From Start to Finish: The GMB Home Mortgage Loan Process
Understanding what you’re in for during the home mortgage loan process can make all the difference when it comes to having a positive experience. This step-by-step home mortgage loan process will help you know exactly what to expect throughout your journey. This guide, along with Great Midwest Bank’s experienced Loan Officers – who are excellent resources for any additional questions you may have – can help make the home mortgage loan process simple and stress-free.
Step 1: Submit an application for your loan pre-approval
Submitting an application for your home mortgage loan pre-approval can be done conveniently online in as little as 20 minutes. Another option, since Great Midwest Bank is your Simply Local equal housing lender, is to stop in or call one of our branches. Our local experts can pre-approve you in person or over the phone, hassle-free!
Step 2: Discuss pre-approval with one of our Loan Officers
Once you’ve submitted your home mortgage loan application for pre-approval, one of our experienced Loan Officers will discuss the details with you. You will talk through purchase price, loan amount, and which mortgage products you qualify for. This information provides a road map for your house hunt, so you can remain focused and realistic about what you can afford.
In addition, your Loan Officer will begin reviewing your paperwork, so it helps to 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 account statements
- Signed Authorization and Electronic Disclosure consent form download here)
Providing these documents during this stage of your home mortgage loan journey means that you’re receiving a factual and thorough pre-approval. Not all lenders take this extra step and that can mean unexpected hurdles down the road with income and down payment qualification. Great Midwest Bank does the work upfront to ensure a smooth process later on!
Step 3: Celebrate!
You now have a Great Midwest Bank pre-approval in hand for a home mortgage loan. This is where the process can get fun – so enjoy it! Sit down and make a list of what you’re looking for in your future home: style, location, number of bedrooms and bathrooms, garage… now that you have an idea of what you can afford, you can start to get a feel for what you need and what you may want but can live without. Armed with your pre-approval information and your list of needs, wants, and don’t wants, it’s time to shop homes with your realtor!
Step 4: Search for your dream home
Now that your home mortgage loan pre-approval has come to an end, it’s time to begin searching for that dream home! Be patient in this process, as it may take some time to find a home that checks off most or all of the items on your list.
Once you find the perfect home, whether it be a week or a month later, you’ll submit an Offer of Purchase to the sellers. If your offer is accepted, you are well on your way to owning your dream home! 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, as well as a sufficient property appraisal report, your home mortgage 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, Great Midwest Bank will prepare a closing statement and communicate a final figure for your home mortgage loan 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 mortgage loan process can be simple when you partner with Great Midwest Bank. If you have any preliminary questions or just want someone to help you with Step 1, stop into any of our convenient locations or give us a call. Our Loan Officers are ready to guide you from start to finish towards your dream home.