SeaComm

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Mortgages

Applying for a mortgage loan at SeaComm is quick, easy and hassle-free.

Whether you're a first time home buyer or an accomplished borrower, our experienced mortgage originators are here to answer all of your questions. We're dedicated to giving you personalized service and taking the time to look at your unique situation and understand your needs regardless of your credit score.

You’ll appreciate the wide range of programs and services we offer. Our staff will take the time to discuss options and come up with a solution that bests meets your needs.

Mortgages

Are you a first time home buyer or refinancing your current mortgage? We have options available to you! We offer competitive rates, terms and payment options.

• Fixed Rate Loans
• Adjustable Rate Loans (ARMs)
• Mortgage Refinancing
• Government & Affordable Housing Programs

Home Equity

Want to use the equity in your home for an improvement project, debt consolidation or to finance a major event or purchase in your life? A SeaComm Home Equity Loan might be right for you! We offer fixed rate equity loans and home equity lines of credit. Click here to learn more.

 

Meet Our Mortgage Originators

Trudi Latrace Trudi Latrace
Mortgage Manager

30 Stearns St
Massena, NY 13662
(315) 764-0566 ext. 296 tlatrace@seacomm.org

Tara Cusworth Tara Cusworth
Mortgage Loan Officer

30 Stearns St
Massena, NY 13662
(315) 764-0566 ext. 228
tcusworth@seacomm.org

Malinda Klepfer Malinda Klepfer
Mortgage Loan Officer

3349 Route 11
Malone, NY 12953
(315) 764-0566 ext. 501
mklepfer@seacomm.org

Sherry Devlin Sherry Devlin
Mortgage Loan Officer

30 Stearns St
Massena, NY 13662
(315) 764-0566 ext. 533
sdevlin@seacomm.org

Schedule a Consultation - Click Here

OwnersChoice™

Competitive mortgage financing from the credit union you trust!

SeaComm in partnership with OwnersChoice, is pleased to announce our mortgage financing program. Whether you’re purchasing a home or refinancing your mortgage, you can look to us for trusted advice and exceptional service.

Our mortgage program features:

OwnersChoice - Your home lending partner.
  • a secure online application process
  • expanded loan programs;
  • low interest rates and closing costs; and
  • expert support and assistance throughout the entire process.

If you are looking for competitive mortgage financing from a lender you can trust, stop by our office or contact us at (315) 764-0566 or toll-free at (800) 764-0566.

Homeowners Advantage

SeaComm is able to help more members realize the American dream of home ownership due to our partnership with Homeowners Advantage, the mortgage processing assistance center. Every home buyer has a different need so we've expanded the types of mortgages available to our members. Whether buying or refinancing a home, the lending professionals at SeaComm are ready to assist and advise you regarding the best possible loan product to fit the needs of your family.

  • FHA loans with only a small down payment required
  • VA loans with 0% down for qualified veterans
  • 100% financing on purchase of primary residence
  • Equity loans up to 100% of the value of the home
  • Investment property loans are available
  • Nonconforming loans for damaged credit and bankruptcy

Why wait? Click here to start your mortgage application!
Homeowners Advantage

FAQ's

1.) What mortgage options do you offer?

• Fixed Rate Mortgages
• Adjustable Rate Mortgages
• Home Equity Loans
• Manufactured Homes
• Vacant Land
• Mortgages for Primary, Vacation, Investment Properties
• Portfolio Loans


2.) Can you help me determine how much I can borrow before I find a property?

Yes, many realtors encourage you to get a preapproval before shopping for a home. Our knowledgeable mortgage staff will evaluate your situation and credit to determine what you can afford.

3.) What do you require for a down payment?

There are many options available that we can discuss with you. Typically there is a down payment required and closing cost you will have to pay depending on the program you choose.

4.) Can I borrow funds to use towards my down payment?

Yes, you can borrow funds to use as your down payments. However, any loan that you take out must be a secured loan.

5.) Can someone gift me money for the down payment?

Yes, gifts are an acceptable source of a down payment, if the giver is related to you or your co-borrower. Verification of the funds will have to be provided.

6.) Is escrow always required?

No, many loan programs do not require escrow and may be optional.

7.) I already own a home, do you offer home equity loans?

We offer Home Equity Lines of Credit options and Fixed Rate options.

8.) How will my credit score affect my application?

