Lucky for you, we’ve streamlined the home loan process into a few easy steps.
You’ll answer a few personal questions related to your income, employment, etc. Once completed, you’ll click submit, and you will immediately receive a confirmation email stating your submission was successful! Once submitted, a mortgage loan officer will receive your prequalification application. Your request will be quickly processed, and you will be contacted regarding the outcome of your application. If all is good, we will gladly share a prequalification letter with you to share with your Realtor!
With your prequalification letter, you’ll receive a list of a few documents you’ll need to return to us. Once you have an accepted offer on your new home, please send us the items listed below:
Now you are well on your way to owning that beautiful new home!
After we receive the items above, we will provide you a Loan Estimate. This document will state your estimated fees, estimated monthly payments, and your interest rate. You will sign and return the preliminary documents to us to begin your appraisal and title work. If there are any other documents needed to process your loan, we’ll gladly notify you!
In one to two weeks, we should receive your appraisal and title work. If nothing else is required, we’ll move to the next step and submit your loan request to underwriting. An underwriter evaluates your credit history, size of the loan you request, your ability to pay back your loan, and verifies your loan meets the guidelines for mortgage lending.
If there are any issues with the appraisal or title work, we will work closely with you and your realtor to remedy these issues.
After underwriting approval is obtained, we’ve reached the final step in preparation for closing. In this step, we’ll begin perfecting the final numbers with the title company and prepare a pre-closing document for you called a “Closing Disclosure.” This document closely resembles your Loan Estimate. However, the information it contains has been perfected at this point, and we are formally letting you know three days prior to close how much money you will need to bring to the closing table.
Sometimes approval isn’t obtained from the underwriter, OR there may be some contingencies that must be met to prepare for closing your loan. If this is the case, we will work closely with you in hopes of meeting the underwriting requirements.
Closing usually takes place at a title company. At the closing table, you will experience one of the greatest feelings…..signing your name on the dotted line! Signing your name has never felt so good!
Granted, there may be some issues that arise during any phase of your home loan. If this is the case, we will work hard to overcome any hurdles together. Give First Financial Bank a try, and you won’t be disappointed!