Mortgage Application Guide

At First Bank Mortgage we take all the strain and worry away from you by doing all the technical work on your behalf.

These are the stages we will take you through:

Choosing a loan program
Applying for a loan
Getting pre-approval
Processing your application
Getting final approval
Closing the loan

Choosing a loan program
The first step is for you to choose the loan program that is best for you. You can do this with our Mortgage Loan Planner.

When you apply for a loan, you will need to have a program in mind so we can pre-qualify you. In choosing a program, calculate the amount you can afford for a monthly payment based on your income and debt.

Our experienced Mortgage Consultants can answer all you questions about the different loan programs and walk you through the process step-by-step.

They can also recommend a specific program for you based on the information you provide them. You can always reach them by calling 1-877-370-2262 or by e-mail.
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Applying for a loan
If you have already signed a contract to purchase a home or if you would like to have a pre-approved loan before you look for a property we can offer you solutions.

Once you have completed your application that's it! We do the rest of the documentation.

Settlement can occur in as little as thirty days at the office of the settlement agent chosen.
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Getting pre-approval
Once our Mortgage Consultant has received your loan application, it will be immediately registered into our BYTE™ mortgage system. The Mortgage Consultant will then use our online automated underwriting system to locate a loan that meets your requirements and needs.

If your income and expenses meet the preliminary requirements and guidelines of the loan you choose, a preliminary pre-approval letter will be issued.

This letter will contain any terms and conditions that are necessary for the lender to provide final approval.

Review it carefully and discuss it with your Mortgage Consultant. If the terms and conditions of the pre-approval letter are not met, it will be null and void.
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Processing your application
Processing your loan is an important step in obtaining your final approval. A set of disclosure statements and documents relevant to your loan will be prepared and sent to you for review and signatures.

Review these carefully for accuracy prior to signing, and contact your Mortgage Consultant immediately to report any discrepancies or clarify any points.

Once you are completely satisfied, you sign these documents and forward them to our office.

Upon receipt of these, your Mortgage Consultant will ensure all the proper documentation required for your loan has been obtained and verified and that all the conditions stated in your preliminary pre-approval certificate have been met.

This will involve verifying your credit, employment, bank accounts, stocks, mutual funds, retirement accounts and any other assets.

When all the documents have been executed and verified your Mortgage Consultant will package these documents with any additional documents for your loan and submit them to the lender for final approval.

Once we receive a final approval confirmation from your lender, your Mortgage Consultant will order an appraisal on the subject property and forward it to the lender.
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Getting final approval
At this step the underwriter will review and analyze the loan package that we submitted on your behalf.

In arriving at a decision the he or she will take into consideration several factors and ratios, including income, credit history, assets, subject property, appraisal, housing and debt ratios, cash reserves and loan-to value.

The factors and ratios taken into consideration will vary with different underwriters depending on the loan program. The underwriter will either approve, suspend (pending additional information), or deny your loan application.

Our Mortgage Consultants are highly trained in preparing the loan package for submission and the requirements of underwriters. They will do their best to make sure your loan package is complete prior to submission and will be able to make you aware of any potential underwriting problems.

This saves your precious time and can avoid delays while the underwriter is reviewing your application.
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Closing the loan - Congratulations!
Once your loan is approved, you will be required to sign the final loan documents from the lender.

The term used to describe this process is usually called Settlement. It usually takes place at the office of a settlement agent, such as a title company, attorney, or notary public.

Loan proceeds are usually wired or mailed to the settlement agent's office prior to settlement day.

The settlement agent will keep these funds in their Escrow or Trust Account and usually will not disburse them until the closing date of your loan.

They agent will prepare Settlement Sheets outlining all the costs associated for you as the Buyer and the amount you need to bring to the closing. He or she will also outline all the costs associated with the Seller and the net proceeds to them after their lender and other charges against them have been paid.

Your loan will normally close shortly after you have signed the loan documents at the settlement agent's office.

In the case of refinance and home equity loan transactions, federal law requires that you have a 3-day right of recession. This allows you to review the loan documents and be certain of your decision before the transaction can close.
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