Here’s what to expect when applying for your home loan with us:
The Application.
The first step of the home loan process is the application, during which you’ll provide basic information about your income, credit and assets. You can give us this information at your convenience; over the phone, in person or through our secure online application.
Disclosures.
We will generate an initial disclosure package confirming the terms of the home loan for which you’ve applied, including standard forms like the Good Faith Estimate and Truth In Lending Statement. Once we receive the signed forms, we can move to the next stage of your home loan process, as well as request information from third parties we may need to work with as part of your closing. We also use Docusign so you can save time by signing documents digitally.
Appraisal.
An appraisal is an estimate of a property’s market value, prepared by an independent third party who will evaluate your property’s condition and provide a market analysis of recent sales prices for similar properties in the area. Once the appraiser submits the property’s report, an underwriter will use the appraised value to review your file for approval.
Home Loan Approval.
We then submit your application to an underwriter, who will make sure that the information and documentation you’ve provided qualifies for the type of home loan for which you have applied. Once you’re approved, the underwriter will issue a commitment letter, which lists any outstanding items that need to be collected before your final loan documents can be generated for signing.
Processing.
Our team of mortgage loan coordinators will organize your documentation and identify any issues that could raise red flags before they occur. Our team will also collect items from any third parties involved in the transaction—escrow, title, real estate agents, etc.—to ensure that every piece of required information is where it needs to be for home loan approval.
Closing.
Once the approval conditions have been received and reviewed, we will send the final loan documents to the closing agent. Your escrow officer will arrange a signing appointment with you, as well as notify you of what amount of money, if any, you’ll need to pay at closing. Typically, closing funds are either wired or paid in the form of a cashier’s check.
Funding.
Your signed documents will then be reviewed by our funding department. If funds are required from you for closing, they will be combined with the amount of our new loan, and the title company will record the appropriate documents with the county. Once the loan is recorded, the transaction is considered closed, and you’ll be able to take possession of your new home or begin enjoying the benefits of your new mortgage loan if you’ve refinanced.
Let our mortgage banking experts assist you with the home loan process: