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 "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

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 "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

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 "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

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 "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

Open An Additional Account

If you are a current member of SMCU, opening additional accounts is easy. Just log into SMCU OnLine and click "Open an Additional Account" located in the Services section of the online home page.

Open Another Account Through SMCU OnLine               Open Another Account as a Guest

Security Lock SMCU OnLine Login

Text/Phone Scam Alert
If you receive a text message or call claiming to be from SMCU that asks you to verify account information, do not reply or provide any information.
Learn More

$1,000 off closing costs. Buy or refinance your home.
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.

Contact Me

Buying a home?

We want to help.

Click for details

Time to Refinance?

Let us make it easy

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New room or roof?

Home Equity Loans and Lines

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mortgage tools and education

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.

Whether you prefer to learn about home buying in a group setting led by expert members of SMCU’s Real Estate Team or you’d prefer to do your own online learning, SMCU is a great resource.

Join us for one of our FREE seminars
We offer a variety of times and topics. Don’t see what you’re looking for? Feel free to request a new topic or we can meet with you one-on-one – contact us at reloanofficers@smcu.org.

Free Home Buying Seminar
The Mortgage Experts at SMCU want to be sure you have simple, easy-to-follow steps to buying a home.

  • When: Saturday, August 19, 2017 from 12:30pm — 1:30pm
  • Where: SMCU Headquarters - 350 Convention Way, Redwood City (Map It)
  • RSVPs are now closed for this event – stay tuned for future seminars

Online Education
Prefer to learn at your own pace from the comfort of your own home? Try out our new Interactive Learning Center and increase your financial know-how on a wide variety of topics.

All mortgage loans through San Mateo Credit Union are for homes in California only. Adequate property insurance required for the life of the loan. Flood insurance may be required. All loans are subject to credit approval. Please speak with a Real Estate Representative for current rates and information on loan limits as additional conditions and restrictions may apply. San Mateo Credit Union NMLS #416747. 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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