credit union loans

J

johnpaul78

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I am applying for a mortgage and was approved in principal until the bank saw a credit union loan (20,000 for the house deposit) going out of my account that I hadn't declared (I idiotically failed to notice it on statement I gave them!)... Now I need to show proof that this loan is cleared before I can go ahead with the mortgage.. I will be able to get a lend of the money to clear it but will need to pay it back to a friend straight away once I get the letter from the credit union saying the loan is clear.
Still with me?! My question is.... how difficult do you think it will be for me to go straight to the same credit union (a week after clearing the loan) and get a loan out for the same amount I had again to pay back the friend who lent it to me??
Seems like I'm dicing with danger I know but I can easily afford both mortgage and loan as I will have the loan paid off within six months when my SSIA matures.
 
You should be fine with the credit union to do that, When I am dealing with banks I never do a DD or the like to pay to the credit union, I do it online.
 
do you not think the credit union will ask serious questions about why i just did the above?
when i first went for CU loan I had no mortgage and said the loan was for a new car or something, will I have to declare now that I am getting a mortgage and will this affect my ability to get the CU loan?
 
No, I don't think so, when we were building up a loand history with the cu, we would take out loans, pay them back quickly - 2, 3 payments and take out another loan.
Another thing you can do is go to another branch of the cu, and ask them about their lending policys for house deposits.
 
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