Home Loans

Disclaimer: Each loan product requires different loan terms and underwriting guidelines.  Membership with WCCU is required; please review the eligibility guidelines on our website. For specific loan terms and program information please contact a loan officer directly.

The interest rate is locked in for the term of the loan, so you’ll know what your payment will be for easier budgeting. Choosing a fixed rate mortgage loan is often the route to go when you are entering into a long-term commitment with a property. This means that you know you’ve got more time to pay off a loan. Many rates and terms are available. You can choose a longer term loan and have smaller monthly payments. Or perhaps you would prefer a shorter term loan and make a larger payment, which means you pay less overall interest.

30-Year Fixed Rate Mortgage
The 30-year fixed-rate mortgage features a constant, or fixed interest rate, that never changes. The 30-year fixed-rate mortgage stretches payments out over 30 years resulting the lowest monthly payment option.

20-Year Fixed Rate Mortgage
The 20-year fixed-rate mortgage features a constant, or fixed interest rate, that never changes.  This program offers all the advantages of the 30-year loan, plus typically a lower interest rate—and you’ll own your home 10 years faster. The disadvantage is that, with a 20-year loan, you commit to a slightly higher monthly payment.

15-Year Fixed Rate Mortgage
The 15-year fixed-rate mortgage features a constant, or fixed interest rate, that never changes.  This program also offers all the advantages of a 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment.

You can get a line of credit loan that you use as needed. Use your home’s equity (it’s value less any outstanding mortgages) to borrow for any purpose, such as home improvements, education expenses, medical expense, a new car, a vacation, a boat, or to consolidate bills into one low payment.

You only pay interest on the portion you use and the interest may be tax deductible. (Be sure to first consult with your tax advisor.)

Building a home? We realize the importance of your time, especially when you are dealing with builders and contractors during construction. They often require payment before your home is completed. WCCU offers options that keep your budget in line and your construction schedule on time.

The construction loan is a 12-month interest-only loan. The interest rate is constant, or fixed, during construction. You make interest-only payments during construction based on the amount drawn.  You can purchase the lot before, or at the same time of the construction loan closing. Once the home is 100% complete, we’ll refinance the construction loan into a permanent mortgage. Lot equity typically can be counted towards the down payment.

WCCU will assist you in planning for the future. Competitive interest rates and low closing fees will save you money that you can invest in your next step.

Whether your planning to build a home in the future or desire to purchase land for investment, or recreational use, our vacant land financing programs offer fixed-rate and adjustable rate loan terms with down payments starting at 10% down (less than or equal to 10 acres) and 20% down payment for over 10 acres.

100% financing available for first time home buyers or for homebuyers needing a mortgage with low down payment options.  Property location/eligibility and income guidelines apply.

Now is a great time to increase the value of your home through additions, improvements or remodels. A growing family may require additional bedrooms and play spaces or your changing mobility and lifestyle may require remodeling in your bathroom and living spaces. Beyond the interiors, you may look to change out your siding, roofing, windows, or landscaping. Whatever your changing lifestyle and needs, WCCU will work with you so you get a loan with a payment and interest rate to improve your home and your budget.

Purchasing a home that needs improvements?  WCCU offers purchase-rehab loans that allows for home purchase financing combined with home improvement funds. After closing of the loan, the home improvement funds are set aside in a savings account with the ability to draw funds as work progresses.

Basic Checklist and Information needed during the loan process:

  • Current pay stub(s) or, if self employed, your tax returns for the past 2 years
  • Most recent year’s W-2 form(s)
  • Current and previous residence addresses (for past 2 years)
  • Current and previous employment addresses/positions (for past 2 years)
  • Social Security Number (for new WCCU accounts only)

If you currently own Real Estate:

  • Mortgage/HELOC account information or statement
  • Home insurance policy information (declaration’s page with policy amount)

For Assets, Investment Accounts and Retirement Accounts:

  • 2 most recent monthly bank/credit union statements (not needed for WCCU accounts)
  • 2 most recent Investment account statements (not needed for WCCU accounts)
  • Most recent Retirement account statement

Additional documentation may be requested by your Loan Officer. Documentation varies by loan product and loan type.

Meet WCCU’s Mortgage Team

Our experienced team is here to guide you through the home loan process and help you navigate to the right loan to suit your needs. A free, no-obligation consultation can be set up through an email or phone call to any of our Mortgage Loan Officers. We can’t wait to meet you!

