These 15 steps are designed to give you insight as to what you can expect while your loan is being set up. We work with mortgages frequently so we’ve learned a thing or two about how to make them simple. Our goal is to save you time, money and frustration down the road.
1. Expect us to ask you for more stuff. The mortgage rulebook keeps growing year after year, so it's not that we don't trust you - we just want guide you through these rules the best we can before your closing. We don't like bothering you, so if we ask you for something, we really do need it.
2. We don't need originals. Copies, faxes and scans work great.
3. Make sure we have all your pages. If we request financial documents that have multiple pages, we will need every page, even if there is nothing of importance on some pages. Double check that nothing is cut off, all pages were included and everything is legible so we don’t need to bug you to resend something.
4. Freshness matters. Be sure the documents you send are the most recent you have.
5. Getting married or divorced? There are some special hoops (and extra paperwork) you’ll need to jump through when your marital status changes, so let us know early.
6. Accuracy matters. We are required to verify every answer you give on your loan application. Be sure your application is exact, regardless of whether you apply online, in person, or over the phone. Find a mistake? No problem. Just let us know and we’ll fix it.
7. Keep making all your current payments on time. When refinancing debt, some people assume that they will save money in the long run by not continuing to pay their normal mortgage payments. However, all interest that would have been paid during loan approval process will be due at your closing anyways, and if you miss a payment during this timeframe it could jeopardize your loan approval.
8. Changing jobs? Before you do... Call us to talk through this decision before you agree to take a new job as this may/will affect your loan by it being delayed or denied. Stable income and employment are crucial to qualifying for a loan.
9. Stick around. Let us know if you expect to be out of town or unavailable while we are working on your loan. If you are married, both you and your spouse will have things to sign at the closing even if only one of you is taking out the loan. Plan ahead to make arrangements for this.
10. Get things back to us quickly. The quicker we get documents back from you, the quicker we can churn through the loan process. We don't want anything to cause delays in your closing, so please be timely and accurate.
11. Let us in on your secrets. Judgments, liens, collections, child support, bankruptcies and other credit bumps happen to the best us, and they can delay or derail things if discovered at the last minute. If we have early notice, we can generally work around them with little to no delay.
12. Talk to use before you buy an big-ticket items. Adding a payment or emptying your checking account could derail your loan.
13. Don't lock unless you mean it. We understand you have every right to shop around and not close with us. We incur appraisal, title, and locking expenses on your behalf when we process your mortgage, so please make sure you are committed to closing with us before we start this process. If you do not decide closing with us after that process has started, all expenses will be billed back to you.
14. Don't keep us a secret. There is no greater compliment than a referral.
15. We're here for you. No question is too small and we would much rather you know the answer than wonder. We're here to help, so please ask us anything.
Need a mortgage loan? When you finance a home with First National Bank and Trust, you'll be surprised at how simple it is. First National Bank and Trust offers conventional, VA and FHA mortgages. We also offer construction loans, home equity loans and home equity lines of credit.Whether you are a first time home buyer or you are ready to buy your next house, we have options for you.
For more information or to pre-qualify for your First National Bank and Trust mortgage, contact us today!