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What's the Loan Process?

Here's an overview of the loan-application process...

STEP 1 -- Apply Now!  An online application takes approximately 20 minutes to complete.  We'll respond to your application within 1-2 business days.

If you are considering purchasing a new home and are interested in a pre-qualification to learn how much of a payment you can afford or qualify for, please complete the online application.  Once a Loan Officer, receives the application your Loan Officer will discuss the various loan programs available based on your qualifications and financial information.

Or, have you selected a property and have an Offer to Purchase Contract with the Seller?  The next step is to complete your loan application, which can be done easily through our website.

Interested in refinancing or building a home?  Complete the online loan application to get started.

STEP 2 -- eSign Consent/eDisclosures and Pre-Qualification.

Your Loan Officer will email you with instructions for your eConsent (your approval to receive disclosures and loan documents electronically -- you can review these documents online via a home/work/personal computer, tablet or mobile device whenever convenient for you). Once eConsent is obtained, you will be directed to eSign the loan disclosures through our mortgage web center, website.  Once eSign is finished, you can print or save the documents based on your needs. 

STEP 3 -- Appraisal or Property Valuation is Ordered/Loan Processing.

Once your disclosures are signed and you have provided your intent to proceed with financing, an appraisal or property valuation is ordered.  In addition, we'll begin processing your loan file ordering the necessary employment, income, and liability verifications. 

STEP 4 -- Underwriting, Loan Approval & Closing Scheduled  

Once the appraisal is approved, loan processing and underwriting is complete, your loan is approved and ready to close.  Your interest rate will be locked and we'll begin preparing your file for closing. At this point, you are approximately one week away from closing.

We will prepare and send you a Closing Disclosure 3 business days ahead of the closing date so you will have time to review the loan terms, fees, and funds needed for closing. 

STEP 5 -- Loan Closing; Funding and Disbursement

You will sign your mortgage closing documents with your WCCU Loan Officer.  For purchase transactions, closing documents will also be signed with the Real Estate Agent(s), Sellers, and a designated Escrow/Title Company to handle the funding of your loan. 

Refinance transactions are typically closed at a WCCU branch location.  Once you close and sign the mortgage documents, a 3-day waiting period applies per State of Wisconsin law (refinance only), and your new loan is funded or disbursed on the 4th business day. 

STEP 6 -- Make Payments to WCCU

Loan payments can be set up on automatic payment directly from a WCCU checking or savings account.  Set up an auto payment - it's easy!

We look forward to assisting you with your home financing!

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