At GenoaBank, we’re a bank that believes in mortgages that are simple and easier to live with. You’ll enjoy financing your dream home with one of our local, honest and experienced lenders.
With a commitment to you and your future plans for home ownership, you’ll experience a warm personal welcome and professional advice designed to make the whole mortgage process easier.
Step 1: Submit your Mortgage Loan Application
You may do this in person with a Mortgage Loan Originator or by submitting your information on-line. No matter how your application is submitted, you will work with one of our experienced Mortgage Originators throughout your entire mortgage process.
Please be sure to provide the following documentation for you loan application:
- W-2's for most recent two years.
- Most recent one month's pay stubs.
- Bank statements from the most recent three months.
- Most recent statement of other assets (i.e., IRA, 401(k), Mutual Funds, etc.).
- Survey and Title Policy for current home (only on refinances) OR Purchase Agreement (only on new purchase).
- Name, address and account # of present mortgage.
- Homeowner's insurance policy # and agent's phone #.
- If self-employed, most recent two years of federal tax returns.
- Divorce decree. Child support documentation. Discharge of bankruptcy.
- Check for applicationfee for $325.
- Copy of Driver’s License.
Please note: If you are applying on-line, follow these simple steps to complete your on-line application:
1. Select the Mortgage Loan Originator that you would like to work with.
2. Click on the “Apply Now” button.
3. Create an Account Online (selecting a username and password).
4. Follow the online prompts to enter information about yourself including the following:
· Choose Borrowers
· Loan Information
· Borrower Information
· Declarations
· Employment
· Monthly Income
· Assets
· Real Estate
· Loan Summary
5. After your on-line application is complete, an email will go to your selected Mortgage Loan Originator notifying them that your application is complete.
6. Your Mortgage Loan Originator will contact you within 24 hours or the next business day.
Upon receiving your application, your file will be assigned to a Mortgage Loan Processor. The Mortgage Loan Processor and Mortgage Loan Originator will work as a team to gather all the supporting documentation required before your loan is reviewed for an approval. This step is often referred to as "processing" your loan application. A copy of your credit report will be ordered as well as verifying employment, assets, liabilities, etc.
It is during the processing stage that your loan application will be submitted to an automated underwriting application like Fannie Mae's Desktop Underwriter or Freddie Mac's Loan Prospector. The use of these software applications has become an industry standard and makes the review of your loan much more standardized and quicker. It has also reduced the amount of paperwork required to get a loan approval.
During processing, an appraisal of your property will be ordered. This is used to determine the value of the home you are purchasing or refinancing. This appraisal will be completed by an independent fee appraiser that is approved by GenoaBank but chosen by you. The appraiser will contact you for access to the property soon after the actual appraisal is ordered.
Within three business days of submitting your application to us, we will provide you with a Good Faith Estimate of Closing Costs and a Truth-In-Lending Disclosure. These important documents are to help you review the estimated costs you may incur with your pending loan transaction. Be sure to review these carefully and ask your Mortgage Loan Originator or Mortgage Loan Processor about anything that does not make sense.
Step 2: Underwriting your Mortgage Loan Application
Once all the documentation for your loan application has been received, the loan is sent to the next phase in the process. This is called Underwriting. During Underwriting, the file is reviewed to make sure it meets the guidelines of the bank, the investor, and the specific loan program for which you are applying. Underwriting will review:
- Credit - how you've paid your debts in the past.
- Capacity - which is your actual ability to repay the loan based on your income and other debts you are paying.
- Collateral - the value of the property you are buying or refinancing and are pledging as "collateral" for the loan.
While we try to obtain all required documentation prior to the file going to underwriting, additional documentation may be required during the process. In underwriting, your loan will be approved, denied, or suspended for further information.
If your loan is denied or suspended, don’t panic! Talk with your Mortgage Loan Originator about the specific reasons your loan was not approved. See if further information may be provided to gain an approval. Or, if a plan of action could be put into place to work through the underwriting issues.
Step 3: Closing your Mortgage Loan Application
If the loan is approved, you are ready to move to the final stages of the process. This step is referred to as Closing. Your Mortgage Loan Processor will work with GenoaBank’s Closing Department to ensure the closing of your loan goes smoothly. We will work with the closing attorney to prepare the documents required to close the loan. You will actually go to the closing attorney's office to close the loan. Closing is simply signing all the necessary legal papers to formally complete the loan transaction and for the loan proceeds to be disbursed.
Closing concludes the loan process. Shortly after closing you will receive information about the schedule of your monthly mortgage payment. If you have not received this information by the time your first payment is due, please be sure to make your payment. During the closing process you should have received a First Payment Letter which lists the correct payment and the post office box where your payment should be sent.
If you have any questions after your loan has closed, please call our Mortgage Loan Processing Department at 1-800-592-2828.