Why should I consider getting pre-approved before buying a home?

You should Contact a Mortgage Loan Originator to see if you can be pre-approved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a mortgage and to see how much of a loan you can afford. The pre-approval will also give you some leverage when negotiating with the sellers.

UKFCU has joined with SWBC Mortgage to customize a mortgage loan that meets your needs and fits your budget.

  • Home Plus Program
  • FHA/VA Loans
  • Conventional Loans
  • Great rates for refinancing your current mortgage

Go to our mortgage page to learn more!

What is the Truth-In-Lending Act?

The Truth-in-Lending Act (TILA) of 1968 is a United States Federal Law designed to protect consumers in credit by requiring clear key terms of the arrangement and all costs. The sole purpose is to promote the informed use of credit by requiring disclosures about terms and costs to the consumer.

What is an escrow account?

An escrow account is established to hold money collected by your lender to pay your hazard insurance and property taxes when they become due. This is sometimes called an "impound account." Lenders usually require escrow payments every month to ensure that they have enough to pay the insurance and taxes for you. This is a way for lenders to make sure their collateral is secure.

For instance, if your home were to burn down in a fire and you had failed to pay your hazard insurance premium; the lender would not be able to recoup the loss. In addition, if you fail to pay your property taxes, the government can foreclose on your property.
Insurance and taxes vary. You can find out the current taxes from the seller and seek quotes for hazard insurance coverage.

What is a Mortgage Loan?

Likely the largest debt you'll ever take on, a mortgage is a loan to finance the purchase of your home. Your home is collateral for the loan, which is also a legal contract you sign to promise that you'll pay the debt, with interest and other costs, typically over 15 to 30 years.

If you don't pay the debt, the lender has the right to take back the property and sell it to cover the debt. To repay the debt, you make monthly installments or payments that typically include the principal, interest, taxes and insurance, together known as PITI. Interested?

Visit our Mortgage Page.

Do I need to provide you with proof of my Homeowners Insurance?

Yes, all properties secured by a mortgage require proof of homeowners insurance. If your property is located in a flood zone, we will require proof of flood insurance coverage. To discuss specifics regarding your property contact us.

If you have a problem or question please feel free to contact the credit union. We can be reached during regular business hours (Monday-Friday: 9:00 a.m. to 6:00 p.m. and Saturday: 9:00 a.m. to 1:00 p.m.) by calling 859-264-4200 or 800-234-8528, or in person at one of our branch locations, or by email at [email protected]*.

*Please Note: E-mail is not a secure means of communication, and confidential information should not be conveyed.

Online and Automated Services

Log in to your account with Online Banking

Can I pay my own real estate taxes and homeowners insurance if my mortgage is through UKFCU?

Loan amounts with a loan to value greater than 80% require an escrow account for the payment of real estate taxes and insurance. Borrowers with a loan to value less than 80% may request to waive the escrow account requirement and pay these items themselves with the lenders approval.

If you have a problem or question please feel free to contact the credit union. We can be reached during regular business hours (Monday-Friday: 9:00 a.m. to 6:00 p.m. and Saturday: 9:00 a.m. to 1:00 p.m.) by calling 859-264-4200 or 800-234-8528, or in person at one of our branch locations, or by email at [email protected]*.

*Please Note: E-mail is not a secure means of communication, and confidential information should not be conveyed.

Online and Automated Services

Log in to your account with Online Banking

 

Can I change insurance companies for my homeowner's policy? Do I need to notify you?

You may change insurance companies but you will need to let us know anytime changes are made to the insurance coverage. Before you make any changes to your deductibles, contact us to see if there are any restrictions or limitations.

If you have a problem or question please feel free to contact the credit union. We can be reached during regular business hours (Monday-Friday: 9:00 a.m. to 6:00 p.m. and Saturday: 9:00 a.m. to 1:00 p.m.) by calling 859-264-4200 or 800-234-8528, or in person at one of our branch locations, or by email at [email protected]*.

*Please Note: E-mail is not a secure means of communication, and confidential information should not be conveyed.

 

Do you offer VA or FHA loans?

Yes we do! UKFCU has joined with SWBC Mortgage to customize a mortgage loan that meets your needs and fits your budget.