At CB&S Bank, turning your dreams into a reality has never been easier. We offer some of the most competitive mortgage products available. Whether you are buying, building, or refinancing, CB&S Bank has a plan that will fit your needs. Our mortgage experts stand ready to help you discover lending the way it should be.
Below are five easy steps for completing the mortgage loan process:
1. Meet with a CB&S Bank mortgage loan expert.
A CB&S Bank mortgage expert will sit down with you to explain what you can expect when buying a home and will answer any questions you might have. To fully answer all questions, please bring the following items to the initial meeting:
- Purchase agreement
- Bank account statement for the past two full months
- Investment account statements for the past three full months (401k, savings accounts, mutual funds, etc.)
- Pay stubs for the past month
- W2's for the past two years
- If you are self-employed, please bring a copy of your federal income tax returns for the past two years.
2. Pre-Qualify and go house hunting.
An important step in purchasing a home is determining what you can afford to spend on the monthly mortgage payment. That amount depends on:
- Your employment status
- Current debt
- Family size
- Other factors, such as current interest rates
We will quickly evaluate your financial situation and give you an on-the-spot estimate of what you can afford. Then, you'll be ready to shop for homes within your price range-saving you time, effort, and money. We can even pre-qualify your application so that you can shop with confidence when making an offer on the home of your choice.
3. Apply for a loan.
During your initial meeting with a CB&S Bank mortgage expert, you will receive a loan application requesting additional financial, employment, and personal information. The more complete you are in supplying this information, the faster we will be able to process, approve, and close your loan.
4. Consider all the costs.
Once you have decided on the home you want, you need to be aware of expenses beyond your monthly mortgage payment, such as property taxes, insurance, and utilities. You may want to ask the present owner, your real estate agent, or the builder for estimates of these expenses.
We will also work with you to make sure you fully understand your closing costs prior to the loan closing so you can plan expenses and avoid last-minute surprises. Closing costs vary depending on financing, but they generally include items such as:
- Down payment
- Appraisal fees
- Prorated property taxes and insurance
- Attorney's fees
- Lender's fees and expenses
5. The Loan Closing
The final stage in the mortgage process is the loan closing. It is the date on which the title for the property passes from the seller to the buyer. In other words, it is the day you take legal ownership of your new home! During closing, all details are finalized, checks are exchanged, paperwork is completed, fees are paid, and you receive the deed to your new property. The meeting is usually conducted at the bank or at an attorney's office and lasts about an hour.
Types of Home Loans
There is a wide range of mortgage choices available for home purchases. Some offer monthly payments that are set for the life of the mortgage, while others feature smaller initial monthly payments that will fluctuate with interest rate changes. Your choice in financing will depend on your unique set of circumstances. Contact a CB&S Bank mortgage expert today to find out more information.
Use our calculators to help you make smart financial decisions and choose the Mortgage Loan option that best fits your needs. Visit one of our convenient locations or call us at 877-332-1710 to learn more.
CB&S Bank complies with the S.A.F.E. Act.