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.

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