Publish Date: June 1, 2021
The journey to becoming a homeowner is an exciting process, but likely one you may be unfamiliar with.
“We want to help you make the most of your homebuying experience,” said Michelle Westendorf, Assistant Vice President at Fidelity Bank & Trust. “Financing a home is a process that takes time. As your hometown bank, we partner with you and your realtor to help you understand the process, ensure your application is complete, meet deadlines, and make sure you have everything you need to get to closing,” Westendorf added.
Having a clear understanding of what’s ahead will make the homebuying process less stressful. Check out Westendorf’s step-by-step guide to getting a mortgage from Your Hometown Bank:
- TALK TO US!
Starting the conversation with one of our expert mortgage lenders will get you headed in the right direction, so you know just what to expect. Simply contact your local branch or check out our Mortgage Center where you can search for a loan officer, check rates, view calculators, apply online and more!
- GET PRE-QUALIFIED
A pre-qualification can solidify your financial readiness as a buyer. It can also set you apart from your competition in a low-inventory market like we’re seeing post-pandemic. During pre-qualification, we may ask you to provide documents for proof of income, such as pay stubs, W2s, tax returns, and/or bank statements.
- FIND ‘THE HOUSE’
Once you’ve made an offer on your new home and you’re ready to secure financing with Fidelity Bank & Trust, we may ask you to provide your mortgage lender with a copy of your purchase agreement.
- RECEIVE PRELIMINARY DISCLOSURES & ESTIMATE
Once you have applied for your mortgage loan, we will issue you a loan estimate which provides you with important details about your mortgage including loan terms and fees.
- GATHER DOCUMENTS TO PROVIDE TO YOUR LENDER
Once you have reviewed your preliminary disclosures and loan estimate, and you wish to proceed with your mortgage, your lender will order an appraisal, lock your interest rate, and ask for a copy of the following documents:
• Last 2 pay stubs as proof of income
• 2 year history of W2s and tax returns
• 2 months of bank statements
• Homeowners insurance or agent contact information
• Purchase agreement
- APPRAISAL, ABSTRACT & TITLE SEARCH
We will send you a copy of the appraisal when complete. In the meantime, your lender will coordinate the abstract and title search. Once the title search is complete, we will schedule a time for closing in coordination with the date indicated on your purchase agreement.
- CLOSING DISCLOSURE
At least 3 days prior to your closing date, we will provide you a closing disclosure to review. The closing disclosure outlines the final terms and costs for your mortgage and includes:
• Monthly payment
• Fees and costs
• Funds needed for closing
- ‘THE HOUSE’ IS OFFICIALLY YOURS!
Sign your (many) closing documents at your loan closing. Congratulations, you are now a homeowner!
As Your Hometown Bank, we’re here to help our friends and neighbors before, during and after your home purchase. Why? Because this isn’t just home to you. It’s home to US. Visit our Mortgage Center or contact us to get started!
