Benefits of Owning a Home
There are many reasons for owning a home. Many families simply want to provide a home for their family. However, buying a home is a type of investment that can accumulate wealth over time, similar to stocks and bonds.
You may ask, “Is now the best time to buy?" Well, if you’re renting, then it is time to give some thought to investing in your future. Stop paying someone else's mortgage and start paying yourself. Below are some benefits of owning a home.
Personalization: Personalize your property as you see fit.
Inheritance: You own something tangible that can be left to your heirs.
Power of Amortization & Appreciation: Making each mortgage payment and the property value increasing, provides long term wealth called equity.
Tax deduction: Mortgage Interest, Property Tax & MI may be deductable. Consult with your tax advisor.
Community Mortgage Funding, LLC. is proud to lend in the following states: AZ, CA, CO, KS, MI, NV, OH, OK, OR, TX and WA.
Step 1: Application
Start the loan application by either visiting the Credit Union, applying online, or by applying by phone at 877.915.3030. The Community Mortgage Funding mortgage team will reach out to you to discuss loan options and products.
Receive your pre-approval typically within 24 hours with all the necessary documents. You can present this to a real estate agent as confirmation that you are pre-approved.
Your loan officer will then collect a credit report fee.
Start your home search through the CMF Home Rewards Program. It offers members professional realty service with a unique benefit. You can earn a portion of the real estate agent’s commission as a rebate applied toward your closing costs.
Step 2: Disclosure with Intent to Proceed
You will receive loan disclosures from Community Mortgage Funding that estimate your home financing costs. Sign and return The Intent to Proceed form.
Step 3: Credit Approval
Your loan officer will contact you to let you know when your loan has been credit approved. You will also receive online access to view your loan status through our secure borrower portal, so you’re never left in the dark.
Step 4: Appraisal and Title
The home will be appraised to determine the current market value, and a title report will be examined for liens, easements, ownership, and any adverse information that may affect your future ownership of the property. This helps protect you, as the homeowner, as well as the lender.
Step 5: Full Approval
Congratulations! A full approval is made when steps 1-4 all come together and have been evaluated. Additional information may be required by the underwriter. Don’t be alarmed! Your Community Mortgage Funding team will assist you every step of the way.
Step 6: Clear to Close, Begin the Closing Process
We are working on our side to get the final documents prepared for your home loan to close. Meanwhile, you’ll receive the “Closing Disclosure” that indicates your closing cost credits (ex. CMF Home Rewards) and money needed from you for the closing. You’re almost there!
Step 7: Closing and Final Steps
Our closing team will coordinate a convenient time for you to sign loan documents. The settlement company will record the note and deed of trust at the county recorder’s office. Closings can occur as soon as 30 days from the date of application.
For more in-depth purchase information , view our free e-booklet. Learn who is involved in your loan.