Home Buying Guide | UW Credit Union

Preparing for Closing on Your Home

You’re almost there! Closing on your home is the final stage when you sign on the dotted line (many times!) and take ownership of your home. These resources will help you know what to expect and get fully prepared before closing day arrives.

**Lowest Closing Cost Commitment is available only for first mortgage purchase or refinance transactions. Offer excludes VA, FHA, WHEDA, Rapid Refinance, jumbo, lot and construction loans. Offer subject to credit approval. To qualify for the offer, a borrower must complete a UW Credit Union mortgage application and provide an unexpired Loan Estimate of an equivalent loan from a competing lender prior to locking either loan. UW Credit Union will determine at its sole discretion if the loan terms of the two loans are equivalent and compare closing costs. The comparison of closing costs will exclude title insurance, transfer tax, escrow payments, daily interest charges and loan level pricing adjustment (LLPA) fees. LLPAs represented as origination points or fees are also excluded. UW Credit Union will determine whether to match closing costs or pay $500 for qualified borrowers at its sole discretion. Offer not valid if loan terms or conditions change prior to loan closing with UW Credit Union or competing lender. UW Credit Union will not compare closing costs for this offer once a mortgage loan is locked with UW Credit Union or a competing lender. 

Membership requirements apply. Member must have a qualifying UW Credit Union checking account to receive $500, which will be deposited into member’s Premium, Value or Access checking account within 90 days after receiving a copy of the (1) final Closing Disclosure and Settlement Statement and (2) mortgage note within 30 calendar days of closing the loan with a competing lender. By law, $500 must be reported for tax purposes. Offer subject to change and without notice. 

¹UW Credit Union closing cost credit is variable and may be up to $1,000. Credit will be calculated on actual cost, excluding owner’s title and transfer tax fees, and will be reflected on the Closing Disclosure (CD). Offer valid for purchase transactions only; refinances do not qualify. Offer valid for first-time buyers only. An individual is to be considered a first-time home buyer who (1) is purchasing a property; (2) will reside in the property as a principal residence; and (3) has had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the property. The discount will be applied at closing as a lender credit and reflected on the CD. This offer excludes VA, FHA, WHEDA, lot, construction, second homes, investment property and Rapid Refinance loans. Offer valid for first mortgages only. Offer is subject to credit approval and underwriting and is subject to change without notice. Mortgage insurance is required for transactions over 80% LTV. This offer requires an established UW Credit Union checking account. Offer may be combined with $250 closing cost credit for Premium Checking for a maximum credit of $1,250, but may not be combined with any other offers. No other discounts apply. Actual closing cost credit may be limited as the combined total of seller credits and lender credits cannot exceed the actual amount of closing costs, prepaid interest, and escrow reserves; please review the allowable credits for your specific transaction with your loan officer. Contact us for details. 

²Membership requirements apply. Member must have a UW Credit Union Premium checking account opened at least 20 days prior to closing date to receive up to a $250 closing credit, which will appear as a credit on the final Closing Disclosure. Credit will be calculated on actual cost, excluding owner’s title and transfer tax fees, and will be reflected on the Closing Disclosure (CD). Offer subject to change and without notice. Offer may be combined with First-Time Homebuyer Discount for a maximum credit of $1,250, or it may be combined with $500 Closing Cost Credit for a maximum credit of $750, but may not be combined with any other offers. Offer valid for both purchase and refinance transactions. Offer is not available for the following loan types: lot, construction, WHEDA, FHA, VA, and Rapid Refinance. Contact us for details.

Guide for First-Time Homebuyers Guide for First-Time Homebuyers

Homebuying 101: Preparation

Before You Apply for a Mortgage

We’ll Help You Start the Mortgage Process

The Lowest Closing Costs + More Discounts

Preparing for Closing on Your Home