Mortgage Loan Process

Mortgage Loan Process

Step 1:

Loan Application:After reviewing the options we have available to help you finance your home, you can submit a loan application online or in person with our mortgage lending staff so that we can determine initial credit approval. Follow the steps in the Mortgage Application Checklist to assist with the process.

Step 2:

Initial Credit Approval:Once your loan application has been submitted, we're able to pull a credit report. At that point, we are able to determine a 'credit only' approval based upon the credit report and information contained in the application.

Step 3:

Disclosures:Within three days of your completed application, disclosures will be sent to you.

Step 4:

Documentation Request:Once you’ve received the disclosures, you will be provided with a list of documentation needed to process your loan.

Step 5:

Appraisal & Title Insurance:An appraisal & title insurance will then be ordered for the property you're looking to purchase. Fees for these items will be collected. This step can begin during the time your financial information is being gathered.

Step 6:

Loan Approval:Once the appraisal/title insurance, along with requested financial information, is received, the loan is ready to be submitted to underwriting for official loan approval. Additional conditions may be added at this time.

Step 7:

Loan Documents:When all loan conditions are cleared by underwriting, loan documents are prepared and forwarded to the title company.

Step 8:

Signing:Once the title company has received the documents, final closing documents are prepared by the title company prior to scheduling the appointment for document signing.

Step 9:

Funding:Signed documents are returned to the lender. The proceeds of the loan are disbursed after any applicable rescission period expires.

Step 10:

Enjoy!Kick back, relax and enjoy your new home!

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