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Frequently Asked Questions

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Auto, Truck, RV, Boat & Motorcycle & Personal Loan Questions

We have specialists in each of our branches ready to assist you. For an express application, click here for instructions or call our lending center at (810) 715-3542. If you prefer to apply in person you may visit any one of our eight convenient branch locations.


Do you pull credit when I apply for a loan?

Yes, we pull credit for every loan application.


If I apply online, when will I hear if I'm approved?

A Lending Specialist will contact you within two hours during normal business hours, otherwise you will be contacted the following business day. We are eager to loan!


How does the loan process work after I'm approved?

Your Lending Specialist will forward your loan paperwork to our Loan Processing Department, which will be your new primary point of contact for the completion of your loan. Your Loan Processor will contact you within two hours to either schedule your closing or let you know of any additional documentation we need from you prior to scheduling a loan closing. You’re on your way!


What documents will I need to gather before the loan closing?

Here are some general guidelines for documents needed to close a loan. The credit union reserves the right to ask for additional documentation not listed below. When your loan is sent to processing you will be contacted with documents needed specifically for your loan.

Personal Loans/ Debt Consolidation Loans (Unsecured):

  • Income within 30 days*
  • Credit card statements showing payoff amounts, payoff addresses, and full account numbers

Auto Purchase from a Dealer: **

  • Write-up from your dealership showing the vehicle information and that ELGA Credit Union will be listed as lien holder.
  • Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
  • Income within 30 days

Auto Purchase from a Private Seller:

  • Copy of the title 10 day payoff letter if the title shows a lien
  • Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
  • Income within 30 days

Refinance from another institution:

  • Copy of your title (original will be needed at closing)
  • Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
  • Income within 30 days

Personal Loan Using your Vehicle as Collateral:

  • Copy of your title (original will be needed at closing)
  • Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
  • Income within 30 days

* If you have direct deposit we can use this instead of a paystub. If you have partial direct deposit we will still need a paystub. If you are self-employed we will need your previous year’s business & personal tax returns. If you have social security or pension direct deposited somewhere else, we can use a statement from that institution showing the deposit.
** These are for loans where you are applying and closing at the credit union. If you are closing through the dealership you will take care of everything there.


How do I contact the Loan Processing Department?

You can text, email, or call the Loan Processing Department with any questions you have, processing would love to help you! Because our processors are working hard to close your loans they may not be able to always answer the phone, but you can leave a message. If you have a matter you need an answer on quickly please email or text your question into the department at loanprocessing@elgacu.com. If you need to call, the Loan Processing Department can be reached at (810) 600-2553. If you want to know how to send us your documents, please look at the next question.


How can I get documents into the processing department?

Once your loan officer has sent your loan to the Loan Processing Department, Processing is now your point of contact on your loan. You can email, text, or fax any documents into the Loan Processing Department. If those options don't work for you, you can drop your documents off to any ELGA associate at any branch and they will make sure to get them into the Loan Processing Department. Processing’s email address is loanprocessing@elgacu.com, and the fax number is (810) 600-1870. To text documents to Processing, simply take a picture of the document and text it using loanprocessing@elgacu.com in the “To” field.


Once I send in my documents to the processing department what's my next step?

Once all your documentation is received by the processing department, a processor will contact you within two hours with closing information. If your contact method is text or email you will receive your documents to sign online right through your email! If your contact method is call, you will be called within the two hour time frame to schedule your appointment.


What are my options for signing my loan documents?

ELGA offers many convenient and secure options for signing your loan documents. The preferred method for closing your loan is through a secure program called Docusign. We can email or text you a link to your documents. After answering a few security questions you can sign electronically on your PC, phone, or tablet. It is a quick simple process that will save you time. The majority of our members utilize this option as their primary means of signing for their loans. If the convenience of our electronic signature option does not work for you, then we are happy to schedule an in-person closing at any of our branch locations.


How do I get my money once I’ve signed my loan packet using Docusign electronic signature?

For some loan types the funds can be deposited directly into your share account. If you need a cashier’s check then you can arrange to have the check waiting for you at one of our branch locations. Simply let the Loan Processing Department know where you would like to pick up your check. For loan refinances and debt consolidations, the Loan Processing Department will mail out the payoff checks as soon as they get confirmation that you have completed all required signatures.


I'm buying a vehicle from a private seller, when should I take the title to the Secretary of State to have it put in my name?

If there is not a lien on the vehicle you can go right away! The credit union does ask that you take this within 10 days from your closing date to put the title in your name with ELGA Credit Union listed as lien holder. If your seller has a lien on the vehicle, this may take longer depending on the institution they have a lien through. ELGA credit union will make one check out to the institution your seller owes money to, and the remaining will go to the seller. Once the institution receives the check they usually hold this check anywhere from 10-45 days before they send out a Release of Lien. The Release of Lien will be sent to the seller. You will want to keep in touch with your seller so they can notify you when they receive the paperwork. At that point you can take the Release of Lien to the Secretary of State and legally drive the vehicle.


