Fireside chat with Cedar Point Mortgages

Ready to make your dream of homeownership a reality, but not sure where to begin? Quincy Williams, Mortgage Department Manager; Shatoni Nesbitt, Mortgage Originator; and Sherry Pickeral, Senior Mortgage Originator, can provide tips for wherever you are in your journey! Whether you’re a first-time home buyer or looking to refinance, our mortgage team is ready to guide you every step of the way.

Cedar Point Federal Credit Union® offers several types of mortgages to suit our members' needs, including Conventional, USDA, VA, and second mortgages. We also offer assistance with personal and commercial property loans. A lot goes into choosing a mortgage, but by working with one of our mortgage professionals, you can find the one that's right for you.

When you are starting your home-buying process, determining what you need to qualify for a mortgage is the first step. “For qualifying for a mortgage, you need income. That income can be from many different sources, but income and credit are the pieces that we need.” Says Quincy.

In addition to having an income and credit, you may need to provide certain documents. “We like to really take a look at your cash flow.” Says Williams. Initial documents you will need to provide include tax returns if you are self-employed, your W-2s and pay stubs if you are employed, and a valid form of identification, such as a photo ID. If additional documentation is required, your mortgage professional will advise you on what you need to provide.

If you already have a mortgage, but have large expenses coming up, or are looking to renovate, A HELOC may be what you're looking for! “HELOC is an acronym for Home Equity Line of Credit,” says Williams. “It allows someone to use the lendable equity in their home for any number of reasons.” This does not necessarily have to be used for home improvement renovations, but can be used towards major life events, like paying for your child's education, or to consolidate debt.

Already have a mortgage, and looking to refinance? Cedar Point can help with that too! Determining whether you are eligible to refinance depends on your income and credit. Refinancing your mortgage can lower your interest rate and potentially help reduce your monthly mortgage payment or shorten your loan term. When refinancing, do your due diligence and make sure it is feasible for you by checking the interest rate, says Shatoni Nesbitt, Mortgage Originator at Cedar Point. “The general rule of thumb is that if it's a one-point difference, it may be beneficial for you to refinance.”

No matter where you are in your homeownership journey, Cedar Point is here to help. “We are your local credit union, so everything is kept here, locally. Our appraisers are local, our title companies, attorneys…Everybody is local,” Says Pickeral. We handle everything locally, ensuring that we provide the personalized service you deserve when making that next big step.

Cedar Point Federal Credit Union® is an Equal Housing Lender