Personal Banking
Mortgage Process
We look forward to meeting in person so we can learn about your needs and recommend suitable mortgage products. In the meantime, we hope this packet will provide some useful information for you to start learning about the products and the process.
In general, the mortgage process works like this:
Step 1: Pre-Qualification : Before you start shopping for a home, we’ll help you determine what price range is affordable. It’s a simple process based on your current income and financial obligations.
Step 2: Application : Once you have a signed sales contract on a home you’d like to purchase, meet with one of our mortgage specialist to begin the application process.
Step 3: Procesing: After you’ve completed the application, we’ll give you a “needs letter” listing the required documents we need for final loan approval.
Step 4: Approval: The mortgage specialist will review all the information to determine if the loan would be a good fit for you and the bank. If the loan is approved, you have qualified for a mortgage.
Step 5: Closing: When these documents are signed and the funds for closing are exchanged, you own a new home.
And remember – great personal service is always “on the house” at Eastwood Bank.
We will:
- Pre-qualify what you can comfortably afford.
- Explain unfamiliar mortgage terms and procedures.
- Recommend the mortgage product that fits your needs.
- Expedite your loan process. (We average 30 days from approval to closing.)
- Provide local servicing for payments and questions plus online access to your loan account.
We look forward to serving you!