Do I have to have full-coverage insurance on my vehicle if I have the loan on it through ELGA Credit Union?

If the loan amount is greater than $3,000 you will need to maintain full coverage insurance with deductibles of $2,500 or less. Once your loan balance drops below $3,000 you are no longer required to carry full-coverage insurance. Failure to maintain full-coverage insurance on loans of more than $3,000 will result in force-placed insurance being added to the loan at your expense. The force-placed insurance is also knows as Collateral Protection Insurance (CPI), and does not have liability protection for you. The CPI is typically far more expensive than you can get with your own insurance. If CPI is placed on your loan you are considered to be in default on your loan.

Does ELGA offer payment protection products that can be added to protect me in the event that: (my vehicle breaks down; I total the vehicle in an accident; I go out on disability leave from work; or I pass away?)

Yes, ELGA offers Credit Life and Disability protection at great rates. These products are very beneficial and the majority of our members do elect to have the peace of mind of knowing that their loan and credit is protected.


ELGA also offers a very competitively priced Guaranteed Asset Protection (GAP) policy that the majority of borrowers purchase on their secured loans. This product generally covers the difference in what you owe on your loan and what your insurance company will pay out if your vehicle is totaled in an accident. In addition, the policy provides a $1,000 down payment toward your next vehicle purchase if you finance it through ELGA Credit Union.


Additionally, ELGA offers mechanical breakdown coverage (extended warranty) that you can purchase to cover car repairs in the event your vehicle were to have a mechanical failure.

Please be sure to ask your Lending Specialist about the benefits of these valuable products!


Mortgage Questions

Mortgage applications are done by appointment.

Applications can be taken over the phone or at a branch. Please call us at (810) 715-3542.


What documents will I need?
  • Most recent paystub
  • Last 2 years W2s (if self employed we will need last 2 years tax returns and Year to Date Financial Statement)
  • Most recent bank statements, 401k statements, CD statements, IRA or retirement account statements
  • If the member is refinancing a current mortgage, they also need to include:
    • Home Owners Insurance Policy (declaration page showing premium and policy term, agents name and phone #)
    • Tax bill or mortgage statement showing amount of property taxes (summer & winter)
    • Current mortgage company name, account #,and phone #
When will I close on my loan?

General time frames to closing are 30 days on a purchase from the time we receive a purchase agreement and 45 days on a refinance.


What kind of mortgages do you offer?

We offer conventional and FHA loans that are sold to the secondary market and we also offer portfolio loans that are held by ELGA. 30 and 20 year mortgages are only available through the secondary market.


How much are closing costs?

Closing costs estimate for portfolio loans are $2000 plus escrow. Secondary market closing costs estimate is $3000 plus escrow.


What is an FHA mortgage?

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

FHA mortgage lenders offer affordable financing, low down payment requirements, and competitive non-risk based mortgage rates to those who qualify.

Terms Available: First Mortgage: 15 and 30 year fixed

Property Information: Property Types – Limited to 1-4 unit owner occupied properties

Costs: Down Payment - Minimum 3.5% of the appraised value or purchase price, whichever is less, invested by the member (can be a gift)

Seller Contribution Limits:

  • Maximum 6% toward actual closing costs, discount and/or pre paid expenses.
  • Seller contribution cannot be used towards down payment

Debt Ratios: (general rule only)

  • Housing Expense: Generally, 31% of total gross monthly income, compensating factors may allow up to 43%
  • Fixed Payment: Generally, 41% of total gross monthly income, some allow up to 45%

Reserves: Not Required

  • Loans are assumable
What are the FHA requirements?

Fixed rate loans are available for purchases, refinances and cash-out refinances

  • 3.5% down payment requirement
  • No prepayment penalty. However, the member is required to pay the interest due for the full month at the time the loan is paid off, without pro‐ration
  • Down payment can be a gift
  • Escrow waiver not permitted
  • Minimum credit score of 620


What are the requirements for a Secondary Market Conventional Mortgage

Available in 10 year, 15 year, 20 year and 30 year terms

  • Fixed rate of interest for the life of the loan
  • Fixed monthly principal and interest payment for the life of the loan
  • Available for purchases, refinances, and cash-out refinances
  • Minimum down payment of 5%
  • Minimum credit score of 620
  • Gift funds allowable-purchase
  • No prepayment penalties
  • Not assumable
  • PMI required when LTV exceeds 80%
  • Tax and Insurance Escrow required when LTV exceeds 80%


Student Loan Questions

ELGA can help with Student Loans via their partnership with SallieMae.

Click this link to see how we can help you reach your goals.


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