Mortgage Pre-approval and Application

Getting pre-approved for a mortgage is a smart step to take, especially in an active market when homes sell quickly. Having a pre-approval in hand shows you’re a serious buyer and allows you to move quickly to put in an offer. It also helps you to know what you can comfortably afford.

Citadel’s pre-approval process begins with our mortgage application. Even though you may be in the beginning stages or a few months out from actively searching for a new home, getting pre-approved is the right first move. Begin the process by completing our mortgage application form. Having this information in our system makes the loan process faster and easier when you’re ready to move forward.

When you have your financing lined up, you don’t have to scramble to get your paperwork together to make an offer on the perfect place. You can focus on your search, knowing what your budget is and having your financial partner ready and waiting.

And you’ll have the benefit of our Quick Close Guarantee. You’ll enjoy a fast, easy closing or we’ll give you $5,000.^*

Collect Your Mortgage Paperwork

Citadel recommends gathering the following documents to prepare for pre-approval:

• Pay stub for the last 30 days
• W-2 forms for the last two years
• Signed federal tax return for the last two years
• Documentation of any other sources of income
• Bank statements, two most recent
• Documentation of the source of your down payment: investment or savings account statements showing at least two months’ history of ownership. If some of the funds were a gift, get a signed statement from the giver stating that the funds were a gift.
• Proof of your identity (typically a drivers’ license or non-driver ID)
• Social security number

If you’re applying for a Veterans Affairs (VA) loan, you’ll also need a certificate of eligibility from the VA.

For more information on document requirements for mortgage applications, visit the Consumer Financial Protection Bureau.

Not quite ready?

Does all of this feel a little overwhelming? It absolutely can be, especially if this is your first time buying a home. It’s probably the largest single purchase of your lifetime, a big commitment of your money and time. It’s more than just a house—walls and a roof. It’s your home, and you want it to be the right move for you.

We’re here to help when it comes time to secure financing, but we’re also here to help you prepare. From checklists and calculators to education information and guidance, we want to make sure you’re in the best possible position when it comes to buying a home.

Check out our resources, run the numbers with our calculators, but most importantly, reach out to us. If you have questions or concerns, we’re here to get you to where you need to go.

^*Preapproval is based on non-verified information and is not a commitment to lend. Final loan approval and amount are based upon all income and asset information.

Quick Close Guarantee

Citadel’s Quick Close Guarantee offers assurance to customers purchasing a home with a Citadel mortgage that the loan will close on or before the contract closing date agreed to by an authorized Citadel Mortgage Loan Officer, or the customer will receive $5,000 cash back, subject to the following criteria.

Eligibility: To be eligible for Citadel’s Quick Close Guarantee, the customer must (1) maintain an account with Citadel Credit Union (“Citadel”) that is in good-standing or individuals who become a new Citadel customer; (2) complete a Citadel mortgage application online, by telephone, or in-person; (3) provide all supporting documentation (including any income or asset verification materials) required by Citadel to render a lending decision in a timely manner, with each document being thoroughly completed, as well as any fully executed disclosures; (4) provide Citadel with a fully-executed purchase agreement which includes all pages, addendums, and required signatures by all parties; (5) request a loan for an amount less than the maximum of 97% LTV; (6) request a loan for an amount greater than the minimum of $50,000 and lower than the maximum of $2,000,000; and (7) meet all of Citadel’s current underwriting standards.

Closing Date: The contract closing date must be at least 21 calendar days after our receipt and acceptance of a completed mortgage application, all supporting documents, and a fully-executed purchase agreement. This offer is only available for new, residential first-lien loan applications submitted directly to Citadel. Only home purchases that are under Agreement of Sale and have a completed loan application received by Citadel on or after April 1, 2023 are eligible to participate in Citadel’s Quick Close Guarantee. Submissions received after this date, or the program end-date are not eligible to participate in the Program. For any property that receives an initial appraisal that is subject to repairs/completion, a final inspection will be required. Citadel guarantees closing within 7 business days of receipt of a satisfactory final inspection. The $5,000 cash back will be paid in the form of a deposit to a Citadel account, post-closing. Citadel’s Quick Close Guarantee will not apply in any of the following cases: (1) changes to the original closing date as documented in the original purchase agreement provided to Citadel; (2) changes in the loan amount, loan product, or other terms requested by the borrower(s) within 10 days of closing; (3) closing date extensions due to a delay in completion of any new home construction, improvements, or repairs being made to the subject property; (4) failure by any party, including the builder, seller, or buyer to meet the sales agreement terms and requirements, including any seller-related delays; (5) Easy Refinance, VA and FHA loans; (6) delays caused by 3rd parties other than Citadel required service providers; (7) delays due to any force majeure events such as severe weather or disaster events. Citadel’s Quick Close Guarantee offer expires October 31, 2024. Citadel reserves the right to amend, withdraw, or terminate the Citadel Quick Close Guarantee at any time and without prior notice. Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income received from Citadel and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of this program. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation. All home lending products are subject to credit and property approval. Rates and program Terms & Conditions are subject to change without notice. Citadel’s Quick Close Guarantee is only available to Citadel customers residing in PA, NJ, DE and MD. Other restrictions and limitations may apply.