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Frequently Asked Questions
Simply apply online through our secure online system by clicking Apply Now. If you prefer to speak with a loan officer contact Patti Baran at 877-950-2228.
What is a P&I payment?
How can I start my application?
P&I is the combined principal and interest you pay your lender each month. The principal amount repays a portion of the amount of money originally borrowed. The interest amount pays the monthly interest accumulated on your outstanding balance. Your total payment will typically include additional items, such as, real estate taxes and insurance premiums.
What is an origination charge?
The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination.
What are points?
Points (sometimes referred to as discount points or mortgage points) are paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the original loan amount.
Why does my lender require homeowners insurance?
Homeowners insurance is an insurance policy that protects both you and your lender in case of loss or damage to your property. The insurance company is chosen by you and the monthly homeowners insurance premium is often included as part of the monthly mortgage payment.
Alliance Catholic Credit Union, NMLS ID# 401254
Mortgages
MORTGAGE
*Available to all borrowers using a Conventional or Government loan program on a Purchase or Refinance transaction with Alliance Catholic Credit Union (NMLS ID# 401254) and Member First Mortgage (NMLS ID# 149532) only. This promotional coupon must be presented in order to qualify. Your mortgage loan application must be submitted between 2/17/2020 and 4/30/2020, and must close by 6/30/2020. This coupon has no cash or trade value and the discount will not be applied until the time of closing on the appropriate closing documents. This promotion may not be combined with any other promotion or discount. Alliance Catholic Credit Union reserves the right to cancel this promotion at any time without notice.Subject to credit approval. Additional restrictions may apply.