Century Bank

Loans & Mortgages: Mortgage Process

The Mortgage Process

The Loan Interview

During your initial meeting, your lender will explain the types of products as well as rates and qualification options available to you. The lender will then help you select a product that is right for you. As you are talking with your lender, they will begin collecting information to expedite your loan application. It will further expedite your loan process if you have the following at the time of your interview:

  1. 30 days of pay stubs
  2. Previous month's bank statement
  3. Previous year's W2
  4. Previous year's tax returns (if self-employed)
  5. Name, address and account numbers for bank accounts
  6. Name and address of insurance agent
  7. Copy of your driver's license

The Loan Application

The loan application asks for some general information such as your employer, income, along with information about the property. Some areas that are often left incomplete and could cause some delay in the application process are:

  1. Complete mailing address for the employer, creditors, and bank accounts
  2. Loan amount requested
  3. Previous address if at current address less than 2 years
  4. Previous employer if at current job less than 2 years
  5. Signature and date on page 3 of the application
  6. Answers to declarations questions on page 3

*Remember, a completed application will expedite your loan request.

**The loan interview and the application can be done at the same time.

The Loan Processing

Once the loan application has been completed and the necessary documentation has been delivered, then loan processing will review the application and all supporting documentation. Once the information has been verified, the processors will order a mortgage credit report and appraisal. Then when the credit and appraisal are complete, the processor will forward it to automated underwriting for approval.

The Loan Closing

Once the underwriters approve the loan, your loan is ready for closing. The closing is where the documents for the loan are signed. The following documents are key documents signed at closing:

  1. The settlement statement
    Statement detailing the costs involved in a real estate loan
  2. Final Truth in Lending (TIL)
    This disclosure details the costs of your loan and discloses the APR, finance charge, the amount financed, the payment amount and the total of your payments.
  3. The Mortgage
    A legal document that pledges the property as security on the loan to the lender.
  4. The Note
    Legal document stating a promise to pay the lender according to terms agreed upon.
  5. Rescission
    If the loan is a refinance, there is a 3-day right of rescission. This gives the borrower three days to consider the loan. Any proceeds expected from the loan will not be disbursed until the 4th day after closing.
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201 Woodford Street · Lawrenceburg, KY 40342 · Tel: 502.859.5111 · Fax: 502.859.5119 · Email: info@centurybankky.com

201 Woodford Street · Lawrenceburg, KY 40342 · Tel: 502.859.5111 · Fax: 502.859.5119 · Email: info@centurybankky.com

Equal Housing Lender, Member FDIC Copyright © 2011. · All Rights Reserved.