Do I have to be a member to get a mortgage through Advancial Mortgage?
Anyone can apply for a mortgage with Advancial Mortgage. Should you decide to finance your mortgage with us, your loan officer will help you complete the documents to become an Advancial member in order to complete the loan process.
Can I apply for a mortgage before I find a property to purchase?
Applying for a mortgage before you find a home may be the best thing you could do! When you apply for your mortgage before you have a property to purchase we will issue a pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. When you find the perfect home, call your Advancial Mortgage Loan Officer to complete your application. You’ll have the opportunity to lock in your rate and we’ll complete the loan processing.
Are there any location restrictions?
No. Advancial Mortgage provides mortgages in all 50 states.
Can I qualify for a mortgage loan if I am an expatriate (non-citizen) living in the U.S.?
Different guidelines are established for non-citizens. Each loan type varies and the documentation you can provide will determine which loan type will fit your scenario. It's best to contact an Advancial Mortgage Loan Officer to discuss your options.
What is your minimum credit score requirement?
There are mortgage programs available for virtually every situation. It is best to call an Advancial Mortgage Loan Officer for more information.
What is the minimum down payment?
Up to 97% financing is available. Higher down payments may be required based on your specific situation.
What information do I need to apply for a mortgage?
In all mortgage applications, Advancial Mortgage will ask for information regarding your employment, income, assets, debts and the prospective property you intend to purchase. Other information may be needed depending on your situation. For more information, please refer to our Application Checklist
Will there be a fee charged when I apply?
Unlike many lenders, Advancial Mortgage does not charge an application fee.
How long will it take to close my loan?
Our goal is to have your loan ready for closing as soon as possible. Generally we can close your loan within 30 – 45 days. However, if there are delays in submitting the required documentation, or there is a problem with your title work or appraisal, the process may take longer.
Does applying automatically lock in an interest rate?
No. You should contact us to lock in your rate once a property has been identified.
When can I lock into an interest rate? How long does that rate last?
An Advancial Mortgage Loan Officer will provide you with your rate lock options once you have submitted your application. Typically rate locks last for a period of 60 days.
What are closing costs?
Closing costs may include fees for an appraisal, title insurance, a property survey, and points. Closing costs vary depending on the loan product and the fees that are customary in your area. You will receive a good faith estimate of your closing costs in advance of your closing date.
Can closing costs be rolled into my loan?
Closing costs can be rolled into refinanced mortgages only, provided you have the equity in the value of the property.
What is the difference between interest rate and APR?
The interest rate is the cost to borrow the money disbursed in the loan. The APR is the total cost of the loan over its life, including costs, fees and points.
What are points?
Points are a one-time fee that the borrower pays to lower the interest rate. One point equals one percent of your loan amount.
What is PITI?
This is the principal, interest, taxes and insurance payment on your mortgage.
What is mortgage insurance?
Mortgage insurance, also known as PMI, is insurance that protects the lender from losses when a mortgage with a low down payment defaults. A low down payment is usually defined as less than 20% of the purchase price or appraised value, whichever is less.
How do I know if I need mortgage insurance? If I do need it, how do I get it?
If you make a down payment less than 20% of the purchase price, you are required to have mortgage insurance. Advancial Mortgage works with several companies that can provide assistance in obtaining mortgage insurance.
What inspections are required in conjunction with my mortgage?
Advancial Mortgage requires an appraisal on most transactions. If the appraiser recommends repairs or if repairs are mentioned in the contract, Advancial will require that those repairs be done before closing. The appraiser will then perform a final inspection to assure that the repairs were completed.
How does an appraisal affect my mortgage amount?
Advancial Mortgage will extend a mortgage based on the appraised value of the home or the purchase price, whichever is less.
Do I get a copy of the appraisal?
As soon as we receive your appraisal, we will update your loan with the estimated value of the home. As a standard practice, we will provide a copy of your appraisal at closing.
How can I get a copy of my credit report?
To obtain a copy of your credit report visit www.annualcreditreport.com
or call 1.877.322.8228. The law allows you to order one free copy of your report from each of the nationwide consumer reporting companies every 12 months. Reviewing your credit report prior to applying for a mortgage will give you the opportunity to identify and resolve any credit issues or discrepancies.
Will my mortgage be sold to another lender?
Advancial Mortgage processes, closes and funds your loan through Advancial Federal Credit Union. In some cases, the servicing, or the collecting of payments, of your loan may be sold to another lender. This is done to allow us to obtain the best possible rate for our members. This in no way changes any terms or conditions of your loan. By law, once your loan closes, the terms and conditions cannot be changed.
How do I make my mortgage payment online?
Payment can be made on: the Midwest Loan Services website (Advancial’s mortgage partner), Advancial’s cuAnywhere® Online Banking or by mail.
Set up your monthly mortgage payment with the Midwest Loan Services website:
Go to www.midwestloanservices.com and follow the navigation below.
Set up your monthly mortgage payment with Advancial’s online Bill Payer:
- Automatic Monthly Payments
- ** ENROLL ONLINE TODAY ** Enter in your information
- Loan number:_____________________________________________________________
- The loan number consists of nine digits located on your payment coupons received from Midwest Loan Services
- Last four digits of your Social Security number
- Five-digit ZIP code for the mortgaged property
- Original loan term in months (for example, a 30 year term would be 30 X 12 = 360 months)
- Create a password for your account
- Email address and your phone number to be contacted
- Scroll down to enter payment information:
- Pick an account to use for your monthly mortgage payment (either Advancial or non-Advancial)
- Enter your account's ABA Routing Number (If Advancial is your payment account, your ABA Routing Number is 311078857)
- Enter in the account number used for monthly payments (checking or savings)
- If Advancial is your payment account, locate your account number by viewing the Account Number column on the Accounts Summary page in online banking (e.g.: If your account is displayed as 123456-0001 you would enter 12345601 as our account number)
- Optional: add an account description, such as “Mortgage Payment”
Login to cuAnywhere® Online Banking and follow the navigation below.
- Select Bill Payer from the drop-down list on the main tab
- Click Add Payee and enter Midwest Loan Services in the search box
- Advancial automatically adds the payment address in Bill Payer for you
* Monthly payments can be automated by entering the appropriate information for your loan.
- Payment Setup box needs two pieces of information:
- Account Number - Your Midwest Loan Services loan number (found on payment coupons from Midwest Loan Services)
- Category - Use the drop-down box to select Mortgage and click on Confirm
Where can I mail a check for my mortgage payment?
Please mail to:
Midwest Loan Services
P.O. Box 188
Houghton, MI 49931-0188
If you have any questions call Advancial Mortgage at 800.876.2328.
If you are paying off your mortgage please contact Midwest Loan Services at 800.262.6574 to request a payoff quote from a service representative.