Mortgages

Loan Process

Pre-Qualification

We strongly suggest that at the beginning of your house hunting process you get pre-qualified. The process is quick and simple: 

  • Provide income verification (W-2’s or two years of federal tax returns if self-employed and bank statements).
  • Sign an application form.
  • Receive a pre-qualification letter within one business day.
This process allows you and your real estate agent to focus on properties that you will be able to afford and will save you valuable time and effort when seeking your mortgage.

Decide on Terms and Rates

After you have chosen a property, had your offer accepted, and settled your Purchase and Sales agreement, the next step is to determine which type of loan would be the most appropriate for you. Please come in and speak with one of our mortgage loan professionals to see which program best suits your needs. We offer a variety of products for every type of purchase and income level.

Loan Application Process

In addition to the income verification necessary for pre-qualification, there are other essential documents which require signatures to allow us to verify certain aspects of the loan application. You will be notified in advance as to which documents are required to complete this process.

At this time, appraisal on the subject property will be ordered. Approval is based on several factors including income, credit rating, available assets, and property value.

Upon receiving your acceptance of the Bank’s commitment, our attorney will contact you to set up the closing.

Closing your Loan

The closing attorney will contact you to set up a time and place for the closing and will advise you of what you will need to bring. At the closing, you will be signing documents that are required by the bank and the government to secure your loan and ownership.

At each step, the closing attorney will explain what you are signing and why and is available to answer any question that you may have. The closing attorney is there to represent the Bank’s interests. However, you may have your own attorney attend the closing as well.

If the closing is for a re-finance or a Second Mortgage Loan or Home Equity Line of Credit, there is a three-day period that must pass before the loan is finalized and funded. During this rescission period, you have the chance to reconsider your decision. You may, if you so decide, cancel the process at no cost to you.

National Grand Bank NMLS #405306