FAQ - Buy A Home

FAQ: Buy a Home > Buying a Home

Expand all Collapse all

• How do I determine how much house a can afford?

  The key to buying the right home for you and your family is knowing how much you can comfortably afford to pay each month. In addition to your monthly mortgage payment, remember to consider property taxes, PMI if required, maintenance and homeowners insurance.

  Use these calculators to learn more about how much you can afford to achieve your dream of homeownership.

• How do I know which mortgage loan is right for me?

  Just like there is no one-size-fits-all home, there isn’t a one-size-fits-all mortgage. There are lots of options that can be tailored to suit your individual situation. At Wright-Patt, we are committed to helping you find the right mortgage for you so you can move toward the goal of homeownership with more peace of mind for as long as you own your home. Visit www.wright4youmortgage.com, an online resource we provide to answer all your mortgage questions.

• I think I am ready. What is the next step?

  When you're ready to meet face-to-face with a Mortgage Originator (link to “meet the originator”), simply call (937) 912-7000 or (800) 762-0047 and ask to be directed to one of our friendly and knowledgeable Mortgage Originators, or click here

FAQ: Buy a Home > Construction Loans

Expand all Collapse all

• What are your Builder/Contractor approval requirements?

  If your Builder is a member in good standing with the Dayton Home Builders Association, we only require builder’s risk insurance and a tax identification number.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Can I lock in my interest rate during the building process?

  Once you have a sales contract in hand, you can lock your interest rate on your Wright-Patt Construction Loan. You’ll enjoy peace of mind knowing that your rate is protected through the life of the loan—from construction through conversion.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Does Wright-Patt charge origination fees on mortgage loans?

  Wright-Patt does not charge origination fees on mortgage loans, with the exception of VA loans.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

FAQ: Buy a Home > Foreclosure Assistance

Expand all Collapse all

• If I miss a mortgage payment, how long before my house goes into foreclosure?

  The timeframe for a foreclosure varies from county to county, but this is an example of what a typical foreclosure timeframe might be:

  • First 30 to 90 days - Homeowner does not make monthly mortgage payments
  • After 90 days - Lender can file a mortgage foreclosure lawsuit in court.
  • 28 days - You receive notice of a mortgage foreclosure lawsuit. You have 28 days from the date of service to file an answer with the Court.
  • After the 28 days - If an answer is not filed within the 28 day deadline, the lender can get a Default Judgment against you and ask the Court for an order to sell your home.
  • Next 3 to 6 months - After the Default Judgment, your home is appraised to determine its value at an auction conducted by the County Sheriff’s office. The sale date is published in the local newspaper 30 days prior to the sale. Most counties list properties up for auction on their website.
  • Day of Sale - Auction takes place and a “winning bid” is accepted. Bidding usually starts at 2/3 of the appraised value.
  • Next 2 weeks - Lender asks the Court to “confirm” the Sheriff’s Sale. The Court will order a Sheriff’s Deed to the auction winner. You no longer own the property.
  • Next 2 to 4 weeks - The new owner requests the Court to have you removed from the property. The Sheriff will generally give you two weeks to move out of the property.

  The entire process can happen as quickly as 6 months, so if you are having problems making your mortgage payment, contact us immediately. The sooner you act, the sooner we can work to help keep you in your home. 

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• What are some options to foreclosure?

  Our goal is to help keep you in your home and there are a number of options we can help you with:

  • Refinance: If you have a good payment record and the ability to continue making payments, this may be your best option. Contact Wright-Patt’s Mortgage Department at (937) 912-7681 or (800) 762-0047, ext. 7680 to talk with a Mortgage Originator about refinancing your existing loan.
  • Repayment Plan: In this solution, you make your monthly payment plus a portion of the past due payments until the loan is current.
  • Reinstatement: You pay the total amount owed in one lump sum by a specific date.
  • Forbearance: Your payments are reduced or suspended for a short period of time, usually three to six months. This option is often combined with a repayment plan or modification that brings the account current at a specific time.
  • Loan Modification: Your loan is permanently changed in one of the following ways: adding the past due payments to the existing loan balance, changing the interest rate, including making an adjustable rate into a fixed rate or extending the number of years to pay.
  • Claim Advance:  If the mortgage has insurance (PMI), you can take an interest-free loan to bring the account current and allow several years for repayment.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• What is the Ohio Home Rescue Fund?

  In 2006, the Ohio NeighborWorks organizations created a Home Rescue Fund for low and moderate income households that are in danger of losing their home. This fund can provide funds to assist in a rescue loan for individuals behind on their mortgage and in danger of foreclosure.

