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Routing Number: 272479663 Swift Code: MSUCUS44
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SmartLine Home Equity Loan
SmartLine Home Equity Loan
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First Time Home Buyer

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First Time
Home Buyer
Congratulations on taking the next
step toward homeownership!
We're here to help you with one of the biggest financial decisions you will make, which can be a rollercoaster. The resources below will help you understand the home-buying process a little better, know what to ask, and help you get the right tools and people on your side.

With our exclusive first time homebuyer option you can choose from 10-, 15-, 20- and 30-year terms with a fixed or variable rate and a down payment of as little as 3% down. Plus, our first time homebuyers will receive $500 off of closing costs and a house-warming gift!
Getting Preapproved
A mortgage preapproval means you've been initially screened by a lender. Usually, you will be asked to provide some basic financial documentation. After the lender reviews your credit report and the information in the application, the lender will provide a rough estimate of what you would be able to afford.

With a preapproval letter from your lender, real estate agents and sellers know you are a serious buyer.
The Home
When you find the one, we will be ready to help you with your mortgage financing. Maybe it's the open layout, a cozy family room, or kitchen that will serve as the hub for family gatherings. At MSUFCU, we'll customize a variety of options to fit your plan.
Schedule inspection, Order Appraisal, Request a Homeowners Insurance Quote
After you have received an accepted offer, determine if you will have a home inspection for the structure and pests, as well as a radon test. After the inspection has been completed we will order the appraisal and title work.

You will also want to begin obtaining homeowners insurance quotes early. This will give you adequate time to compare quotes and determine if your insurance agent will need to visit the property.

View additional information on funds needed for closing and view some helpful reminders.

Mortgage Process Road Map
Prev Fact
Step 4
Your processor is finalizing everything in your file for the mortgage closer. This entails final employment verification, confirming the homeowners insurance policy reflects the correct mortgagee clause, and a final review of the loan terms. (1-3 business days)
Step 5
During this stage, your processor will email you with the date of your mortgage loan closing. Three business days prior to closing, you will receive your final closing costs and Closing Disclosure. (Typically within 8 business days)
Step 1
At this initial stage, your processor will introduce themselves, review your mortgage file, and order the appraisal and title work. (1-3 business days)
Step 2
Your processor reviews the appraisal and title work. The processor then sends the appraisal to you and prepares your file for underwriting by confirming all required documentation has been received. (1-3 weeks)
Step 3
The underwriter reviews the file and ensures the loan and supporting documents comply with federal and state regulations. If there is anything further needed before closing, the underwriter will contact your processor. (5-7 business days)
Next Fact
Loan Payment Example: A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $125,000 with 20% down payment, the mortgage for $100,000 borrowed at a 4.50% interest rate (4.56% APR) for a term of 360 months would require monthly payments of $506.69. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.