FAQ Mortgage

The Costs

How much money do I need to have? This is a common question that often depends on multiple factors like credit, income vs. amount borrowed, and loan products. In addition to the down payment, you'll need to plan for closing costs and prepaid items, home inspections, furnishings, or repairs.

  • Escrow: In addition to your mortgage payment, you will have to pay property taxes and homeowner's insurance. The cost varies based on where your new home is, and how much the home is worth. Cinfed offers an escrow account that allows you to make one monthly payment. You will make a payment that covers principle, interest, taxes, and insurance --- we will pay the tax and insurance bills for you as they come due.

  • Earnest money: an upfront deposit that gets credited to the amount of money needed at closing. The deposit amount will be negotiated around the time you make an offer on your home.

  • Prepaid costs: These are the funds you'll bring to closing that you are paying in advancce, such as taxes, insurance, and pre-paid interest. If you are setting up and escrow account, we will calculate how much for each individual bill is needed up front. Pre-paid interest is determined by what day your loan closes, and when your first payment is due.

  • Closing costs: In most cases, we charge a flat fee of $499. This includes the appraisal, title work, settlement fee, credit report fee, flood certification, and recording fees, among others.

The loan process itself takes about 30 days. Our top priority is meeting closing date deadlines.

An inspection will be completed to ensure there are no major flaws within the home. This typically takes several hours and is completed by. Typically, your realtor will negotiate with the sellers to fix any issues with the home before you take ownership.

We will order an appraisal to be completed on your home. Appraisal will visit the house and take pictures of the inside and outside of the house. They use comparable homes that have recently sold in your area to give an opinion on what the value of the home is. This helps ensure you are not paying too much for the home.

Before beginning your homebuying journey, have you thought about what would be most cost effective? Some additional costs to consider when evaluting if home ownership is the best option for you are trash, water, electric, and sewage.

While in the process of purchasing a new home, you should avoid applying for new credit/obtaining new debts, purchasing furnishings before the loan closing, changing jobs, missing loan payments, spending savings, and moving funds without a paper trail.



Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656


They always go above and beyond at the Oakley branch and truly care about each of their members. And, I absolutely love their kids' membership program. It makes it fun for them to learn about money... 
— Courtney Snow
Been a member since I moved to the Queen City in 1978. Cinfed has always provided customer service that other financial institutions only dream about. Thank you for almost forty years of outstanding... 
— Tim Grabenstein
I recently became a member here at CINFED and it was the best decision I have ever made. I walked in with tears and despair and left with dry eyes, a smile, and I even received a hug from the branch... 
— Melanie
Earlier this year my much younger sister passed away and with that many obligations were to be met by my husband and myself ..My sister was survived by a daughter and son. We have since then taken on... 
— Vonda
How lucky I am to have Liz Frey managing the office I use! I live in Florida but maintain Cinfed as my main banking office. Everytime I need special help a simple email or call to Liz and it is... 
— Debbie G
Emily Snyder took the best care of my two auto loans. She was professional, courteous and very knowledgeable of the available services for me. She went out of her way to make sure I felt like I was... 
— Sarah Amyotte
I have been member with Cinfed since 1986. The Roselawn Cinfed staff greeted the customer phone calls friendly and polite willing to help you with your needs. They have excellent customer service.... 
— Marian Dudley
I have been a member of CINFED since about 1981 when I was transferred from SLC, Utah with the US Army Recruiting Command and have always received excellent service and support . Hope Dee Dee is... 
— Robert Olguin
I have been a member at the Roselawn Branch for a long time and I couldn't be more satisfied with the customer service. No matter how often I come in with a question or issue and no matter what... 
— Andreya T Williams
I been a member since 1985 and can not imagine banking anywhere else. This credit union as taken care of my every need. 24/7 services is excellent.
— Edward, member since 1985
I have been a Cinfed member for years. I know I can depend on them to provide excellent service. The bill pay on line is great and every time I visit the Florence branch I am met with friendly... 
— Jan Ricks
Closed a loan in 24 hours! Absolutely unheard of! Thanks to the exceptional customer service of LeAnn Rose at the Turfway Branch! She went above and beyond by providing unexpected expedited service! ... 
— Christina Stull
I recently applied for a credit card online. I received a call from Emily Snyder explaining what needs to be done next. It was easy and Emily’s customer service was excellent. Emily is a great... 
— Johnnie Bush
I met Emily Snyder because I had a flat tire in the parking lot of Cinfed Credit Union. I didn’t know what to do and she offered to help me. It was late in the evening and I didn’t think anyone... 
— Cindy Hyatt
Emily Snyder took care of setting up a consolidation loan for me on Saturday. She was very friendly, professional, and explained very articulately all the steps involved. Emily also opened a new... 
— Sally A Arbogast
I recently closed for a car loan and a credit card with Susan Z. Her service was excellent. We closed in a couple of days. She was so helpful with her knowledge. It was a pleasure to deal with her.
— Glenda Adkins
I cannot say enough good things about the service I have always received from Cinfed! Most recently, we refinanced a vehicle and dealt with Emily S.! She was quickly responsive and on top of her... 
— Serena Kain
I can say a million great things about Cinfed Credit Union and how they helped me over the years ,But there are many helpful service members, but one Great lady Is Mrs Susan Z. She is an Awesome... 
I have to say I think the new online banking update is pretty awesome. I love that the app is more up to date, clean and user friendly. Happy to be a customer with Cinfed.
— Kyle Neises
I have member with Cinfed for 24 years. The customer service is beyond great. Everything from daily banking to loan services. I recently purchased my daughter a car and originally it was going to be... 
— Tira Williams

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