7 steps of the mortgage process

7 steps of the mortgage process

by Liberty Bank

Applying for a mortgage seems daunting, but don't let that stop you from realizing the dream of home ownership. Once you have applied for a mortgage, it typically takes between 30 to 60 days. Here are the 7 steps you'll encounter along the journey.

Step 1: Get Pre-qualified for Your Mortgage
Find a loan officer to help determine the price of a home you can afford. The bank will run your credit and review income and asset documentation to provide a pre-qualification letter.

Step 2: Selecting the Loan Program and Down- Payment Options
Your loan officer will assist you in determining the best programs for you. Liberty Bank offers a wide variety of Affordable Home Lending products to meet your financing needs. Liberty Bank also participates in numerous Community Second Down Payment Assistance Programs.

Step 3: Contact your Loan Officer to Complete the Application
Once you have found your house and have a signed Offer to Purchase, contact your loan officer to apply for the mortgage.* Your loan officer will provide you with a comprehensive checklist of what you will need to complete the application process. You can complete the application face to face, over the phone or online, whichever is convenient for you.

Step 4: Loan Estimate and Applications Package
Once we have a complete mortgage application, the bank will mail you the Loan Estimate and mortgage application package. If you “OPT IN” for electronic delivery, we can send the package electronically. The Loan Estimate represents your costs of obtaining a mortgage. If you have any questions regarding the costs, your loan officer will assist you.

Step 5: Processing Your Application
Once your file is submitted to processing you, will receive a “conditional commitment”** within 48 hours. Loan advisors will then work with you to clear conditions.

Step 6: Mortgage Approval
Once all the conditions have been satisfied on the conditional commitment, the underwriter will clear your file to close and move your file to the closing department.

Step 7: Close the Sale
Liberty Bank will issue a closing disclosure that details all the fees and the funds needed to close. The closing can take place three business days following receipt of the closing disclosure. Liberty Bank will coordinate with the closing attorney to schedule a closing.

*All loans are subject to credit approval. **You will receive a conditional commitment if the application package has enough information to make a credit decision.


Do you have questions about the home buying process? Contact a loan officer today.


DISCLOSURE

This article, tool or quiz above is for informational and educational purposes, is not an advertisement of Liberty Bank, is not for product promotion, do not constitute investment or legal advice, are estimates only, and may contain general information or examples regarding non-deposit products. Investments, stocks, mutual funds, securities, annuities and insurance products are not bank deposits; are subject to investment risks, including the possible loss of the principal amount invested; may lose value; are not insured by the FDIC; are not insured by any Federal Government Agency; and are not obligations of, nor guaranteed by Liberty Bank.

Liberty Bank makes no warranties or representations as to the accuracy, correctness, reliability or otherwise with respect to information set forth in the article, tool or quiz above and assumes no liability or responsibility for any omissions or errors in the content listed above.

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