Home Loan Process
Application
As the first step in the home loan process, your application gives us what we need to help you find the right loan program. Providing accurate information in your application is essential for a smooth process.
Note: Do not have your credit checked or apply for new credit during the loan process, as this can affect your credit score and cause delays in the process.
Documentation
We’ll send you a list of the documents that you’ll need to provide. The quicker we receives your documents, the sooner they can be processed.
Documents may include:
- At least 30 days of full bank statements
- All paystubs from the past 30 days
- Copies of the two previous year’s personal tax returns
- Copies of the two previous year’s W-2 and 1099 forms
- Tax documents for any “other” income sources: rentals, personal business, etc.
Earnest Money
Earnest money is a deposit made to the seller when your offer is accepted. We will need a copy of the front and back of the cancelled check after the money has cleared your account. This money counts toward your final closing costs.
Appraisal
An appraisal determines the value of the home you are purchasing. We’ll order the appraisal for your future home.
Insurance
You’ll need to get homeowner’s insurance and possibly flood insurance depending on the location of your home. Once you have it, we’ll need the agent’s contact information and the policy information.
Submission
Once everything’s submitted, it will go to our underwriting team for approval. This typically takes between one to three business days.
Conditions
Occasionally, additional documents may be required at this time. It is very important that any conditions requiring action or documentation be addressed immediately. Once all conditions are met, documents are sent to the underwriter for final review and approval.
Documents
Once everything is approved by underwriting, a final verification of employment is performed and documents can be ordered. These are the final papers you will sign to close and fund your loan. They typically take one to two business days to produce, and they are generally provided to the settlement agent once complete.
Signing
Once the settlement agent has processed the documents, they will prepare a settlement statement and notify you of the final dollar amount you’ll need to bring to the closing. An appointment will be set to sign the final paperwork and collect funds. These funds will need to be certified or wired funds, and must be from an account listed on your application.
Funding and Recording
At this point, all signatures and closing conditions have been met, and the loan is approved for funding and recording. This typically takes 24-48 hours after documents are signed.
Welcome to Your New Home!
Once funding and recording is complete, the house is officially yours, and the keys are turned over to you. Congratulations!
For more information on the mortgage loan process, please contact your local Washington Trust Bank loan officer.
