SESLOC
15-Day Mortgage Close Program
Your Fast Pass to Homeownership
At SESLOC Credit Union, we know that buying a home is more than a transaction—it’s a big life moment. That’s why we’re here to make the mortgage process as smooth and speedy as possible with our 15-Day Mortgage Close Program.1 Participation in the Program will have your mortgage ready to close in just 15 business days, so you can move into your new home without unnecessary waits or worries.
The Fast Pass is a great option for borrowers:
Ready to move:
If you’re eager to close on your home, this program is designed for you.
Organized and responsive:
You’re prepared to provide the necessary documents, helping us keep everything on track.
Wanting peace of mind:
A clear timeline gives you the confidence to plan your move smoothly, without surprises.
Appreciate a safety net:
When you participate in the Program and your loan remains eligible for the 15-Day Mortgage Close1, if SESLOC doesn’t meet the deadline, you benefit from a $650 reduction in closing costs—a simple way we show we’ve got your back.2
Gain purchasing power:
If a seller wants a quick close, this fast pass can strengthen your offer and help you negotiate more confidently.
Fast Pass Eligibility
The 15-Day Mortgage Close Program is available to most homebuyers who apply for a purchase loan with SESLOC. You’re eligible if you:
- Are purchasing a single-family residence, condominium, manufactured home, a planned unit development (PUD) or lot/land loan in the state of California.3
- Live, work or go to school in San Luis Obispo, Santa Barbara, Santa Cruz, Monterey, Fresno, Tulare, Kings, and Kern counties, thus making you eligible for SESLOC membership.
How to Apply
See our list of documents needed for your mortgage application.
The Fast Pass Process
Our Mortgage Loan Officers will guide you every step of the way to make sure you’re set for success.
- Get in Touch – If you haven’t already, contact a SESLOC Mortgage Loan Officer today. Or, you can submit the contact form below.
- Apply – Submit a mortgage loan pre-approval application.
- Request Fast Pass – Let your Mortgage Loan Officer know you want to participate in the 15-Day Mortgage Close Program1, then review and sign the program agreement and disclosure.
- Send Your Docs – Provide all requested documents promptly and complete your mortgage loan application. The 15-day1 clock starts once you have provided a fully-executed purchase agreement.
- Lock your rate – At least 10 days1 before the scheduled signing of closing documents.
That’s it. Enjoy your fast pass to homeownership!
Get Pre-approved or Apply Now!
Get Pre-approved or Apply Now!
There is no obligation to join SESLOC or apply for a loan. By submitting this form, you agree to receive email communications from SESLOC and phone calls if this preference is indicated. You can unsubscribe at any time.
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15-Day Mortgage Close Program FAQs
Which loans are eligible for the SESLOC 15-Day Mortgage Close Program?
Loans on California homes to current SESLOC members or those who are eligible for SESLOC membership – including a single-family residence, condominium, manufactured homes, planned unit development (PUD) or lot/land loans – are eligible for the 15-Day Mortgage Close Program.
Loans on homes outside of California, refinances, FHA and VA loans, second mortgages, Home Equity Lines of Credit, and loans for multi-unit properties are not eligible for the program.
In addition, you are ineligible if you are participating in our our School Employees, First Responders, and Cal Poly Faculty & Staff Housing programs.
Why would I need the SESLOC 15-Day Mortgage Close Program?
Recent data suggests the average close time for a conventional mortgage is around 42 days. With our 15-Day Mortgage Program, SESLOC helps you move faster towards getting the keys of your new home, giving you an advantage when house shopping in a competitive market.
How do I participate in the SESLOC 15-Day Mortgage Close Program?
To be eligible for the SESLOC 15-Day Mortgage Close Program, you will need to request it from your Mortgage Loan Officer. You must also:
- Complete SESLOC Credit Union’s pre-approval process within ninety (90) days prior to the executed purchase contract date.
- Submit a completed loan application.
- Indicate your Intent to Proceed.
- Provide your initial and any additional information and documentation required for loan processing in a timely manner.
- Lock in the interest rate at least ten (10) days before the scheduled signing of closing documents.
- Provide a fully executed purchase contract.
