From Start to Finish: The GMB Home Loan Journey

great midwest bank home loan process


Got home loan questions? We’ve got answers. Our loan officers and loan decisions are local, which means our clients know exactly where they stand throughout the process. Let’s take a stroll from start to finish of getting a home loan with Great Midwest Bank. You’ll be well-versed in the journey before it even begins!

Step 1: Submit an application for your loan pre-approval. This can be done online in as little as 20 minutes. Another option, since we’re right in your neighborhood, is to stop into or call one of our branches. Our local experts can pre-approve you in person or over the phone, hassle-free!

Step 2: Shortly after, one of our Loan Officers will discuss your pre-approval with you, including the purchase price, loan amount, and mortgage products you qualify for. Having this information means your house hunt will be focused and realistic as to what you can afford.

Your Loan Officer will also need your paperwork to review. Providing your documentation means you’re receiving a factual and thorough pre-approval. Not all lenders take this extra step and that can mean hurdles down the road with income and down payment qualification. Great Midwest Bank does the work upfront to ensure a smooth process later on! Be prepared with:

  • W-2’s from the past two years
  • Federal tax returns from the past two years
  • Your last month of paystubs
  • Bank statements from the past two months
  • Your most recent retirement statements
  • Signed Authorization and Electronic Disclosure consent form download here)

Step 3: Congrats! You now have a Great Midwest Bank pre-approval in hand. Armed with information, it’s time to shop homes with your realtor.

Step 4: Whether it’s a day or month later, you find your dream home and submit an Offer of Purchase to the sellers. If it is accepted, you are well on your way! Make sure a copy of your accepted Offer is sent to your Loan Officer right away so he or she can: provide you with the appropriate disclosures for your loan application, obtain your signature to proceed, and collect any additional paperwork needed to move forward.

After Great Midwest Bank has your full application documentation including a sufficient property appraisal report, your loan will be reviewed for approval. Once approved, you will be provided with a Great Midwest Bank Loan Commitment letter to satisfy your financing contingency, per your Offer of Purchase agreement.

Step 5: It’s time to close on your new home!  Ahead of your closing date, GMB will prepare a closing statement and communicate a final figure for you to bring to closing via cashier’s check or wire transfer. Your Loan Officer will be your resource for answering any and all questions leading up to and at closing. After providing your funds and signing the closing day documents…

Final step: It’s time to move into your new home!

The home loan process can be simple when you partner with GMB. If you have any preliminary questions or just want someone to help you with Step 1, give us a call. Our Loan Officers are ready to guide you from start to finish towards your dream home.


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