Home Loans

There may be some costs associated with appraisals and other fees. We’ll provide a detailed breakdown of all costs involved before you commit.

All loan applications have different circumstances, but typically the process can take anywhere from 30-60 days.

Typically, you’ll need proof of income, tax returns, bank statements, and information about your current mortgage.

Sound's Mortgage Loan Officers can help you evaluate your current financial situation and determine if refinancing will benefit you.    

If you have successfully completed the forbearance or modified payment plan, you may qualify to refinance your mortgage. Please contact a Mortgage Loan Officer to discuss the details of your situation.

The maximum loan amount, including the cash out, is up to 80% of your home’s value.

For a home purchase, the standard practice is 30 days to close a loan.

• Heating and cooling systems
• Windows
• Water heating systems
• Appliances
• Insulation, air and duct sealing
• Solar and wind energy
• Skylights and suntubes
• Xeriscaping – landscapes that need little watering
• Gas conversions

Other environmentally-friendly projects will be considered on case by case basis.

Home equity loans use the equity in your home – the difference between your home’s value and your mortgage balance – as collateral for the loan. Sound Credit Union offers home equity loans. Learn More »

A home equity loan is a consumer loan secured by a second mortgage, allowing homeowners to borrow against the equity in their home. They are recommended to be used for long-term, ongoing expenses like home renovations, medical bills, or college tuition. Sound Credit Union offers home equity loans. Learn More »

1. 30 days-worth of your most recent paystubs
2. W2s from the last two years
3. Last two months of bank or asset statements, all pages (for down payment verification)
4. Last two years of tax returns, all pages (for rental income or self-employed income verification)
5. Current mortgage statement and insurance declaration (for current homeowners wanting to refinance)
6. Last two years of 1099s for Pension or Social Security and Award Letter for Social Security, plus bank statements showing income deposits (for retired applicants only)
7. Divorce decree for child and/or spousal support if applicable

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A down payment may come from several forms:

• Gift from a family member
• Borrow from your qualifying 401k, if allowed
• Gift of equity in the home you are buying
• Secured borrowed funds, such as a secured personal loan or equity from a vehicle
• Funds from your own personal savings account

Please reach out to your Mortgage Loan Officer if you have questions on the source of your down payment.

Yes, we work with a third party for this application and approval process.

Yes, we do loans for manufactured homes. The home must meet these requirements:

• Newer than 1976
• No additional living structures
• Not installed or occupied at a previous site or location
• Mobile homes do not qualify

You don’t have to be a US citizen to get a mortgage loan. If you’re a permanent resident alien, you’ll need your green card. Non-permanent residents will need a valid work visa or an employment authorization document.

If it has been two years since your bankruptcy, you may qualify for a home loan purchase or refinance. Please reach out to a Mortgage Loan Officer to answer your specific questions.

Many factors are used to qualify for a loan, including a credit score. Please contact a Mortgage Loan Officer with specific questions about your qualification process.

Yes, we finance mortgage loans for self-employed members. You will need the last two years of tax returns to start the qualification process. Your Mortgage Loan Officer will be able to guide you through this process.

We lend on several types of properties, including: single family homes, condos, duplexes, manufactured homes, primary properties, secondary properties, and investment property. We can also loan on properties with up to four units. If a property has more than four units, our business lending department may be able to help you with your questions.

If your foreclosure was at least three years ago, you may qualify.

If the funds are already in your Sound account, your Mortgage Loan Officer will instruct the funder to wire the money to closing. Sound can wire the funds for you if they are in your Sound account. If the funds are at another financial institution, you will need to work directly with the escrow company and your other institution to wire the funds.

The requirement for escrow depends on the loan type and underwriter requirement. Your Mortgage Loan Officer will be able to advise on your individual situation.

Mortgage payments are due on the 1st of each month and have a 15-day grace period. The date of your payment will be printed on your First Payment Notification found in your closing documents.

Upon closing, Sound may sell your mortgage loan. If that’s the case, your payment will be made to the company noted on your First Payment Notification found in your closing documents. The information on this notification will include your payment amount, due date, name of company and address for mailing the payment. If Sound retains your mortgage loan, you may make your payments at any Sound branch or mail the payment to the address shown on your First Payment Notification found in your closing documents. Please note that Sound uses Cenlar, a mortgage servicing company, and that is where your payment will be mailed.

We don’t offer a bi-weekly payment plan, but we do have options that can help you pay your mortgage off early. Please contact your Mortgage Loan Officer to work out a plan specifically for you.

No, there is no fee or penalty for paying off your first mortgage early.

If you have a general question about your loan or need more information, please contact a Mortgage Loan Officer.

At this time, we do not loan on the following:

• Tiny homes
• Mobile homes

Private appraisals can not be used.