What happens if the home loan can’t close in 15 days?
If you meet all the program requirements and the loan continues to be approved and eligible for closing but SESLOC is unable to close in 15 days due to circumstances reasonably within our control, we will provide a credit of up to $650 towards closing costs. The credit only applies if the loan is funded.
Am I fully approved for a home loan if I participate in the 15-Day Mortgage Close Program?
No – You must still go through the mortgage pre-approval and application process and be approved for your loan.
What do I need to do to help ensure a smooth, fast closing?
Timely communication is key! Be sure to submit all requested documents as soon as possible and stay in touch with your SESLOC mortgage team. We’ll guide you along the way, but your prompt response within 2 business days to requests really help keep everything on track.
See our mortgage loan application how-to for a complete list of required documentation.
When does the 15-day clock start ticking?
The 15-day clock begins right after we receive all documents from you, provided in good form, a complete mortgage loan application with pre- and final approval, and after you have a fully-executed purchase contract.
See our mortgage loan application how-to for a complete list of required documentation.
Am I eligible to apply for a mortgage loan at SESLOC?
You are eligible for SESLOC membership if you live, work or go to school in San Luis Obispo, Santa Barbara, Santa Cruz, Monterey, Fresno, Tulare, Kern and Kings counties.
Do I need to apply for SESLOC membership before applying for a mortgage loan?
Nope! Just start the mortgage loan application first and we’ll help you join. You’ll establish membership with a one-time $5 membership fee and $5 deposit in a Primary Share Savings account.
Which situations would cause my loan to no longer be eligible for the 15-Day Mortgage Close Program?
Some of the situations that could prevent the loan from closing within 15 days include:
- Delays encountered during the verification process or related to the appraisal, insurance, title or escrow.
- Delays caused by the applicant, seller, real estate agents, builder, inspection, repairs/improvements, closing agent, or other third parties.
- Delays caused by approval conditions, underwriting, signing, or funding resulting from circumstances beyond SESLOC’s control.
- Incomplete or inaccurate information or changes in loan terms, loan amount, product type, contract terms, interest rate, initial rate lock, property, occupancy, or borrower qualifications.
1. Program Requirements: To be eligible for the Program, to close within (fifteen) 15 business days, you must (1) request participation in the Program, (2) submit a completed loan application, (3) indicate your intent to proceed, (4) provide all required documentation required by SESLOC timely and (5) complete SESLOC’s pre-approval process within ninety (90) days prior to the executed purchase contract date. You must also (6) provide a fully executed purchase contract for which you are able to close within fifteen (15) business days of the contract date and (7) lock in the interest rate at least ten (10) business days prior to scheduling the signing of closing documents. Limitations and Exclusions: The Program’s guarantee does not apply to circumstances beyond SESLOC’s reasonable control, such as but are not limited to, (1) delays encountered during the verification process or related to appraisal, insurance, title, or escrow, (2) delays caused by the applicant, seller, real estate agents, builder, inspection, repairs/improvements, closing agent, or other third parties, (3) delays caused by approval conditions, underwriting, signing, or funding resulting from circumstances beyond SESLOC’s control, (4) incomplete, inaccurate, or changed information, (5) changes in loan terms, loan amount, product type, contract terms, interest rate, initial rate lock, property, occupancy, or borrower qualifications or (6) force majeure events, including but not limited to natural disaster, severe weather, power/internet outages or government actions.
2. Provided all Program requirements are met, and your loan continues to be approved and eligible under the Program requirements for closing, SESLOC will provide credit of up to $650.00 toward closing costs if the closing is not completed within fifteen (15) business days due to circumstances reasonably within SESLOC’s control. Any credit provided by SESLOC under this program may be applied only to eligible closing costs and has no cash value.
3. The Program is available only for California purchase loans for current SESLOC members and applicants that are eligible for SESLOC membership. An eligible loan must be secured by a single-family residence, condominium, manufactured home, a planned unit development (PUD) or lot/land loan. Refinance loans, FHA/VA loans, second mortgages and Home Equity Lines of Credit and loans secured by multi-unit properties are not eligible for the Program.
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