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Getting a Purchase Loan

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process progresses. Before you know it, you'll have a home loan that suits your lifestyle and saves you money.

Throughout the loan-application process, we will be providing you with regular updates. You can also e-mail us with questions or new information. If you want assistance, a home loan expert who can answer your questions is just a phone call away.

Here's an overview of the loan-application process

STEP ONE -- Apply Now! Getting started is easy

There is no charge to apply!

When you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily through our website. To get started, click on the application link on the left.

Down payment requirements are a low as 5%. Private Mortgage Insurance is required if your down payment is less than 20% of the purchase price.

Purchases with loans greater than $484,350 or for more than 1 unit may require higher down payments. Loan limits vary by state.

Loan Requests using Adjustable Rate Mortgages or Hybrid Mortgages may require a higher down payment.

Condo Purchases may require a higher down payment as well.

After you submit your loan application, we will be able to present a customized loan proposal to you.

STEP TWO -- Your Loan is Approved and Funded

Your Real Estate Agent or the Seller will designate an Escrow/Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.

At the appropriate time we'll order a property appraisal for you.

We will coordinate with the escrow settlement team and you'll sign the final papers at their office.

Simple, Straightforward, Cost Effective, and FAST!

Northrop Grumman Federal Credit Union
Toll Free:  (888) 643-2873
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