What is a credit union?
What makes a credit union different from a bank?
How does the credit union operate?
Who governs credit unions?
How do I change my address or phone number?
- Complete a Change of Address form. Fax the signed Change of Address form to (562) 597-5122. This way we can verify the signature for the change and process your request immediately.
- Mail or drop off your signed Change of Address form to: VA Desert Pacific Credit Union, 5901 E. 7th Street, Building 4, Long Beach, CA 90822
- Call the credit union at (562) 498-1250, Option 2 during our business hours. Please have your share and/or loan account history available as we need to verify additional account information to ensure we properly verify and protect your identity prior to changing your address. The process to change your address by the phone will take approximately 5 minutes.
How do I change my name on my account?
How do I sign up for direct deposit?
Are savings deposits insured?
Where can I make deposits?
How do I get help with my Visa Credit Card Account/Card?
My ATM/Visa Debit Card is lost. How do I get a new one?
I forgot my PIN. What do I do next?
Where can I withdraw without paying the surcharge fee?
Should I refinance my home?
Refinancing can be a good idea for homeowners who:
- want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile.
- have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.
- want to convert to an ARM with a lower interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have.
- want to build up equity more quickly by converting to a loan with a shorter term.
- want to draw on the equity built up in their house to get cash for a major purchase or for their children's education.
How much house can I afford?
What is the prequalification process?
What are settlement/closing costs?
- Appraisal Fee: This fee is paid to the lender so that they can hire an appraiser to objectively appraise the property for its fair market value. This will ensure that the house is worth at least as much as the amount you are paying for it.
- Credit Report Fee: This fee covers the cost of the credit report, which the lender uses to determine your credit worthiness. You most likely paid this fee upfront when you applied for the mortgage loan.
- Flood Certification Fee: This fee is paid for a flood certification which states whether or not the property is located in a flood zone. If so, the lender will require you to purchase flood insurance.
- Loan Discount Points: Loan discount points are the dollar amount paid to the lender for making the loan. Each point equals 1 percent of the mortgage loan amount. For example, if your loan amount is $100,000, one point equals $1,000. The more points you pay at closing, the lower your interest rate should be.
- Loan Origination Fee: This fee covers the administrative costs of processing the loan. It may be expressed as a percentage of the loan (i.e. 1% of the loan amount).
- Processing Fee: The processing fee covers the cost to package the file, submit it to the lender, and help coordinate the closing of your loan.
- Tax Service Fee: This fee is charged for researching county tax records to confirm that the taxes are paid in full and up to date.
- Underwriting Fee: The underwriting fee is paid to the lender for evaluating your application to determine your ability to pay back your loan.
- Wire Transfer Fee: When you purchase or refinance, funds will be wired to fund the transaction. The receiving account charges a nominal fee for the wire transfer.
- Escrow Fee/Settlement or Closing Fee: This fee is paid to the title company for handling all financial transfers and payments associated with the transaction.
- Title Insurance: Required by your lender, this insurance guarantees that your property has no other lien or claims against the property.
- Recording Fee: This fee is paid to your county clerk's office to record the transfer of title.
- Hazard Insurance and Property Taxes / Escrow: If you are going to be paying for your property taxes and insurance in your monthly mortgage payment (required on some loans), you may be required to pay for your 1st year insurance premium and 2 months of taxes and insurance into your escrow account at closing (will vary on refinances).
- Interest: Prepaid interest is the fee you are charged for borrowing money from your lender. You will probably have to pay the interest on the mortgage from the date of settlement/closing to the beginning of the period covered by the first monthly mortgage payment. For example, suppose you settle on February 10. Your first monthly payment begins to accrue on March 1 and will be payable at the beginning of April. At closing you may be required to prepay the interest for the period from February 10 through the end of February. This means that if you settle later in the month, your closing costs will be less than if you settle early in the month.
- Mortgage Insurance: Different loan types have different guidelines for mortgage insurance. The most typical guideline is that if your mortgage is for more than 80% of your purchase price/value of your home, mortgage insurance will be required. The rate and term of insurance is dependent on the type of loan, length of loan, and loan to value.
What is HUD?
How should I take title on my home?
- Sole Ownership: A sole owner owns 100% of the property and is the only name listed on the title/deed.
- Joint Tenancy: Joint tenancy provides two or more people equal undivided interest in the property with rights of survivorship. All joint tenants must agree to a sale and sign the deed to sell the home. This is a common choice for married couples because when one joint tenant is deceased, his/her share transfers to the survivor regardless of what is stated in the deceased spouse’s will. Taking title as joint tenancy may prevent the home from entering probate proceedings in the event of death. Joint tenancy is not limited to married couples, but two or more people must co-own the property.
- Community Property: A few states like California allow you to take title under community property. Community property claims are available only to married couples. Community property laws generally presume each spouse owns a 50 per cent interest in all property acquired during the marriage. Community property differs from joint tenancy because the property does not automatically pass to the surviving spouse upon death. You may will your community property to whomever you wish.
- Tenancy In Common: Unrelated partners sometimes choose Tenancy In Common. Each partner owns a portion of the property and can be equal interest or not. Unless otherwise agreed, each partner has the right to sell his/her interests in any way at any time without consent of the other partners. Unlike joint tenancy, when a partner dies, that portion of the ownership becomes part of the deceased partner’s estate and is subject to the provisions of his/her will.
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