Mortgage 101

Loan Process

Getting a loan can feel overwhelming, but we make it as simple as possible at Tucumcari Federal. With options to sign documents electronically, much of the process can be done from the comfort of your home.

1. Application

Once we receive your completed application, the process begins—typically taking around 45 days for residential loans.
You’ll provide supporting documents like paystubs and tax returns. We’ll send you initial disclosures, including a Loan Estimate and commitment letter, so you know what to expect.

2. Gather Documents

To move forward, please provide:

• Completed application
• Photo ID
• Paystubs (last 2)
• Personal and business tax returns (last 2 years)
• Borrower’s Certification (we’ll provide)
• E-sign consent (optional)
• Appraisal and income documentation (e.g. SSI, retirement)
• Purchase agreement (if applicable)
• Mortgage payoff info (if refinancing)

3. Insurance Requirements

You’ll need a one-year Homeowners Hazard Insurance policy in place 3 days before funding. We’ll let you know if flood insurance is also required. Contact your insurance agent to ensure Tucumcari Federal is listed as mortgagee:

Mortgagee:

We cannot schedule closing without proof of insurance.

4. Underwriting

We’ll handle appraisals, inspections, and title work. You just need to keep documentation up to date. This phase typically takes 2–3 weeks.

5. Closing

Once everything is in, you’ll get your Closing Disclosure with final costs.
We’ll schedule with the title company, and you’ll sign in person using a wet signature (electronic signatures aren’t allowed for this step).
Bring a Cashier’s Check or provide a wire transfer—title companies don’t accept personal checks.