Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

SMCU OnLine Login
Apply Now

Continue an Existing Application
Get a Custom Rate Quote

Questions?
Call (650) 363-1799 (Option #1)
Email: reloanofficers@smcu.org

Click here to book an appointment with one of our home loan experts.

Buying a home?

We want to help.

Click for details

Time to Refinance?

Let us make it easy

Click for details

New room or roof?

Home Equity Loans and Lines

Click for details

Run the numbers, then ask us for advice.

The following mortgage calculators are available to help you with purchase and refinance questions.

Purchase Calculators

  • How much can you afford?
  • How much income do you need?
  • What is your monthly payment?
  • Should you rent or buy?
  • How do I get prequalified?

Refinance Calculators

  • How much can you borrow?
  • What is your monthly payment?
  • How much can you save by refinancing?
  • What if you reduced my loan term?

Use the Calculators

What our members want to know most about home loans.

Below are the most common questions we hear from members as they consider buying a home, refinancing, or using their home equity – before, during, and after the loan process.

But don’t worry if you don’t see the answer you’re looking for, we’d rather talk to you about your specific situation and options. Contact our mortgage experts today!

Jump to:
Home Refinancing FAQs
Home Equity FAQs

Home Buying FAQs

  • Three primary factors are examined: your credit history, the value of the property you wish to buy, and your debt-to-income ratio (the amount of your assets and income compared to your debts).

  • Your credit history certainly comes into play when you apply for a loan, but the presence of a negative issue or two on your credit report will not necessarily disqualify you. The important thing is that your history demonstrates you ability and willingness to pay your creditors on time. Of course, the higher your credit score, the better your mortgage rate and options.

  • Call one of our mortgage specialists at (650) 363-1799 and select option 1 and once on the line with a representative you’ll be able to review the necessary steps.

  • With a fixed-rate mortgage, the interest rate remains the same throughout the life of the loan. An adjustable-rate mortgage (ARM) has a fixed—usually lower—interest rate for a set number of years, and then goes up or down based on a market index.

  • You make monthly payments of just the loan’s interest for a set number of years, and your mortgage payment increases significantly when this period ends. The interest-only option has a high risk factor and should be carefully considered.

  • Yes. Contact an SMCU loan officer for rate information.

  • Yes. SMCU offers mortgages on properties with up to four units.

  • At this time, SMCU does not offer mortgages on mobile and manufactured homes, new construction, land and vacant lots, timeshares, properties containing retail stores, and properties located outside of California.

  • No, at this time we do not.

  • A home appraisal determines the market value of the home you wish to buy and is conducted by an independent and certified professional. It is required in almost all situations, and a copy will be provided to you.

  • A preliminary title report is a document prepared on a property once escrow is opened but before it closes. It includes important information such as how title is held and whether or not there are any easements, liens, and encumbrances. The preliminary title report eventually becomes the final title report.

  • This is a one-time fee that you can opt to pay in order to get a lower interest rate. One point equals one percent of your loan, and will usually lower your rate by one-eighth to one-quarter of a percent.

  • Closing costs include documentation fees, title insurance fees, attorney fees, pre-paid interest, and any other costs involved in the purchase of a home.

  • Pre-paid interest is the per diem interest charges that begin accruing on the day your loan is closed and continue adding up until the end of the month in which the closing takes place.

  • An escrow account is used to pay your property taxes and homeowners’ insurance, as well as mortgage insurance and flood insurance, if applicable. The lender computes the total cost of these items and divides by 12, adding that amount to your monthly mortgage payment. Bills are sent directly to the lender and paid out of the escrow account.

  • Yes. The amount may change based on increases or decreases to your property taxes and/or homeowners’ insurance.

  • PMI stands for private mortgage insurance. If you put less than 20 percent down on your home, it is usually required.

  • LTV is loan-to-value, and it equals the total dollar amount of mortgages leins on the property divided by the property’s value. It is used to determine how much money you are eligible to borrow and whether or not mortgage insurance is required.

  • A loan officer is a representative of the credit union whose role is to help borrowers acquire loans. Your SMCU loan officer heads up your personal mortgage team.

