APPLY FOR A HOME MORTGAGE LOAN
Work with us—we keep it simple!
Here’s what to expect…
If you’re thinking about making a move, the first thing you should do is work with a Bank Iowa loan specialist to get your home mortgage budget established. This will save you time (and heartbreak) as you explore real estate options. Here’s a brief overview of what to expect if you decide to work with us:
Phase 1: Initial conversation
To get started, a Bank Iowa loan specialist will want to speak with you over the phone or in person about your financial goals as it will relate heavily to your home mortgage options. This first discussion will involve a lot of basic questions like: What is your ultimate goal with a new home purchase? Where do you want to be living in 5, 10, 15 years? Etc. From there, we will help you decide which home mortgage product will best fit your budget.
Phase 2: Loan pre-qualification
Once we’ve got your intended home mortgage goals nailed down, we can move on to your loan prequalification. This part of the process takes just a few minutes if you have all of your required materials prepared. If you have these items ready for our initial conversation, we can take care of both phases at once. Once you’ve completed this step you can use your Bank Iowa loan prequalification approval when you’re making an offer on a home—it is valid for 60 days.
What you will need:
- Most recent paystubs reflecting 30 days of employment
- Photo ID
Phase 3: Official mortgage application + set up
Once your home purchase offer is accepted your Bank Iowa loan officer will move quickly to complete your home mortgage application so you can reach the closing stage as fast as possible. Thanks to our in-house local underwriting services we can get things taken care of a lot quicker than most other banks who have to hire a third party for underwriting services.
What you will need:
- Two years of W-2s
- Home owners insurance declarations page
- Signed purchase agreement
- Proof of down payment
Phase 4: Closing on your home
The last phase of your Bank Iowa home mortgage process is arguably the most exciting. The closing is a key final step in the purchasing and financing of a home—it completes your mortgage application and transfers your new home into your possession. Your Bank Iowa loan specialist will work with you closely to coordinate all of the pieces of this process but in short: expect to receive and/or sign several documents. Once this phase is complete, all that will be left is planning the move into your new home!
Submit the initial home mortgage application here to get started!
