Buying a home can be a whirlwind process. At Firefly, we take pride in helping our members find smart, affordable ways to make home ownership possible. We do not outsource our underwriting process - our dedicated team of mortgage professionals are with you every step of the way from application to closing. Contact us at any time to see the status of your application.
STEP 1: GETTING PRE-APPROVED
The first step in the mortgage process is to apply for financing. Our in-house underwriting team will review your application and supplemental information to determine the amount that you are qualified for. If we determine you are a qualified borrower, you will receive a pre-approval letter - typically within two days of your application (if no additional documentation is needed). Many Realtors request a pre-approval letter before they will begin to show you homes.
To help our team process your mortgage in a timely manner, we request you provide us the following information* as soon as possible in the application process:
- Copy of your last two years W-2s
- Copies of the last 30 days pay stubs
- Amount of your expected home insurance premium
- Name and phone number of your home owner's association (if applicable)
- Copies of most recent financial statements for each asset listed on your application
- Proof of funds for closing
- A check for the amount of $530.00 for your appraisal & credit report payable to Firefly Credit Union or written authorization to take from your existing Firefly account
When sending statements/taxes/paystubs etc. please include all pages of document, even if blank. Screenshots are not accepted. Additional information may be requested in addition to the items listed above.
STEP 2: FIND A REALTOR
A Realtor will help you find a home that fits your needs and your budget. They will be your advocates along the way by helping you create a competitive offer, review purchase agreements, find a reputable inspector, etc.
In today's fast-moving market, we recommend that you find an experienced, full-time Realtor. A reputable Realtor will look out for your best interests and will not put you in an uncomfortable or unrealistic housing situation.
STEP 3: SEND YOUR MORTGAGE LOAN OFFICER YOUR PURCHASE AGREEMENT
Once you find a home and your offer is accepted, your Realtor will send a copy of the signed Purchase Agreement (plus any Addendums if applicable) to your Mortgage Loan Officer. At this point, your Mortgage Loan Officer will work on getting your appraisal, title work, and flood zone information ordered.
At this point in the home buying process, Firefly's mortgage team will request you also provide us with the following items:
- Copy of your earnest money receipt (down payment)
- Copy of the legal description or Realtors’ multiple listing of property
- Copy of the closing disclosure from the sale of your current home (if applicable)
Once we have received this information, you can plan for a closing date about 45 days out.
STEP 4: SELECT A TITLE COMPANY
Firefly will ask you to select a Title Company for your loan. Your Realtor may have a preferred Title Company, but it is ultimately up to you on which Title Company you want to use. Firefly can run fees for different Title Companies to help you with your decision. Once chosen, notify your Realtor and Loan Officer. They will work with your Title Company to prepare your title work and any other documents prior to closing. You can read more about what a Title Company does here
As a word of caution, always confirm instructions with your Realtor and Mortgage Loan Officer either in-person or by phone before wiring money to avoid scams and phishing attempts.
STEP 5: CLOSE ON YOUR NEW HOME
After you give your Realtor the name of the Title Company you would like to work with, they will work with all parties to plan a closing date. This is when you and the seller will go on your closing date to sign paperwork and exchange the keys to your new home.