  • A loan processor ensures the timely and accurate packaging of all loans. Once the loan officer originates the loan, the necessary paperwork is forwarded to the loan processor.

  • An underwriter is a specialized loan representative who analyzes the creditworthiness of potential borrowers to determine if they qualify for a loan.

  • You must own your home for a minimum of twelve months before taking any money out of equity.

Home Refinancing FAQs

  • There are several reasons why refinancing your home is a smart move. These include:

    • - Lowering your interest rate, and therefore your monthly payment
    • - Switching from an adjustable-rate to a fixed-rate mortgage, or vice versa
    • - Pulling out cash to pay off debts or make a major purchase
    • - Changing the term of the loan
  • Three primary factors are examined: your credit history, the value of the property you wish to refinance, and your debt-to-income ratio (the amount of your assets and income compared to your debts).

  • Your credit history certainly comes into play when you apply for a loan, but the presence of a negative issue or two on your credit report will not necessarily disqualify you. The important thing is that your history demonstrates you ability and willingness to pay your creditors on time. Of course, the higher your credit score, the better your rate and options.

  • Call one of our mortgage specialists at (650) 363-1799 to review the necessary steps.

  • A home appraisal determines the market value of the home you wish to refinance and is done by an independent and certified professional. It is required in almost all situations, and a copy will be provided to you.

  • The funds are available on the day your loan closes.

Home Equity Loans and Lines of Credit FAQs

  • A home equity loan is a fixed-interest loan that gives you a pre-determined amount of money in one lump sum. Because of the fixed rate, you pay the same amount every month. A home equity line of credit (HELOC) has a variable interest rate that fluctuates over the life of the loan, so your payment differs from month to month. Interest is payable only on the amount of money you access. A HELOC offers you a fixed amount of credit that you can access for a specific period of time. As you pay off the principal, your credit revolves and you can use it again.

  • With a fixed rate (home equity loan), the interest rate remains the same throughout the life of the loan. With an adjustable rate (HELOC), the interest rate is linked to an index and can change over time.

  • Using the equity in your home is a cost-efficient way to renovate, consolidate high-interest debt, or finance important events or major purchases—and the interest you pay may be tax deductible. Consult your tax advisor for details.

In-person seminars and online education.

Seminars are led by expert members of SMCU’s Real Estate Team and are available at select times and locations.

Our next Home Buyer Seminars are:

Date: Saturday, January 14, 2017
Time: 12:30pm to 2:00pm
RSVP: by January 12 to reloanofficers@smcu.org

or

Date: Thursday, January 26, 2017
Time: 6:00pm to 7:30pm
RSVP: by January 25 to reloanofficers@smcu.org

San Mateo Credit Union Headquarters
350 Convention Way
Redwood City, CA 94063
Seating is limited. Reserve your seat today!

*Mortgage closing cost credit applies only to the fees associated with non-recurring closing costs and does not apply to the principle loan amount borrowed. Mortgage closing cost credit applies to fixed mortgage products only. Credit offer does not apply for a refinance of an existing SMCU mortgage. Not eligible to be combined with Partner/Preferred Member relationship tier rebates on closing costs. Mortgage fee credit good through February 15. Fixed rate loans can fluctuate with the market and are not guaranteed without a valid rate lock. Rates are tied to the Prime Rate as reported in the Wall Street Journal. Current Prime rate is 3.750% as of December 15, 2016. Maximum loan amount varies based on property location, and may not be available in all California counties. Please speak with a Real Estate Representative for current rates and information on loan limits as additional conditions and restrictions may apply. All loans subject to credit, income, debt and property value qualifications. Limited to single family secured property, mobile homes excluded. Flood/Hazard certificate and property insurance is required. There is no prepayment penalty. You are eligible for membership in SMCU if you live, work, worship, or attend school in San Mateo County, the City of Palo Alto or certain areas of San Francisco. A one-time membership fee of $10 ($1 for age 17 and under) is due upon joining SMCU. San Mateo Credit Union is an Equal Opportunity Lender. Federally Insured by NCUA.

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