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Home Loan Process

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Home loan process

From setting your budget to the final stages of the application process, here’s what you can expect from the application process:

Application/Pre-qualification

We’ll sit down with you and help you plan the purchase of a new home. We’ll help you decide how much you can afford and pre-qualify you so you can look for your perfect home.  We’ll also discuss all of the costs associated with homeownership and what comprises your monthly mortgage payment.

During this time, it’s important you avoid these mistakes. They could impact your overall credit score and could delay the processing and approval of your loan:

  • Avoid large purchases
  • Don’t deposit large amounts of cash into your bank accounts.
  • Don’t co-sign any loans for others
  • Don’t change bank accounts
  • Don’t apply for new credit
  • Don’t close any credit accounts

Identify mortgage loan

There are a lot of options, so we want to make sure we take the time to discuss the best fit for you to meet your financial goals. We’ll even help you find local, state and federal first-time and affordable housing assistance programs that may apply.

Processing and underwriting

Your loan will be sent to our processing group, where they will verify and validate all of the information provided. It is usually during this time that the appraisal and title policy will be ordered. Once all of this is completed your file will be handed-off to our underwriting team for review. The underwriter confirms the loan meets the guidelines of our company and our investors.

Approval

We will update and finalize any additional documents and contact you to arrange the specifics of your closing.

Closing

At the closing, you’ll sign the closing documents and we’ll fund the loan. Thank you for trusting MidWestOne Home Mortgage with your financing. The keys are yours - enjoy!

Checklist

It helps to stay organized – here’s a list of the items you’ll need during the home loan process:

  • Copy of state issued photo ID
  • Your Social Security Number
  • Most recent pay stubs covering 30 days, including year-to-date totals
  • Most recent two months of bank statements
  • Two years of tax returns including all schedules (personal, business, K-1s)
  • Most recent retirement/investment/pension statements covering two months or one quarter
  • Name and phone number for homeowner's insurance agent
  • Copy of canceled earnest money check (if purchasing)
  • Copy of bank statement showing earnest money withdrawal (if purchasing)
  • Copy of most recent mortgage statement and addresses of all properties you own (if applicable)
  • Copy of divorce decree/child support order (if paying or receiving child support and/or alimony)
  • Landlord name and phone number (if renting)

Contact a banker

Loans are subject to credit approval.

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