Steps to Mortgage Financing

Buying or refinancing a home is about you, and HVCU will be there for you every step of the way.

To help keep you informed before you get started, here is some helpful information about the mortgage process as it related to your home financing needs:

Step 1: Choosing the Right Mortgage

Answer some basic questions to help you decide which loan is best for you. At that point, we'll provide a variety of loan options based on what we learn about your needs.

Are you purchasing a home or refinancing an existing mortgage?

If refinancing, are you looking to lower your rate, change your term, or obtain cash out for renovations or major purchases? These are good questions to discuss with your Mortgage Loan Officer, as they may factor into the loan product and/or the terms you select.

If purchasing, the questions below will help your Mortgage Loan Officer guide you to the right mortgage product.

  • Your monthly income
  • How much you owe
  • How much you want to spend on your new house, 
    or if you're refinancing, how much you still owe
  • How much money you have to put down
  • How long you're planning to stay in your new home
  • How much flexibility you have with your monthly payments

Once we have the above information, we will provide you with a variety of loan programs and pricing options. For information on total costs, including estimated closing costs you can use our online mortgage calculators.

If you have any questions, speak to a Mortgage Loan Officer. 

Step 2: Applying for Your Loan

We've pared down our loan application to require only the most essential information. Here's what we need to know:

  • Do you need a pre-approval? When purchasing a home, a pre-approval is likely the best path to take first – your Mortgage Loan Officer will guide you through what is right for you, a pre-approval or a full application. Both scenarios require an application to be submitted.
  • Borrower Information – the basics about you
  • Property Information – the basics about the property you want to finance
  • Income – what you make
  • Assets – what you plan to use for the down payment and closing costs
  • Liabilities – what you owe and to whom. We will run a credit report to confirm liabilities and fill in that section of the application for you. (You'll have a chance to review and make any corrections.)

Step 3: Credit Approval

In many cases, we can immediately credit-approve your loan request. It is subject to underwriting the home you are financing, and verification of the information you've provided us on your application.

If you are looking for ways to improve your credit score, you may want to check out our webinar below, The Ins & Outs of Credit Scores.


Not Ready to Apply Yet? Our Mortgage Loan Officers are Here to Help You on Your Journey.

Step 4: Processing Your Loan

When we process your loan, we verify the information you've provided on your loan application. We will request documentation to verify assets and income. Your new home, or existing home if you are refinancing, will be reviewed by ordering an appraisal, title report, and flood certification on the home. Payment will be required for some of these services and will be applied toward your closing costs.

Step 5: Insuring Your Future Home

Your home is a significant investment. Homeowners insurance protects you, as well as your home, and your belongings from accidents, severe weather, theft, fire, and more. It can provide assurance that a bad day won’t get any worse. A licensed insurance agent can walk you through the quote process step-by-step to ensure that you and your family are properly covered. 

Step 6: Final Loan Approval

Final loan approval involves underwriting your new home or existing home if you are refinancing, and the information on your loan application. Once we've reviewed this information, we will give you a final approval, and then prepare your loan for closing.

Step 7: Closing

With final loan approval, we prepare the loan documents for you to sign and send them to a closing agent, or attorney, for final signatures. A closing is then scheduled through our closing agent or attorney. The closing agent or attorney will provide you and/or your attorney a complete list of required items once a closing date has been set.

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Important Legal Disclosures & Information

For complaints and inquiries concerning your mortgage or home equity, please share your experience with us. You may also contact the New York State Department of Financial Services Consumer Assistance Unit at 800.342.3736 or by visiting the Department's website at

The tools and calculators on the HVCU website are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your financial circumstances are not guaranteed. HVCU does not provide tax, legal, accounting, financial, investment or other professional advice. The tools and calculators should not be used as a substitute for tax, legal, accounting, financial, investment or other professional advice. Your use of the tools or calculators does not assure the availability of, or your eligibility for, any specific product offered by HVCU or its affiliates. The terms and conditions of specific products may differ and affect the results obtained by using these tools and calculators. All financing is subject to credit approval. The default figures, amounts and information shown in the tools and calculators are hypothetical and may not be applicable to you. Please consult with qualified professionals to discuss your particular situation.