Mortgage Process

OUR PROCESS

Buying a home is an exciting process, but can be overwhelming if you don’t know what to expect. That’s why we take the time to walk you through the home buying process, helping you make an informed decision about your purchase.

Prequalification — The first step of the mortgage process begins with a conversation with your TowneBank Mortgage loan officer. You and your loan officer will assess your credit, set goals and expectations and review our loan products to find a loan that best your individual needs.

Application — During the application process your loan officer will gather as much information upfront as possible. This ensures that the next steps in the process run as smoothly as possible. After receiving the loan estimate you will be asked to supply necessary documents such as W2s, Pay Stubs, Bank Statements, and Employment History. These documents are critical to moving forward with the loan process.

Loan Estimate — You will receive a five-page document with important information, including your estimated interest rate, monthly payment and closing costs. It will disclose other important information, so it is important that you review this document thoroughly before moving forward.

Processing — Once all the appropriate documents are gathered, the loan will enter the processing stage. Our in-house processors will pull your Credit Report, order a Property Appraisal and Title Report. The entire loan package is then submitted to the underwriter.

Underwriting — In this stage, our in-house underwriter will determine if the loan is eligible for approval. The underwriter will evaluate your ability to repay the mortgage loan. If more documentation is needed at this time, your underwriter may determine that certain conditions must be fulfilled before the application can be approved. If the loan is acceptable as submitted, it will be deemed “approved.”

Underwriting Conditions — More likely than not, additional items are needed for final approval. Asking for documents should not be a cause for concern and doesn’t mean you are not on track for approval. Because every borrower has a different financial situation, there is no way to determine exactly what documents are needed for final approval, meaning each borrower must submit supporting documents specific to their situation.

Closing — After the loan has been fully approved, the file is transferred to the closing department. During this time we will work with the closing attorney to prepare all necessary paperwork, and confirm the funds needed on closing day. The closing attorney will schedule a time for you to sign your loan documentation. Once all the necessary documentation is signed, you will receive the keys to your new home!