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Steps along the way

Appraisals

The value of your home will have to be established. As a rule, loans will require a full appraisal meeting Fannie Mae/Freddie Mac standards and conducted by a certified appraiser selected by the credit union. You may pay for the appraisal at closing or from your account before closing. Upon request you may receive a copy of the appraisal.

Insurance requirements

Flood Insurance

A determination as to whether the property is in a designated flood zone will need to be made. The appropriate Federal Emergency Management Agency (FEMA) form or the report generated by reviewing company must be completed and retained in the loan file.

If you live in a flood zone, you will be expected to carry flood insurance during the life of the loan with no exceptions. The amount of the insurance will need to be sufficient to discharge all liens.

Hazard Insurance

You will be required to carry fire and extended coverage insurance during the life of the loan on the property mortgaged in an amount sufficient to discharge all liens. Proof of insurance is needed to complete the loan.

Both the flood and hazard insurance policies must designate the following mortgage clause:

FRB Federal Credit Union
Its successors and assigns
as their interests may appear (A.T.I.M.A.)

Good faith estimate of charges

At the time of application or within three days of application, you will be provided with an estimate of closing costs as required by the Real Estate Settlement Procedures Act (RESPA).

Right of rescission

Proceeds will not be available to the member for three business days following the day of closing. On the fourth business day, the member may access the loan funds.

Fees & charges

Please note that outside fees charged by professionals will vary from state to state. The fees are:


Type of Fee Who pays/How much
Application Fee None
Appraisal Fee At cost to you if required
Attorney Fees Member's selection and expense
Title Search At cost to you
Document Preparation At cost to you
Future Mortgage Release $50.00

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