• Mortgage FAQ

    • Do you offer construction loans?

      We currently offer commercial and business construction loans, including loans for non-profit organizations. For more information on these loans, contact one of our Member Business Lending experts today!

      At this time, we do not have residential construction loans. If you would like more information or are interested in applying for a home mortgage, please visit our mortgage page.

       

      Running a business is not easy, but banking at Kitsap Credit Union is.

      As a local community Credit Union, Kitsap will provide:

      • Secured term loans and lines of credit
      • Loan terms customized to work for you
      • Competitive rates
      • Experts with knowledge of the local market

      Apply for a business loan today!

    • Can I be notified when mortgage/refinance rates are updated?

      At this time, Kitsap Credit Union does not have a notification system that could contact you when rates are updated.

      You can always visit our Mortgage Web Center for today’s rates, or stop by a local branch.

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or set up an appointment with our Business team through our Online Appointment Scheduler.

       

    • Can I change insurance companies for my homeowner's policy? Do I need to notify you?

      Yes, you can select the insurance company of your choice provided that the coverage meets credit union guidelines. The credit union must always be listed in the mortgagee clause during the period of time the mortgage, home equity loans or home equity line of credit is open.

       

    • Can I pay my own real estate taxes and homeowner's insurance?

      It depends on the specifics of your loan transaction. Mortgage loans typically require reserves for taxes and insurance if the loan amount is greater than 80% of the value. Reserves are not required for loans in second lien position or HELOC’s. You’ll want to bring this question up before you close on a mortgage loan.

      Competitive rates with expert advice you can trust from your local neighborhood lender.

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or set up an appointment with our Business team through our Online Appointment Scheduler.

       

    • Do I need to provide you with proof of my Homeowner's Insurance?

      Yes, homeowner’s insurance is required to be in place at the time the loan funds are disbursed and must continue during the term of the loan. The credit union must be listed as a mortgage lender.

       

       

    • Do you have any deals for first time home buyers?

      We offer FHA and USDA financing which can be a good option for those making their first home purchase.

      • FHA loans are excellent for first-time home buyers because, in addition to looser credit requirements, they allow low down payments.
      • USDA loans are also a good option if applicants meet income guidelines and the property is located in an eligible area.

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or set up an appointment with our Business team through our Online Appointment Scheduler.

       

      Not a member yet?

      Applying is fast and easy! You will need the following information in order to complete the application:

      • Government issued ID/Driver's license/State ID or Passport with current address
      • Current physical and mailing address
      • Social Security Number
      • Date of Birth

      Click here to apply now!

       

      We offer FHA and USDA financing which can be a good option for those making their first home purchase.

      • FHA loans are excellent for first-time home buyers because, in addition to looser credit requirements, they allow low down payments.
      • USDA loans are also a good option if applicants meet income guidelines and the property is located in an eligible area.

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or set up an appointment with our Business team through our Online Appointment Scheduler.

       

      Not a member yet?

      Applying is fast and easy! You will need the following information in order to complete the application:

      • Government issued ID/Driver's license/State ID or Passport with current address
      • Current physical and mailing address
      • Social Security Number
      • Date of Birth

      Click here to apply now!

       

    • Do you offer VA or FHA loans?

      Yes! Kitsap Credit Union offers VA and FHA loans and more for property located in the state of Washington.

      Apply now to take advantage of:

      • Today's low rates
      • Fast pre-approvals

      Ready to get started? View our current rates and apply now!

    • How are my property taxes paid?

      If you elect to escrow your property taxes, you will make monthly payments and the credit union will pay your taxes on your behalf.

      If you do not escrow the property taxes, then you are responsible for making the property tax payment when it comes due.

       

      Be a master of your finances with Financial Education!

      Not only are we here to lend you a hand with your purchases, but we're also here to help you achieve financial wellness and meet your money goals.

      Visit our Financial Education page today and start using our free curriculum and tools!

       

    • How much will it cost me to refinance my first mortgage?

      Every refinance will be different and once you submit an application you will receive a Loan Estimate form that will breakdown the costs for your situation but a good rule of thumb is about 2-3% of the loan amount you are borrowing.