  • The total assistance available per family is approximately $2,500.
  • It is intended to help borrowers who have fallen behind for some reason but are now able to make their monthly payment. They are just having difficulty “catching up” of the amount past due.
  • The reason for delinquency must be “cured” – this means that if you fell behind on your mortgage due to layoff – you must be back to work.
  • This is a “forgivable mortgage loan” – if you live in the home for a minimum of three years, you are not required to repay the funds. If you leave the home before the end of three years, you will be required to repay the amount.
  • Other requirements and guidelines may apply.

  To find out more about the Ohio Home Rescue Fund and list of Ohio NeighborWorks organizations, click here.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• What is the Ohio Home Rescue Fund?

  In 2006, the Ohio NeighborWorks organizations created a Home Rescue Fund for low and moderate income households that are in danger of losing their home. This fund can provide funds to assist in a rescue loan for individuals behind on their mortgage and in danger of foreclosure.

  • The total assistance available per family is approximately $2,500.
  • It is intended to help borrowers who have fallen behind for some reason but are now able to make their monthly payment. They are just having difficulty “catching up” of the amount past due.
  • The reason for delinquency must be “cured” – this means that if you fell behind on your mortgage due to layoff – you must be back to work.
  • This is a “forgivable mortgage loan” – if you live in the home for a minimum of three years, you are not required to repay the funds. If you leave the home before the end of three years, you will be required to repay the amount.
  • Other requirements and guidelines may apply.

  To find out more about the Ohio Home Rescue Fund and list of Ohio NeighborWorks organizations, click here.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

FAQ: Buy a Home > Good Faith Guarantee

Expand all Collapse all

• Are there any exclusions on the Good Faith Guarantee?

  We do have to place some exclusions on the program. These exclusions are related to decisions you may make as the borrower. Here's what they are, and why they are needed.

  • Should you choose a third-party lender product such as a government loan (FHA or VA) or a loan through Personal Credit Solutions, the guarantee is not offered since we cannot control their fees. We will work with the lender to ensure that you are provided a fair and accurate Good Faith Estimate.
  • Should you choose to increase your loan amount from the original request in excess of $10,000, we will not be able to offer the guarantee. Some closing costs, such as title insurance, are based on the loan amount.
  • Should you choose to purchase borrower title insurance, this item will not be covered in the guarantee. All other closing costs will be guaranteed.
  • Should you choose to purchase discount point(s) after the initial application, this item will not be covered in the guarantee. All other closing costs will still be guaranteed.
  • Should you choose a construction loan, the number of draws will affect the closing costs. Therefore, costs for draws and title updates will not be guaranteed. All other closing costs will be guaranteed.
  • Finally, prepaid items - items that are paid in advance - are excluded from the guarantee. They include prepaid interest, prepaid hazard (property) insurance, prepaid property taxes, and other prepaid charges that are not paid to Wright-Patt Credit Union or myCUmortgage. These amounts are dictated by third party providers, such as your insurance company or the County Treasurer. Wright-Patt has no control over these items, and therefore cannot guarantee them.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Does Wright-Patt charge origination fees on mortgage loans?

  Wright-Patt does not charge origination fees on mortgage loans, with the exception of VA loans.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Am I able to lock in my loan rate?

  Yes, we offer a variety of rate lock options. Contact a Mortgage Originator by calling (937) 912-7680 or (800) 762-0047, ext. 7680 for details.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

FAQ: Buy a Home > Home Equity Line of Credit

Expand all Collapse all

• What’s the difference between a Home Equity Loan and a Home Equity Line of Credit?

  A Home Equity Loan is a good choice when you have a particular purchase in mind, and know the price of that purchase. With this type of loan, you will receive a lump sum of money up front to use as needed.

  A Home Equity Line of Credit makes sense if you plan to use the funds as a financial safety net or for an expense with a final cost that has not yet been determined. The funds are available when you need them, but if you don’t use it, you don’t pay for it.

• Will I be charged any closing costs on a home equity line of credit?

  No, there are no closing costs on Wright-Patt home equity line of credit loans.

• Will I be required to make principle payments during my draw period?

  No, you will only be required to make interest payments during your draw period.

FAQ: Buy a Home > Home Equity Loans

Expand all Collapse all

• What’s the difference between a Home Equity Loan and a Home Equity Line of Credit?

  A Home Equity Loan is a good choice when you have a particular purchase in mind, and know the price of that purchase. With this type of loan, you will receive a lump sum of money up front to use as needed.

  A Home Equity Line of Credit makes sense if you plan to use the funds as a financial safety net or for an expense with a final cost that has not yet been determined. The funds are available when you need them, but if you don’t use it, you don’t pay for it.

