The Mortgage Financing Process / Frequently Asked Questions


It’s important to educate yourself and shop wisely when financing a home. Even a small difference in points, fees, payment type, or down payment requirements, can add up to thousands of dollars, affecting your monthly payment or ability to finance.

Some lenders have different names for their fees, and might even waive one fee while adding another. Meeting with a loan officer can help you compare your options and understand your choices to ensure you select the right mortgage for your needs.


Most purchase loan transactions are completed within 60 days of application. However, this depends on several factors, such as how long it takes for us to receive a fully signed (by buyer and seller) contract of sale and how quickly you provide us with requested documentation. For refinance transactions, the average time from application to closing is just under 45 days. Please keep in mind that every transaction is different and some loans may close in less time than what is stated here, while others may take longer.

Following the steps below will make buying your home a smooth process from start to finish. Some common questions that are often asked are grouped with each related step in the process. Click the step in the process to view those questions.

1. Determine which type of mortgage is right for you by calling us or speaking with one of our Mortgage Loan Officers.

2. Get a pre-approval from HVFCU to see how much home you can afford. To submit your pre-approval, call us, stop into any branch, or apply online with one of our mortgage loan officers.

3. Select a real estate agent.

4. Shop for a home.

5. Submit binder/purchase offer to seller.

6. Obtain home inspection.

HVFCU does not require a home inspection, but it is generally good practice to have one when buying a home.

7. Submit mortgage application and any additional documentation to HVFCU. You may lock your rate in at this time or at any point prior to three days before your loan closing.

8. HVFCU reviews credit documents.

9. Receipt of Conditional Mortgage Commitment from HVFCU (For conventional SONYMA loans only.)

10. Appraisal completed on subject property.

11. Applicant’s attorney orders title insurance.

12. Applicant arranges for homeowner’s insurance.

13. Applicant submits remaining items outlined in the Conditional Mortgage Commitment to HVFCU.

14. Applicant’s attorney forwards copy of the title report to HVFCU attorney.

15. HVFCU attorney reviews title.

16. Once title is acceptable, a closing date is established between attorneys.

17. Closing & beyond.

A loan estimate, which approximates your closing costs, is issued to you after HVFCU receives your application. This estimate informs you of what fees to expect at closing. You will need to have funds available in your account to cover all closing costs. The closing can be held at our attorney’s office or at the HVFCU branch nearest you, whichever is more convenient.

18. Enjoy your new home!

    © 2016 Hudson Valley Federal Credit Union

    PO Box 1071, Poughkeepsie, NY 12602-1071
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363
    HVFCU Prepaid Visa Routing Number: click here

    Unauthorized Access Warning – Access to Internet Banking is restricted to authorized HVFCU members only.