1.  Get Organized: Use our Mortgage Checklist to gather the documents needed during the application process. Having these items ready with help speed the process along. 

2.  Pre-Qualification: Having a pre-qualification letter will set you up for a smooth purchasing experience. This will show the seller that you have financing lined up and are able to purchase a  home. This step won’t take long – just pulling a credit report that shows your credit score and credit history. With this, our Mortgage Team will be able to determine what loan amount you qualify for. 

3.  Shop for a Home: Search online on sites like Zillow or your realtor’s website to determine what homes are available in your price range. Work with a real estate agent to visit homes for sale or take virtual tours.

4.  Make an Offer: Once you’ve found the right property, it’s time to make an offer. Your real estate agent will prepare the offer and submit it to the seller. If the offer is accepted, a purchase agreement is signed by both the buyer (you) and the seller.

5.  Finalize Your Mortgage Loan Application: The CIB Mortgage Team will help you complete the loan using the documents gathered in Step 1. Once all information has been submitted, a Loan Estimate is produced. This will describe the terms and predicted costs associated with your loan. By law, you must receive this within three days of completing your application.

6.  Loan Processing & Underwriting: The loan processor will submit the documentation about the borrower (you) and the property for underwriting. The underwriting process evaluates the loan package and verifies the eligibility requirements of the loan product that you applied for. After underwriting is completed and your loan is approved, you and your mortgage lender will determine the right time to lock the interest rate for your loan. The rate must be locked in no later than 10 days prior to your closing date.

7.  Closing: At least three business days before closing, you will receive the Closing Disclosure. This three-day window allows you time to compare the final terms and costs to those in the Loan Estimate (Step 5). If closing costs are not rolled into the loan amount, talk to your mortgage lender about how you will transfer funds either electronically or via cashier’s check. Your loan documents will be sent to the title company where the closing meeting takes place. This large stack of papers may seem intimidating but the closing representative will explain each page. Be sure to ask any questions about the terms or paperwork! Once all the paperwork is completed, you will be a homeowner. Congratulations!