What to expect.

Understand the home loan process from application through closing.

Here is a quick overview of the approval process. A Home Loan Specialist can answer any questions you may have.

Initial review

You are assigned a loan processor who works with you through your closing – organizing your paperwork and making sure your documentation is complete prior to the final review.

Underwriting

Once we have your documentation, an underwriter reviews your loan package to make sure it fits loan guidelines, evaluates your loan application, and then makes a credit decision. In some cases, we may request additional information before making a decision. Your loan processor can assist you with this.

Approval decision

Once your loan is approved, a closing date will be set. At least three business days before your closing date, we will provide you with a Closing Disclosure that will help you understand all of the costs of the transaction.  Look it over, compare it to the Loan Estimate you received just after you applied, and contact your Home Loan Specialist if you have any questions.

Next: Closing Your Loan

Mortgage 101

TRID is an acronym for TILA (Truth in lending Act) RESPA (Real Estate Settlement Procedures Act) Integrated Disclosure. For most closed-end loans, two new forms replace the old Good Faith Estimate (GFE), Settlement Statement (HUD-1), and TILA Disclosure. The first form, the Loan Estimate, is designed to provide disclosures that will help you understand the key features, costs, and risks of the mortgage loan for which you are applying. We will provide you a Loan Estimate no later than three business days after you submit your loan application. The second form, the Closing Disclosure, is designed to provide disclosures that will help you understand all of the costs of the transaction. We will provide you a Closing Disclosure at least three business days before you close your loan.