A credit score is one of the pieces of information that we’ll use to evaluate you application and set your interest rate. However, there are many other factors when making a loan decision and we always look at your total financial picture.

9.) What are the rates?

Rates vary depending on the product , your credit rating and the term of the mortgage. It would be difficult to quote a rate without further discussion about what you are looking for.

10.) Are there closing costs?

Some of our mortgages have a no closing cost option if you qualify.

11.) How much are closing costs?

Closing cost range from 3-6% of the mortgage request. At the time of application you are provided an estimate of those cost.

12.) How do you determine the value of my home?

We determine the value by having an appraisal of the property done or by using your assessment value.

13.) How much money can I borrow?

Some mortgage products allow you to borrow up to 100% of what your home is worth.

14.) Are taxes and insurance (escrow) included in my payment?

Escrow is available with some mortgage products.

15.) Can I be preapproved for a mortgage?

Yes, we can take a brief application, pull your credit and look at your budgets to determine if you prequalify for a mortgage.

16.) How do I get the process started?

Simply call the mortgage department to set up an appointment. The application process usually takes from 30 minutes to an hour.

17.) What information do I need to give you for the application?

You will need to provide two years of federal income taxes with the W2s, one month of pay stubs, paid property tax receipts, a homeowners insurance binder, the abstract and a copy of the deed. If you are purchasing a property you will not have an abstract, deed, tax receipts, or a homeowners insurance binder. You will need to provide a signed purchase agreement.

18.) How long does the process take?

Usually from start to finish it takes about 3-4 weeks. When purchasing a home the process can take up to 60 days.

19.) If I already have a mortgage on my home, can I have another one?

Yes, you can have a first mortgage on your home and also have an equity loan.

20.) Do you offer VA loans?

Yes, we do offer VA loans through a partner.

21.) Do you offer First Time Home Buyer programs?

Yes, we do offer programs for First Time Home Buyers through a partner.

22.) Can I still be approved for a mortgage if my credit is less than perfect?

You may be approved. Every situation is different. It is best to sit down with one of our mortgage professionals to discuss what we can do for you.

23.) Do I have to make a certain amount of money to be approved for a mortgage?

No, income is a major factor in calculating your budgets, but there is no minimum requirement.

24.) How long do I have to be employed before I qualify?

We like to see a minimum of at least 12 to 24 months on the job. Every situation is different.


Tips to Mortgage Success

Fix any mistakes on your credit reports

Your credit score is the single most important factor in determining how much you'll pay for a loan in the form of an interest rate.

That score is based on information pulled from the credit histories maintained by the three, major credit-reporting agencies -- Experian, TransUnion and Equifax.

If there are mistakes on your credit report, and those mistakes hurt your credit score, you'll pay the price in the form of a higher interest rate.

Start by obtaining a free copy of your credit reports from each agency at annualcreditreport.com.

Read the reports carefully, and look for errors. To fix them, start by noting the errors on a copy of the report. Write a letter to the credit bureau explaining the problems and asking them to investigate. Enclose any proof you have, and send the whole thing by certified mail.

Pay your bills on time

The biggest part of your credit score -- 35% of it -- is based on whether you pay your bills on time.

When you apply for a mortgage, you should have no late payments on your credit report for at least six to twelve months.

More than anything, lenders want to know you will pay your mortgage on time every month. If your credit history shows you've skipped a payment or even been a few days late, you're seen as a bigger risk. And risky borrowers pay higher rates -- or they are not approved for a mortgage at all.

Any current late payments or even a few months before applying for a mortgage will be taken particularly seriously.

Pay down your credit card debt

Almost one-third of your credit score is based on how much of the available credit limits you have used.

If you owe $6,000 on a card with a $10,000 credit limit, you've used more than half of your available credit -- and that hurts your credit score.

You're penalized anytime your debt-to-available-credit ratio climbs above 50%. Reducing your balance to less than half the credit limit on each card will have an immediate and positive impact on your credit score.

Don't apply for new credit cards or other consumer loans

Potential lenders will check your credit report when you fill out an application, and those inquiries are noted on your history. Inquiries on your credit report are looked at as part of the underwriting process and all inquiries within the last 90 days must be explained.

Credit is generally ran at application and can be ran again at closing as a pre-funding audit. Any late payments or increases in your payments can disqualify you due to debt-to-income guidelines.


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