A mortgage pre-qualification is an initial assessment by a lender that gives you an estimate of how much you might be able to borrow for a home loan, based on basic financial information you provide.

A down payment is the initial amount of money you pay upfront toward the purchase of a home when you get a mortgage. It’s typically expressed as a percentage of the home’s purchase price.

For example, If you’re buying a $300,000 home and put down 10%, your down payment is $30,000 (and you’d finance the remaining $270,000 with a mortgage).

TVFCU does not charge any upfront fees for applying for a mortgage. As part of the loan closing, there are costs that are typically associated with obtaining the loan.

At TVFCU, you can apply for your credit union mortgage today with no fees!

Finding out your buying power starts with getting pre-qualified for a loan. Understanding your gross monthly income, your total monthly debts, your credit score, and how much money you have available to use as a down payment are the first steps in the process.

The best mortgage loan for a first-time homebuyer depends on factors like your credit score, income, savings, and long-term goals. Many first-time buyers apply for FHA loans because they offer flexible credit requirements and down payments as low as 3.5%. Conventional loans can also be a great option for borrowers with strong credit and a larger down payment. TVFCU offers loans with 0 money down. Speak to one of our loan officers to find the right options for you.

The amount you need depends on the loan program. Loans can be obtained with as little as 3% down for a conventional loan, while FHA loans typically require a minimum down payment of 3.5%. Eligible VA and USDA borrowers may be able to purchase a home with no down payment. A larger down payment amount means a lower monthly mortgage payment, by reducing the loan amount you need to borrow, and may help avoid mortgage insurance if applicable.

A conventional loan is not backed by the government and typically offers lower costs for borrowers with strong credit. An FHA loan is insured by the federal government and is designed to help borrowers qualify with lower credit scores or smaller down payments. FHA loans require mortgage insurance, while conventional loans may not if you put down at least 20%.

A fixed-rate mortgage keeps the same interest rate and monthly principal and interest payment for the life of the loan. An adjustable-rate mortgage (ARM) starts with a fixed rate for a set period and then adjusts based on market conditions. ARMs often have lower initial rates but may result in higher payments in the future.

Yes. Eligible borrowers may be able to purchase a home with no down payment through a portfolio loan program, VA loan, or a USDA loan. USDA loans are available in qualifying rural and suburban areas and have income requirements, while VA loans are available through the Department of Veterans Affairs to eligible military borrowers and their families.

A Jumbo loan is a mortgage that exceeds conforming loan limits established for conventional financing. These loans are often used to purchase higher-priced homes and may require stronger credit, larger cash reserves, and additional financial documentation during the approval process.

A construction-to-permanent loan finances both the construction of a new home and the permanent mortgage in a single loan. This credit union home loan option can simplify the financing process, reduce closing costs, and allow borrowers to transition from construction into long-term homeownership once the project is complete.

TVFCU requires members to carry comprehensive and collision auto insurance, homeowner’s insurance, or flood insurance coverage protecting the credit union’s interest for the full term of the loan.  When you obtain a loan, you are obligated to notify us of your coverage.

We have not received proof of insurance coverage on your loan, or you have provided proof of coverage but the coverage does not meet the minimum requirements for coverage (for example, for auto insurance we require a deductible of $1,000 or less and that TVFCU is listed as lienholder). In accordance with the security agreement, the credit union obtained insurance to protect the credit union’s interest in the collateral.  The cost of that insurance is added to the balance of your loan, which increases your monthly payment.

Please provide proof of your insurance by uploading your policy to www.myinsuranceinfo.com.  A reference number is not required to submit your proof of insurance, but if you have one please provide it. We will verify the insurance documents to ensure it meets the minimum requirements set forth in the security agreement and that the effective date matches the missing insurance period. If the insurance is deemed to meet all requirements and dates associated with purchased policy then a refund for the cost that was assessed to your loan will be refunded.

The insurance we have purchased covers the collateral for your loan only. However, state law may require different insurance, and you will likely find a less expensive option if you shop for insurance yourself.  We recommend you do buy your own insurance and show us proof of coverage.  If you do, we can remove any unearned premium from the insurance we have purchased and your payment will be adjusted accordingly.

Call our Collections Department at 423-634-3550 to let them know. We recommend you pay what you can today.  You will be delinquent the additional amount, but you have 10 days before a late fee is incurred, and 30 days before it affects your credit report.

We attempt to notify members of the need for Proof of Coverage in the following ways:

• Multiple letters and emails requesting proof of coverage are sent prior to placement of insurance on your loan.  If insurance is placed upon not receiving proof of coverage, a subsequent notification informing you of the insurance that was added to your balance is sent.
• The addition of the insurance to your loan balance is reflected on your statement in the month the insurance is added to your loan.

Our Insurance Services Team is ready to help with your proof of insurance! You can reach them by calling: 1-800-653-8812 and let them know you want to provide Proof of Insurance.