Loan 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 Prepared
- •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: Meet with your AuburnBank Originator
- •Determine the amount and type of mortgage that you may qualify for based on your credit, financial and employment information.
- •Discuss financing options that match the affordability of the home you wish to purchase.
- •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.
Step 3: Your Loan is Being Processed
- •An AuburnBank loan processor will prepare your loan for the submission to the underwriter for final approval.
- •Additional information or documentation may be requested during this process.
Step 4: Your Loan is Sent to Underwriting
- •The underwriter will make the final determination on your eligibility for the mortgage loan you are applying for.
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.
- •The attorney coordinates the closing, records the closing documents and disburses money to the appropriate parties.
- •Review closing documents with your AuburnBank Originator.
- •Determine your closing costs.
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 money order for closing costs communicated in Step 5.
- •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.