What to Expect

What to Expect When Applying for a Mortgage Loan

At Citizens State Bank Midwest we understand that the average person is not familiar with the Mortgage Loan Application Process. Our experienced Loan Officers will work with you to answer any questions about your loan or the mortgage process, guide you through it, and ensure that you’re comfortable with the loan features you’ve selected.

How to Apply

Applying over the phone allows you to speak directly with a Loan Officer to complete your initial application. They will walk you through each part of the application and complete it for you based on your answers.

Applying in Person is the best way, as it allows us to “meet and greet” you and collect any documentation needed for the application.

Applying by mail or fax allows you to take your time filling out the application at home before presenting it to your Loan Officer. A printable application is available on our website.

Before starting an application, gather the following information for each applicant:

Social Security Number
Driver’s License
Proof of Income, including W2’s and any secondary income for last two years
Asset Information, (Bank Statements, 401k, investment, and other accounts)
Name and Address of your employer
Estimated Loan Amount - Purchase (based on purchase price and down payment)
Estimated Loan Amount – Refinance (based on estimated property value)
Current Expenses, including housing, credit card and loan payments, child support, and other obligations
Previous address if you’ve been in your current residence for less than two years

After you complete your application, you will most likely be required to deliver supporting documents (such as account statements and paycheck stubs) to your Loan Officer. Your Loan Officer may also need you to sign the completed application.

A Loan Specialist will begin to verify all of the information you provided on your application. Meanwhile your credit report and other financial information will be reviewed in order to make an underwriting decision regarding the degree of risk involved in lending you money. Most loan decisions are performed by an automated underwriting system designed to provide faster results with reduced documentation. In fact, conditional loan decisions can often be made right over the phone or while you visit with your Loan Officer! If the automated system can’t approve a loan, it’s turned over to an underwriter who will look for alternative loan terms to accommodate your needs and circumstances.

You should receive your loan decision within 30 days of submitting all of the required documentation. However, it’s important to communicate regularly with your Loan Officer throughout the period leading up to your closing date. This will allow you to be prepared in the event additional information is needed to finalize the loan.

Still have Questions?

If you still have questions about what to expect when applying for your loan, we can walk you through the process and provide further information on what you can expect every step of the way!