The
ABC's of the Mortgage Loan Process
At Brainerd Savings
and Loan we make a commitment to ensure the loan process is as
simple as possible for our customers. The first step in the process
is to complete a real estate application. You can do this by applying
in person or by requesting an application be mailed to you. Your
Mortgage Consultant will request supporting documentation to be
brought in with your completed application on your income, employment,
and assets. That documentation would include:
- Your most current
30 days of pay stubs with year-to-date income.
- Last two years W-2's.
- If commissioned or
you receive bonus pay, provide past two years complete
personal Federal tax returns (with all schedules). If self-employed,
provide two years complete personal Federal tax returns
(with all schedules) and two years corporate returns (with all
schedules).
- Most recent two months
of complete bank statements.
- Most recent copy of
all stocks, bonds, and 401K statements, if applicable.
- Additional information
may be requested depending on your individual circumstances, such
as a copy of divorce decree or rental agreements on rental property
you may own.
At the time of application
your Mortgage Consultant will also discuss your financing options.
You will then be asked to sign a set of application disclosures,
one of which includes a Good Faith Estimate (this will disclose
your approximate closing costs and monthly payment based on your
selected mortgage type). You have the option to either "lock"
into an interest rate at this time, or "float" your rate.
If you choose to "float" your rate, your Mortgage Consultant
will contact you sometime before closing to lock your rate.
Your credit history, as
well as all the documentation you provided at application, will
be reviewed by our Underwriting Department to receive "credit"
approval. There may be additional information requested of you,
per the Underwriter, to issue the credit approval.
Before final approval
is issued, an appraisal and title work on your selected property
will be ordered (if purchasing a home, you will need to submit a
purchase agreement before these are ordered). The appraisal will
be submitted to Underwriting for final approval.
Your closing generally
takes place at a selected title company and this is where you will
sign all final documents to secure your mortgage. If needed, you
will also be asked to bring in a cashier's check for your closing
costs and/or down payment.
It's as easy as
ABC!! Your Mortgage Consultant will be in contact with you throughout
the process and we encourage you to call with any questions you
may have.
218.824.2201
• Toll Free: 1.800.430.5183
Fax: 218.855.0393
401 West Laurel Street • P.O. Box 503
Brainerd, MN 56401
www.brainerdsavings.com
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