Lending Process & Closing Costs
You’ve decided to apply for a mortgage loan with AuburnBank so what’s next? Your Mortgage Loan Originator will work with you during the entire process to make sure you have all the necessary documentation required for a loan decision to be made.
We want to make the loan process as easy as possible. Here’s what you can expect:
Step 1: Get Pre-Qualified
- Apply online or make an appointment to meet with an AuburnBank Mortgage Loan Originator.
- Your originator will advise you on what documents to bring to your appointment.
- We recommend you consider getting pre-qualified for your loan.
- Begin the exciting search for your new home!
Step 2: Complete application on-line and discuss options with your Mortgage Loan Originator (MLO)
- Determine the amount and type of mortgage that you may qualify for based on your credit, financial and employment information.
- Complete your loan application with the assistance of your loan originator.
- Discuss any questions regarding payments, escrows and the amount of cash you may need for closing.
- Obtain any additional documents needed to process your loan application.
- Required initial disclosures will be provided.
Step 3: Your Loan is Being Processed
- An AuburnBank loan processor will prepare your loan for the submission to the underwriter for initial approval.
- Additional information or documentation may be requested during this process.
Step 4: Your Loan is Sent to Underwriting
- The underwriter will make the initial determination on your eligibility for the mortgage loan you are applying for.
- Additional documentation may be requested by the underwriter.
- Loan will be resubmitted for final decision at this stage.
Step 5: Closing Disclosure
- An AuburnBank loan closer will prepare a Closing Disclosure for your review.
- The Closing Disclosure must be delivered, and receipt documented, 3 days prior to your scheduled closing date.
Step 6: Your Loan is Sent to the Closing Attorney
- Closing documents will be provided to you by the closing attorney.
Step 7: Loan Closing
- If you need to close on or by a certain date, be sure to communicate this to your loan originator.
- Bring a cashier's check or certified funds for closing costs communicated in Step 5.
- Verify wiring instructions with the attorney at the number provided by AuburnBank on the closing disclosure.
- Bring any additional documentation requested.
The closing attorney will review all documents with you and answer any questions you may have. Congratulations, you are now a homeowner!
Please contact an AuburnBank Mortgage Originator today. We will be happy to assist you in selecting the right loan or answering any questions you may have.
