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Application to Closing: What to Expect

The secret to simplifying the mortgage process is choosing the right lender and knowing what to expect. At North State Bank, we underwrite, process, close and fund loans under one roof with people who work together every day. Here’s what you can expect when you work with us:

Getting Started Prequalifying for a mortgage is your " rst step. Schedule a time to talk to or meet with your North State Bank mortgage loan o ! cer. Your loan o ! cer will collect the information needed for your loan application. A review of your credit and income history will allow our mortgage team to determine the mortgage amount you are pre-quali " ed to borrow. It’s time to look for your new home! Your Offer is Accepted! Congratulations! You found a home, made an o ff er and it was accepted. Now, your mortgage loan o ! cer will provide and review with you a number of loan disclosures, including a loan estimate, for your review and signature. The loan o ! cer will request documents that tell your " nancial story in more detail and will begin to prepare your " le for underwriting review. Some of the documents we request are recent pay stubs and W-2s, bank statements, as well as employment history for each person applying for the mortgage. Appraisal Once your application is complete and all documents are in hand, an appraisal will be ordered. The appraiser will provide an estimated value based on the home’s physical inspection and comparable prices paid for homes in your area (aka comps).

Processing, Underwriting and Conditions Processing is essentially dotting all the “i’s” and crossing all the “t’s.” Following processing, the loan moves to underwriting. Underwriting is mortgage lingo for the time and process of analyzing the loan and verifying the information provided as part of the application. During this step your loan can be o ! cially approved. If any conditions are noted as part of your approval, you’ll work with the lender to resolve them. Closing! It’s the big day! Closing day is a tag team e ff ort between the buyers, the sellers, the closing attorney and the mortgage loan o ! cer. The attorney and the lender will prepare the paperwork and legal documents and the buyers and sellers may bring funds for closing, all of which will be known well in advance.

Welcome home!

2/2024