Loan Process Overview

1. CHECKLISTS

If you are buying or refinancing a home, download these checklists to help you organize your documents before you meet with a mortgage specialist:

2. GET QUALIFIED

Getting prequalified can help you understand how much you can borrow. When buying a house, you may get prequalified. You can typically get prequalified over the phone or begin here. It is highly recommended that you get prequalified before you start looking for a house. This will help you:

Find out the maximum house you can buy, so you don't waste time looking for properties you cannot afford.
Potentially hold a stronger position when you are negotiating with the seller.

3. SHOP LOAN PROGRAMS AND RATES

To shop for a loan you will need to:

Think about how long you plan to keep the loan. If you plan to sell the house in a few years, you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed rate loans.
Understand the relationship between rates and points. Points are considered to be prepaid interest and may be tax deductible. Each point is equal to one percent of the loan. So for example, one point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced Standard Affluent Private Bank mortgage specialist can help you decide a program that's best for you.

4. APPLY FOR THE LOAN

To apply for a loan click here or come into one of our branches.

5. OBTAIN LOAN APPROVAL

We will begin the loan approval process once we receive your loan application. This involves verifying your:

Credit history
Employment history
Assets including your bank accounts, stocks, mutual fund and retirement accounts
Property value

Based on your specific situation, additional documents or verifications may be required. To expedite your loan process please:

Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
Do not make any major purchases. Do not buy a car, furniture or another house until your loan is closed. This may have an adverse effect on your current application.
Provide documentation as requested to verify all assets. If you are receiving money from friends, family or other relatives, please contact us.
If you do plan to be out of town when your loan is expected to close, you may be able to sign a power of attorney to authorize another individual to sign on your behalf. Please contact your mortgage specialist to discuss power of attorney details and requirements.

6. CLOSE THE LOAN

After your loan is approved, you will be required to sign the final loan documents. In North Carolina your loan will close with the attorney you have selected. Be prepared to:

Check with your attorney to confirm the requirements for funds needed for closing. Typically this would be certified funds or a wire to your attorneys trust account.
Review the final loan documents are accurate.
Sign the loan documents.

On refinance and home equity loan transactions of primary residences, federal law requires that you have three business days to review the documents before your loan transaction can fund and record.

Do not hesitate to email or call one our Mortgage Team as we are here to listen and ready to find the perfect solution for you!

Apply for a Mortgage Today!

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