What to expect
The Advantis Credit Union Mortgage Process
A loan officer will review your mortgage application and contact you to discuss. If you are applying for a purchase pre-approval, we’ll provide you with a pre-approval letter once your application has been reviewed by an underwriter. Even if you haven’t found a property yet, it’s smart to have a mortgage pre-approval so you can make a more competitive offer on your new home. Our pre-approvals are valid for 90 days.
We’ll provide you initial loan disclosures to review:
- Loan Estimate (when you have a property selected)
- Borrower’s Authorization
- Housing Counselors – just to name a few.
Provide all required loan documentation to your loan officer:
- Two year’s tax returns with W2
- One month most recent pay stubs
- Two months checking & savings statements
- 1099s and/or Award Letters (as applicable)
- Copy of homeowner’s insurance (as applicable)
We’ll order an appraisal:
- Convenient payment with your credit or debit card
- After it’s completed, we’ll review the appraisal report with you and all final loan terms.
Your loan will be submitted to underwriting for final approval.
- Your loan processor will contact you a few days before your closing date to review loan amount, interest rate, first payment date, etc. – just to make sure you have all your questions answered.
We’ll send you a Closing Disclosure for you to review.
- We are required to provide your Closing Disclosure three business days before your scheduled closing. This will give you more details about your loan, its key terms and how much you are paying in fees and other costs.
Advantis will send your closing documents to a title company.
- Your escrow officer will schedule an appointment with you to sign the closing documents.
You sign closing documents at the title company.
- Closing Disclosure: itemized listing of the final fees charged with your loan, written disclosure of the terms & conditions of your mortgage
- Deed of Trust and Note: pledges your property to your lender as security for repayment of your loan.
Once all the closing documents have been signed and any remaining expenses have been paid, your new loan typically funds the next business day (refinances typically fund 3 business days after signing.) This is considered the settlement date and it means that funds have been wired to the title company and the deed is recorded with the county. This is usually when you’ll receive your keys. Congratulations and welcome home!