• Will I be charged any closing costs on a home equity loan?

  No, there are no closing costs on Wright-Patt home equity loans.

• How long do I have to pay off my home equity loan?

  Repayment terms are available up to 15 years.

FAQ: Buy a Home > Home Rebate Program

Expand all Collapse all

• How do I find out if my Realtor® is qualified for this program?

  For a list of participating Realtors, visit the Home Rebate Program website or call our Mortgage Department at (937) 912-7680 or (800) 762-0047, ext. 7680.

  Rebate provided by CU Realty Services, Inc. WPCU is in partnership with CU Realty Services, Inc. and CU Realty of Ohio, LLC.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• What are some of the additional benefits of the Home Rebate Program?

  Wright-Patt's Home Rebate Program also gives you access to valuable information to help you in your home search, including MLS (Multiple Listing Service) access, school and neighborhood comparisons, crime and demographic data, tips on preparing your house for sale, and information on what your home is worth and what other homes in the area are selling for.

  Rebate provided by CU Realty Services, Inc. WPCU is in partnership with CU Realty Services, Inc. and CU Realty of Ohio, LLC.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Do I have to have get mortgage loan through Wright-Patt to use the Home Rebate Program?

  To participate in the Home Rebate program, you do not have to obtain a mortgage through Wright-Patt. The only requirement is you must use a qualified Realtor^®.

  However, there are many reasons to come to Wright-Patt first when you are ready to buy, build, or refinance your home. We offer:

  • Competitive interest rates and discount point options
  • Competitive closing costs
  • No origination fees*
  • No unnecessary lender fees such as fees for underwriting, document preparation, or copies
  • A variety of rate lock options
  • The flexibility to make your payment at any Wright-Patt Member Center
  • Mortgage payments online via Home Banking

  Learn more about how we can help find the Wright Mortgage 4 You by visiting www.wright4youmortgage.com.

  *Applies to all mortgage products except VA.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

FAQ: Buy a Home > Mortgage Loans

Expand all Collapse all

• Does Wright-Patt offer VA loans?

  Yes. Wright-Patt can help if you or your spouse are a veteran, active reservist, or active military. The U.S. Department of Veterans Affairs (VA) guarantees loans for eligible military personnel. These are 30-year mortgages with zero down payment and no private mortgage insurance required.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Does Wright-Patt charge origination fees on mortgage loans?

  Wright-Patt does not charge origination fees on mortgage loans, with the exception of VA loans.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Am I able to lock in my loan rate?

  Yes, we offer a variety of rate lock options. Contact a Mortgage Originator by calling (937) 912-7680 or (800) 762-0047, ext. 7680 for details.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• If I don't have an open WPCU account, can I access my mortgage loan online?

  Yes, you can access your mortgage loan online by visiting https://wpcuhomeloans.loanadministration.com

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

FAQ: Buy a Home > Refinancing Your Home

Expand all Collapse all

• How do I know if this is the right time to refinance?

  Refinancing your mortgage can be one of the smartest financial decisions you will ever make. To do it right calls for a research on current rates, the housing market, and your financial situation. Consider:

  1. What is your current interest rate? What is the current market interest rate? As a basic rule-of-thumb, if the difference between your current mortgage rate and what is available is approximately 1.5% or more, it may be to your advantage to refinance. If the difference is 1.5 points or less, it may not make sense to refinance, depending on the amount of the closing costs.
  2. How long do you plan to stay in the home? If you plan on staying in your current house for more than three years, it may make sense to refinance. If you feel confident that you will be moving in less than three years, it will probably be better to stay with your current loan (unless there is a large variance between your current interest rate and what is available.)
  3. Do you have cash available for the closing costs? In most cases, you will at least funds for closing. Some mortgage loans allow you to "roll" certain closing costs into the new loan, but you will still need some cash for closing.
  4. Is the value of your home increasing, decreasing, or staying about the same? What are the short term and long term prospects for the value of your house? If the value of your home is staying the same or increasing, you may be able to increase your equity quicker with a lower interest rate. However, if the value of your home is decreasing, it may not be a good idea to invest money in closing costs when your equity position may be decreasing.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Are there closing costs when I refinance?

  Like any mortgage loan, there will be closing costs associated with finalizing the loan. The amount varies depending on the terms of your loans. With some mortgage loans you can "roll" certain closing costs into the new loan, however you will still need some cash for closing.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

• Does Wright-Patt charge origination fees on mortgage loans?

  Wright-Patt does not charge origination fees on mortgage loans, with the exception of VA loans.

  Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.