a set term 
  • Can be used for remodeling, debt consolidation or other large expenses
  • Your payment will remain the same each month
  • You’ll know exactly when the loan will be paid off

 

Mortgage

Buying a home may be the largest purchase you make during your lifetime. It is an exciting and momentous time; and one you’ll want to experience with a trusted partner like North Star.  

  • First Time Home Buyer Programs
  • Conventional First Mortgages
  • Refinance Loans
  • FHA Loans
  • VA Loans (View the Veterans Home Buying Guide)
  • Manufactured or Mobile Home Loans
  • Construction Loans 

Home Equity Line of Credit

With a Home Equity Line of Credit (HELOC), the equity in your home is used to secure a low-rate, flexible line of credit; allowing you to draw funds whenever you need them (up to the credit limit).

  • Withdraw funds as you need them
  • Only make payments on amount you use
  • Interest paid may be tax deductible (please check with your tax advisor)

Mortgage Application Documentation Requirements

Personal

  • Driver’s License
  • Divorce decree/court documents (if applicable) 
  • Proof of veteran status (for VA loan) 
  • 2 year history of employment 
  • 2 year history of residence addresses 

Employment/Income

  • Federal income tax returns for the previous two years (3 years for 1st time homebuyers) 
  • W-2 forms for the previous two years (3 years for 1st time homebuyers) 
  • Pay stubs for the previous 30 days 
  • Proof of additional income, such as Social Security, unemployment, child support or alimony (if applicable)
  • Current year-to-date profit and loss statements (if self-employed)
  • Balance sheet for the most recent quarter (if self-employed) 
  • School transcripts (if applicable) 

Assets

  • Statements for checking and savings accounts for the last two months 
  • Statements for retirement funds and other investments for the last two months 
  • If part of the down payment comes from a gift, need donor’s bank statement with proof of withdrawal along with signed gift letter 
  • Documentation for any large deposits (if applicable) 

Liabilities

  • Court documentation for bankruptcy or judgement (if applicable) 
  • Listing agreement or sales contract for current home (if applicable) 

Property

  • Sales contract 
  • Proof of earnest money deposit 
  • Proof of homeowners insurance (needed before closing) 
  • Contact information for homeowners association (if applicable)

Note: Financing program may require Homebuyer Education Certificate