Buying a home is the largest purchase most consumers make.
Benefits like building equity and giving homebuyers the power to personalize their environment make homeownership a transformative experience. When the search is over and it seems like the end is in sight, until it’s time to start moving, the final steps to obtaining a mortgage don’t have to be long or complicated.
For many of its 280,000 members, Truliant Federal Credit Union is a trusted partner in this important financial process. In recent years, Truliant has added technology tools to its mortgage program. These tools have transformed and simplified the steps to get a mortgage and make the dream of homeownership a reality.
“We are passionate about helping people become homeowners. It stabilizes families, neighborhoods and communities,” said Beth Eller, vice president of mortgage servicing for Truliant. “And it’s important to help people do it the right way, which means helping them know what resources are available.”
Electronic mortgage closings
The credit union has invested in a variety of innovative electronic mortgage closing tools1. eClosings allow mortgages to be closed through a secure digital platform, where closing documents are accessed and executed electronically. The process adds speed, accuracy and security to home purchase transactions.
In 2021, Truliant became the first North Carolina-based financial institution to complete a fully digital, fully remote electronic closing. Truliant was the first to have a buyer, a notary and a lawyer in different locations. In addition to saving time, electronic closings reduce the costs of paper, legal fees, mail and courier. And the process is done on a secure network where all documents are encrypted and stored in an electronic vault.
“We know that consumers want easier ways to finalize complex transactions like mortgages,” Eller said. “Electronic closings are one part of an evolving program we have put in place to put more members in homes and allow them to complete purchases on their schedule.”
Helping more homebuyers
Truliant has built a strong team of dedicated mortgage loan originators in the branches. These team members are mortgage specialists and are available to answer any questions about getting a mortgage, either in person or on Zoom, and can help you complete a mortgage application.
Truliant created HomePath100, a proprietary mortgage program that helps members use low or no down payment options. In addition, Truliant’s extended mortgage offerings include Federal Housing Administration (FHA) and Veterans Administration (VA) loans.
To help first-time homebuyers during the COVID-19 pandemic, Truliant has begun offering assistance with “Set Aside” funds from the Federal Home Loan Savings Bank of Atlanta. The program offers forgivable grants to first-time homebuyers. The grant covers the costs of a down payment, closing costs, and a reduction in principal costs for the purchase or rehabilitation of an existing home.
“We recognize that there is a great need for mortgage programs that support affordable housing and help buyers on their journey to homeownership,” said Truliant’s Eller. “We now offer more options to support first-time and low-to-moderate-income homebuyers.”
With more than 30 local offices, Truliant plans to continue to innovate to better meet the needs of its growing membership and make home buying even more convenient.
Truliant is federally insured by the NCUA and is a fair housing lender. Rates/terms subject to change prior to loan completion. Available to members in VA, NC, SC, OH, TN, FL and GA. Loans subject to credit approval. (1) eClosing, or electronic closing, is only available in North Carolina.
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