A mortgage pre-qualification is an initial assessment by a lender that gives you an estimate of how much you might be able to borrow for a home loan, based on basic financial information you provide.

A down payment is the initial amount of money you pay upfront toward the purchase of a home when you get a mortgage. It’s typically expressed as a percentage of the home’s purchase price.

For example, If you’re buying a $300,000 home and put down 10%, your down payment is $30,000 (and you’d finance the remaining $270,000 with a mortgage).

TVFCU does not charge any upfront fees for applying for a mortgage. As part of the loan closing, there are costs that are typically associated with obtaining the loan.

Finding out your buying power starts with getting pre-qualified for a loan. Understanding your gross monthly income, your total monthly debts, your credit score, and how much money you have available to use as a down payment are the first steps in the process.

TVFCU requires members to carry comprehensive and collision auto insurance, homeowner’s insurance, or flood insurance coverage protecting the credit union’s interest for the full term of the loan.  When you obtain a loan, you are obligated to notify us of your coverage.

We have not received proof of insurance coverage on your loan, or you have provided proof of coverage but the coverage does not meet the minimum requirements for coverage (for example, for auto insurance we require a deductible of $1,000 or less and that TVFCU is listed as lienholder). In accordance with the security agreement, the credit union obtained insurance to protect the credit union’s interest in the collateral.  The cost of that insurance is added to the balance of your loan, which increases your monthly payment.

Please provide proof of your insurance by uploading your policy to www.myinsuranceinfo.com.  A reference number is not required to submit your proof of insurance, but if you have one please provide it. We will verify the insurance documents to ensure it meets the minimum requirements set forth in the security agreement and that the effective date matches the missing insurance period. If the insurance is deemed to meet all requirements and dates associated with purchased policy then a refund for the cost that was assessed to your loan will be refunded.

The insurance we have purchased covers the collateral for your loan only. However, state law may require different insurance, and you will likely find a less expensive option if you shop for insurance yourself.  We recommend you do buy your own insurance and show us proof of coverage.  If you do, we can remove any unearned premium from the insurance we have purchased and your payment will be adjusted accordingly.

Call our Collections Department at 423-634-3550 to let them know. We recommend you pay what you can today.  You will be delinquent the additional amount, but you have 10 days before a late fee is incurred, and 30 days before it affects your credit report.

We attempt to notify members of the need for Proof of Coverage in the following ways:

• Multiple letters and emails requesting proof of coverage are sent prior to placement of insurance on your loan.  If insurance is placed upon not receiving proof of coverage, a subsequent notification informing you of the insurance that was added to your balance is sent.
• The addition of the insurance to your loan balance is reflected on your statement in the month the insurance is added to your loan.

Our Insurance Services Team is ready to help with your proof of insurance! You can reach them by calling: 1-800-653-8812 and let them know you want to provide Proof of Insurance.