      Kitsap Credit Union has the right experts to guide you through the process from start to finish.

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

    • I'm refinancing my home and I need a subordination letter for my home equity loan. How do I get one?

      Requests for subordination usually come from the mortgage company you are working with. You will need to provide them with a letter, signed by you, requesting the subordination. This will allow us to work directly with the mortgage company for the letter. The fax number to send the request to is 360-307-2100.

       

    • What are my closing costs for my mortgage?

      The specific amount of your closing costs will vary depending on your specific situation but costs generally fall into three categories: third party fees, taxes and other unavoidable costs, and lender fees.

      Third Party Fees include:

      • Appraisal fee
      • Credit report fee
      • Settlement / closing fee
      • Survey fee
      • Tax service fee
      • Title insurance fee
      • Flood certification fees
      • Courier / mailing / notary fees

      We collect any third-party fees and pass them on to the person who performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company is paid the title insurance fees.

      Taxes and other unavoidable costs include:

      • State/Local Taxes and
      • Recording fees

      These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay it. It probably means that the lender hasn't done the research necessary to provide accurate closing costs.

      Lender fees may include:

      • Points
      • Document preparation fees
      • Loan processing fees

      These fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision.

      Apply now to take advantage of:

      • Today's low rates
      • Fast pre-approvals

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or set up an appointment with our Business team through our Online Appointment Scheduler.

       

    • What is a Mortgage Loan?

      A mortgage is a loan to finance the purchase of your home.

      Your home is collateral for the loan, which is also a legal contract you sign to promise that you'll pay the debt, with interest and other costs, typically over 15 to 30 years.

      If you don't pay the debt, the lender has the right to take back the property and sell it to cover the debt. To repay the debt, you make monthly installments or payments that typically include the principal, interest, taxes and insurance, together known as PITI.

      For a fun video about mortgages, watch this short video below!

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or set up an appointment with our Business team through our Online Appointment Scheduler.

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    • What is a Mortgage Note?

      A mortgage note, sometimes called a real estate lien note, is a signed legal document that states the signer will repay the amount that has been loaned, plus any interest that accrues during a specified amount of time at a predetermined interest rate.

      When you take out a loan to purchase the home, you will need to sign the mortgage (deed of trust) as well as this promissory note. The promissory note contains the terms of loan repayment, while the deed is released to you upon completion of payment.

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

    • What is an escrow account?

      An escrow account is established as a convenient way to manage property taxes and insurance for your home. Sometimes referred to as an "impound account", escrow accounts allow you to make one monthly payment, instead of paying individual bills when they are due.

      A portion of your monthly mortgage payment goes directly to your mortgage (principal and interest) and the remainder is allocated to your escrow account to cover property taxes and insurance. When the individual bills are due, your lender will pay them with funds from your escrow account.

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or set up an appointment with our Business team through our Online Appointment Scheduler.

    • Why should I consider getting pre-approved before buying a home?

      It's always a good idea to get pre-approved before shopping for a new home. Getting pre-approved with a lender provides peace of mind that your credit and income meets the guidelines for the loan amount you have requested.

      It helps identify an appropriate budget for the value of the home you are shopping for. It also shows sellers you are a serious buyer in the negotiation process.

      Competitive rates with expert advice you can trust from your local neighborhood lender.

      Whether you 're a first time home buyer, looking to refinance, or want to take advantage of special VA, USDA, or FHA home loan programs, Kitsap Credit Union has the right experts to land you the home of your dreams and guide you through the process from start to finish.

      Apply now to take advantage of:

      • Today 's low rates
      • Fast pre-approvals

       

      Looking to apply for a mortgage?

      Take advantage of our low closing costs, and learn more about the different loan options we have available to you on our Mortgages page.

      Get a Rate Quote today and Apply Now to get pre-approved!

      If you have questions about an application, current mortgage or to speak with one of our dedicated professionals, call us at 877-817-0279 or email us at HomeLoans@kitsapcu.org.