Loan Officer

NMLS # 1958206

(608) 637-6200 Ext. 1212

Loan Officer | Market Manager

NMLS # 415145

(608) 678-4000 Ext. 1501

Loan Officer | Market Manager

NMLS # 1519829

(608) 745-1600 Ext. 5002

Loan Officer

NMLS # 510163

(608) 634-3118 Ext. 1601

Loan Officer

NMLS # 503339

(608) 768-9228 Ext. 1304

Loan Officer | Market Manager

NMLS # 510166

(608) 356-5500 Ext. 1801

Loan Officer

NMLS # 510162

(608) 634-3118 Ext. 1602

Loan Officer

NMLS # 2460153

(608) 647-8835 Ext. 1141

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you’re a first-time homebuyer. Here’s some information that will keep you on track.

A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and steps.  With the assistance of your WCCU Loan Officer and local Real Estate Agent, it should be an efficient and ultimately rewarding experience.

Count On Your WCCU Loan Officer To
  1. Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
  2. Provide you a Pre-Qualification letter to use when shopping and negotiating for a home.
  3. Keep you informed of your loan status throughout the entire process.
  4. Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only primary status points and progress are shared).
  5. Utilize local professionals (appraisers, title companies, home inspectors) to assist with the loan process as needed.
  6. Be with you every step of the way.  Your WCCU Loan Officer will review the closing documents with you at closing.  We will provide you a Closing Disclosure a minimum of 3-days in advance of your closing so you have time to review the final loan terms and closing fees before the closing.
  7. Set up automatic payments with your Loan Officer.  After closing of the loan, your loan payments will be made locally at WCCU.  Making your loan payment is easy at WCCU, with our automatic payment service, payments are made automatically from your WCCU checking or savings account.
Count On Your Real Estate Agent To
  1. Present the homes that suit your wants and needs as you’ve defined them.
  2. Help you determine the difference between a “good buy” and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
  3. Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This could strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else’s — even if your offer is lower!
  4. Assist you in preparing and executing the Offer to Purchase Contract that identifies all sale terms and requirements of the home purchase with the sellers.
Count On Yourself To
  1. Keep your Real Estate Agent informed of any questions or concerns as they develop.
  2. Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
  3. Consider a home inspection and discuss this with your Real Estate Agent when preparing and negotiating the Offer to Purchase Contract.
  4. Keep the process moving by providing documentation to WCCU and/or your Real Estate Agent as soon as possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
Apply Online!

WCCU’s Mortgage Loan Process

Step 1 — Apply Now!

Our online application takes approximately 20 minutes to complete. We’ll respond to your application within 1-2 business days.

If you are considering purchasing a new home and are interested in a pre-qualification to learn how much of a payment you can afford or qualify for, please complete the online application. Once a Loan Officer, receives the application your Loan Officer will discuss the various loan programs available based on your qualifications and financial information.

Or, have you selected a property and have an Offer to Purchase Contract with the Seller? The next step is to complete your loan application, which can be done easily through our website.

Interested in refinancing or building a home? Complete the online loan application to get started.

Step 2 — eSign Consent/eDisclosures and Pre-Qualification

Your Loan Officer will email you with instructions for your eConsent (your approval to receive disclosures and loan documents electronically — you can review these documents online via a home/work/personal computer, tablet or mobile device whenever convenient for you). Once eConsent is obtained, you will be directed to eSign the loan disclosures through our Borrower Portal. Once eSign is finished, you can print or save the documents based on your needs.

Step 3 — Appraisal or Property Valuation is Ordered/Loan Processing

Once your disclosures are signed and you have provided your intent to proceed with financing, an appraisal or property valuation is ordered. In addition, we’ll begin processing your loan file ordering the necessary employment, income and liability verification.

Step 4 — Underwriting, Loan Approval, & Closing Scheduled

Once the appraisal is approved, loan processing and underwriting is complete, your loan is approved and ready to close. Your interest rate will be locked and we’ll begin preparing your file for closing. At this point, you are approximately one week away from closing.

We will prepare and send you a Closing Disclosure 3 business days ahead of the closing date so you will have time to review the loan terms, fees, and funds needed for closing.

Step 5 — Loan Closing, Funding, & Disbursement

You will sign your mortgage closing documents with your WCCU Loan Officer. For purchase transactions, closing documents will also be signed with the Real Estate Agent(s), Sellers, and a designated Escrow/Title Company to handle the funding of your loan.

Refinance transactions are typically closed at a WCCU branch location. Once you close and sign the mortgage documents, a 3-day waiting period applies per State of Wisconsin law (refinance only), and your new loan is funded or disbursed on the 4th business day.

Step 6 — Make Payments to WCCU

Loan payments can be set up on automatic payment directly from a WCCU checking or savings account. Set up an auto payment – it’s easy!

We look forward to assisting you with your home financing!

Westby Co-op Credit Union. NMLS# 486034. Equal Housing Opportunity.