Simplify your mortgage application process by knowing what you need to apply and understanding what to expect.
The process of applying for a home loan may seem overwhelming, but with the help of Sherburne State Bank’s experienced lenders, the steps to completing your loan will seem simple.
Here’s a checklist to help you stay organized and to guide you so you know what to expect:
Call Sherburne State Bank to schedule an appointment
What to bring to the appointment:
W2’s from last two years of employment
Last 2 years of personal Federal Tax returns
Last 2 months of checking and savings account statements
Last quarterly statement for retirement and stock accounts
Last 2 most recent paystubs
When you arrive for your appointment you will be greeted with a smile and introduced to one of our Mortgage Specialists. Together you will complete a Residential Home Mortgage Application. The data that is collected on this document will be used to determine if you qualify for the purchase or refinance of your home. To speed up the pre-qualification it is important to bring the items listed above as they will be used to verify your income and assets.
After you have completed the application you will be given a Loan Estimate (LE). The LE will state the fees associated with your purchase or refinance. Additional disclosures and booklets will be given to you to help you better understand the rules and regulations that must be adhered by Sherburne State Bank and you.
After all your information is verified the underwriting process begins. The underwriters compare your loan to standard guidelines. If these guidelines are met, an approval and loan commitment are issued. At that time you will be contacted to arrange for your loan closing.
At closing you will sign the mortgage, promissory note and other required documents. Congratulations, your purchase or refinance is complete!
