Step by Step

Loan Officer Meeting

Your Five Points Bank loan officer will help you find the best loan options for your unique situation and financial needs. The first step is setting up the meeting and completing the loan application.

Loan Processing

Expert loan processors will prepare the loan file for approval. A disclosure package will be sent to you within three business days of your completed loan application. You will promptly review the disclosure package, return with signatures, and contact your loan officer with any questions. You will also notify your loan officer of any inaccurate information shown on the "Uniform Residential Loan Application."

Loan Status Follow-Up

You may be asked for additional documentation during this time. If the loan disclosures and requested documents have not been received, expect a friendly reminder from your loan officer or loan processor. Without these documents, a delay in closing could occur.

With the return of your disclosures, we will begin ordering standard documents: Appraisal, Flood Certificate, IRS Tax Transcripts, Verification of Employment, etc.

Shop for Homeowners (Hazard) Insurance

Once you’ve decided on an insurance company, you’ll be asked to provide agent’s contact information to your loan officer.

Underwriting

Your loan officer may have additional questions or request additional documents to resolve anticipated concerns prior to underwriting, but when your file meets program and document guidelines, it will be sent to an underwriter to review your file.

Underwriting Review

Expect a call from your loan officer with the results from the underwriting review. The underwriter may have questions – this is typical for most loans. Please do not be alarmed.

Approval

Once approved, your loan officer will contact you to schedule and/or confirm the closing date, time and location.

Closing Preparation

Closers prepare your closing documents and final closing costs. Your loan officer will contact you about the costs on your closing disclosure and any funds needed to close the loan.

Closing

You will meet with your loan officer or an appointed representative to execute the closing documents and collect any funds needed, sign paperwork and get the keys to your new house!

Your First Mortgage Payment

A few weeks after closing, you will receive information about making your first mortgage payment.