Mortgage Lending 101
We want to make your dream home, a reality. We will make the process of buying a home, less intimidating. Use the steps below and make home buying less stressful.
Step 1 Do your homework
- Figure out what my monthly payment might be. Think about how much I can afford.
Step 2 - Pre-Qualification
- Set up an appointment with an FBTC Mortgage Lender. We can help you figure out what kind of house you can afford. This is a great time to see what type of loan would work best for you.
Step 3 - Complete Mortgage Application
Mortgage Applications are available at our Home Loan Center at 1201 Broadway Street in Quincy, Illinois or contact us and we will be happy to send you an application. Or click on the link “Apply for A Mortgage” and apply online. Provide information on your personal financial situation. Sign a release allowing the lender to run a credit check.
Step 4 - Pre-Approved
We will confirm the information. The Credit report will be checked. Subject to appraisal, the loan is approved. Being pre-approved will speed things up for when you find your home
Step 5 - Find a Home
Once you find a home and an offer is accepted, you will need a signed copy of a Contract of Purchase. The property information on the application can now be completed.
Step 6 - Appraisal and Inspections Conducted
An appraisal is needed to verify value of property for the loan. In Illinois, a Termite Inspection is required also.
Step 7 - Details, Details, Details
Underwriters will review your application and make a decision on your loan. Upon approval, you may request a commitment letter. Schedule a time for the closing and property transfer. Find out what the exact down payment amount and closing costs need to be presented at closing.
Step 8 - Closing
Bring proof of insurance for the property. The closing officer will briefly explain what you will need to sign and what each documents purpose states. Now it is official, you are a homeowner and the keys are yours.
Step 9 - Online Servicing
Sign up for Electronic Banking and access your loan information online. If you are currently an Electronic Banking customer, contact us and we can get your new mortgage information set up online.