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The Mortgage Process
At Foundation Bank, we want to make your dream home, a reality. We will make the process of buying a home, less intimidating.
Click on each STEP above to learn more about each step and make home buying less stressful. We will help you stay focused on the joys of being a homeowner.
Step 1: Check Rates and Do Calculations
Click here for current rates
What might my monthly payment be?
How much can I afford?
Should I rent or buy?
Mortgage Qualification
Step 2: Pre-Qualify
Before you even begin house hunting, you will want to meet with a Foundation Bank Loan Originator about pre-qualifying for a mortgage. This step will help you determine exactly how much house you can afford.
Step 3: Complete and Sign Application
You will need to provide the needed information on your personal financial situation. You will also be asked to sign documents allowing the lender to check with your bank, employer and allowing a credit check.
Step 4: Pre-Approval
We will verify the information, check your credit and then approve you for a loan subject to an appraisal.
Step 5: Find A Home
Once you have found a home, you will be asked to complete the property specific information on the application.
Step 6: Appraisal Conducted
The property you purchase is used as collateral to your loan and acts as security at Foundation Bank. Therefore, we require an independent appraisal report. The appraiser estimates the current value of the property based on the neighborhood, the size of the property and it's structural integrity. We will contact you with the results of the appraisal.
Step 7: Commitment Issued
Underwriters will review your application and make a decision on your loan. Once it is officially approved, you'll receive a commitment letter. The final step is to schedule a time (within the number of days stipulated in the closing property transfer.
Step 8: Sign at Closing & Automatic Payment Options
This is when you take legal ownership of the property. Closings are generally conducted by title companies, and frequently take place at their offices. Usually all the parties involved (seller, attorney, lender and buyer) attend. Prior to the closing, you will be informed of the exact amount of down payment and closing cost money you need to bring.
You will also be asked to bring proof of insurance for the property. At the closing, you will be given an explanation of a number of legal documents and asked to sign them. As a buyer, you will sign a mortgage note, which is the personal promise to repay the loan, and the mortgage , which is the financial lien or claim against the property.
Finally, the moment you have been waiting for - you receive the keys to your home and are officially a homeowner!
Once you have closed on your home, you can sign up for Foundation Bank On line Banking and have access to your loan balance, payment information and make payments on your loan for another Foundation Bank checking or savings account.
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