Our loan application form asks for information on the property you are buying, as well as the employment and financial history of all loan applicants. We will verify the information shown on the loan application before deciding whether or not to make the loan, so it is very important to make sure that it is complete and accurate.

It is easier to complete the loan application process if you prepare for it ahead of time. We will ask about your personal finances, including bank account numbers and balances, current loan amounts and payments, and credit card account numbers. You need to be thorough and precise in providing this information, so it is best to assemble information before you meet with us. Following is a summary of the major kinds of information required on the loan application, the documents that may be needed, and the questions that you should be prepared to answer.

Details Of Purchase Contract & Property
Because the property is security for the loan, it will be necessary to have a complete and signed copy of the sales contract. If the house is to be built, or is still under construction, a set of plans and specifications.

Personal Information
We will need to know all about you including your Social Security number as well as that of any co-borrower on the property. We will need additional personal information to complete the loan application. Just follow the easy steps on the application and call us if you have any questions.

Employment History & Sources Of Income
We will need your employment information as well as that of any co-borrower. If you are relying on income from other sources, we will need that information also.

Personal Assets
A detailed list of all your personal assets is required on the loan application form. You will need to have information such as bank accounts, savings accounts, money market accounts, retirement accounts, etc.

Personal Indebtedness
You will be asked to itemize all of your current bills, loans, and other debts, including current balances and monthly payments. Debts include automobile loans, credit cards such as Visa, Mastercard, and other retail store accounts, finance company, bank and credit union loans, and existing mortgages, including home equity loans. You should be able to give the account or loan number, the monthly payment, the number of payments remaining, and the outstanding balance.
If you have been through bankruptcy or foreclosure proceedings within the past seven years, be prepared to give full details and copies of applicable documents regarding them. You will also be asked to explain the details if you are obligated to pay alimony, child support, or separate maintenance.

Additional Information
You will be asked to sign a section of the loan application form which contains your certification that the information you have provided is correct to the best of your knowledge; your promise to advise us of any material changes in the information; and your consent to verification of the application data.

The last part of the application form requests information on the race and gender of the applicants. The Federal Government uses this data to monitor our compliance with fair housing and equal credit opportunity laws. Provision of this information is strictly voluntary on your part and has no affect on your loan application. We, however, are required by Federal law to request the information.

Because of the particular circumstances surrounding a loan application, we may require additional information or documentation regarding you or the property after the application has been submitted for approval. We make every effort to collect all data at the outset, but cannot foresee every eventuality. Requests for additional information are not necessarily bad omens, and your primary concern should be in responding promptly with the information.

If you have come fully prepared to the interview with the loan officer and have provided good documentation, you have done a great deal to assure prompt processing of your application and approval of your loan.

After The Loan Application...What's Next?
After the loan application has been completed, it will be turned over to our loan processing department and then to the underwriter, where the decision to approve or reject the loan will be made. Loan processors call to confirm the information you provided, or send out the Verifications of Employment and Deposit and order the credit report, property appraisal, and other documents. The time it takes to receive these documents affects the length of time required for approval of the loan. If you are transferring into the local community, it may take longer to receive the credit and employment information.

Within three business days after completing the application, we must provide you with a "Good Faith Estimate" of the anticipated closing costs. It will show costs associated with the loan settlement, such as origination fees, mortgage insurance, title insurance, escrow reserves, and hazard insurance.

Within the same three days we will also send you a Truth-in-Lending Disclosure statement. This statement shows, among other things, the estimated monthly payment. The total cost of all finance charges on your loan is also shown, stated as an annual percentage rate (APR). The APR represents the dollar amount of finance charges you pay either up front or over the life of the loan, converted to an annual interest rate. Since the APR includes origination fees and other charges, as well as interest on the mortgage loan, the APR is usually higher than the interest rate of the loan.

The Closing Process
After your loan has been approved by the underwriter, it is sent to the closing department. Once again, everything is checked for accuracy and the closing package is forwarded to the approved closing agent.

The closing agent in this transaction represents the lender and will conduct the closing on our behalf The closing agent at this point has run the title search and insured that the property is able to be conveyed by the seller without any encumbrances. The closing agent checks the survey and makes sure that the lender has proper coverage. The borrowers may insure their coverage in regard to survey and other title matters by purchasing an owner's title insurance policy issued by the closing agent.

Items typically requested for the borrower to bring to the closing are a one year's hazard insurance policy and paid receipt, a certified (or cashier's check) for the cash needed for closing, and a report from a certified termite inspector which states that the property is free from infestation.

The closing agent will obtain the necessary signatures on the closing documents and disburse the money.