Home Mortgage Loans

Frequently Asked Questions

What home mortgage options does Royal Credit Union offer?
Royal Credit Union offers a full range of home loan products to fit different needs. These include standard home mortgages for purchasing a first home or upgrading, new construction and vacant land loans, home equity lines of credit (HELOCs), refinancing options, and investment property loans. Royal also provides additional home loan programs beyond standard mortgages, including options tailored for unique borrowing situations. Whether you are buying, building, or refinancing, Royal's home loan experts can help you find the right solution. 

What can I do through Royal's online mortgage application?
Royal makes the mortgage application process convenient and streamlined. You can easily import asset and income info from most other financials and payroll providers to the online mortgage loan application, get preapproved to buy a home, refinance your current home loan, lock in the best interest rate after an accepted offer, and review options for down payment assistance.

What credit score do I need for a mortgage at Royal Credit Union?
Royal Credit Union looks at your full picture rather than a single number. Credit score is one factor alongside income, debt-to-income ratio, down payment and employment history, and there is no single cutoff that decides a mortgage on its own. Royal's mortgage team reviews applications individually and can talk through your options before you apply, either online or at any Royal office.

How long does the mortgage process take at Royal Credit Union?
Completing Royal’s online mortgage preapproval application typically takes about 20 minutes if you have your income, asset, and other financial information ready. After Royal reviews your application and supporting documents, most preapprovals are valid for four months, giving you time to shop for a home. Once you have an accepted offer, the mortgage process generally takes about 30 to 45 days through closing, although the timeline can vary based on the loan type, appraisal, title work, and how quickly documents are provided.

Does Royal Credit Union offer down payment assistance for homebuyers?
Yes. To determine if you might qualify for down payment assistance programs, you can use the Down Payment Assistance Tool provided by Fannie Mae. Enter details about the home you plan to purchase and your household to receive a list of down payment assistance programs that you may qualify for at the state and national level. Share your results with your mortgage loan officer at Royal and they can help review loan options.

What incentives does Royal Credit Union offer for first-time homebuyers?
Royal Credit Union provides two great incentives for first-time homebuyers.

• The $100 Homebuyer Credit offers first-time homebuyers a $100 credit on their closing costs if they complete an online educational course offered by Fannie Mae. The course explains a variety of mortgage topics, and the information applies to all home loans. Any first-time homebuyer, even those who don't qualify for Fannie Mae loans, can take advantage of this credit with Royal.
• If a Member enrolled in Smart Start Checking is a first-time homebuyer with a Royal mortgage loan and makes their first six payments on or before the due date, Royal will deposit a one-time $250 incentive into their checking account. This incentive is available for first mortgages only. Home Equity Lines of Credit and refinances are not eligible for this incentive.