We have a convenient home loan process. Here is how it works###DISCLAIMER:2_0 Not A Commitment to Lend###:
1. Starting Your Application Process Online.The online portion of the application will ask you questions about the home you wish to purchase, as well as your finances, and takes about 20 minutes to complete. To initiate your online application, it will be helpful if you have the following information available:
- The annual dollar amount and description of all sources of income you choose to use for qualifying. Helpful documents are pay-stubs, W-2s, or tax returns.
- The dollar amount and source of all funds you intend to use for down payment, closing costs and funds you will have available for reserves. Helpful documents are bank statements and broker statements.
- The balances and monthly payments of all outstanding debts. Helpful documents are credit card statements and loan statements.
2. Your Mortgage Consultant.After completing the online portion of the application process, you will be contacted by a Mortgage Consultant who will help you complete your loan application with the bank. Your Mortgage Consultant understands all of our loan programs and will help you identify the loan programs that best meet your needs.
Your Mortgage Consultant will work with you to (1) collect the last documents necessary to complete the loan application, (2) order your credit report, and (3) lock your interest rate when you are ready.
3. Application Review by Loan Processor/ Welcome Package & Initial DisclosuresYour Union Bank processor will review your application and will send your welcome package and initial disclosures.
In addition to your initial disclosures, Union Bank will include a list of additional documentation that is needed for the underwriter to review the application.
4. Intent to Proceed/ Appraisal/ Title/ EscrowAfter you have received your initial disclosures, Union Bank will confirm your intent to proceed with the application and collect your application fee. Once the application fee has been paid, we will order the appraisal from a licensed appraiser who is familiar with home values in your areas.
If you are purchasing a home, we'll work with the title/escrow company identified in your real estate purchase agreement to obtain the title insurance required. If you are refinancing, we can take care of opening the title/escrow orders for you, or you can select the service providers you wish to use. We will also check to see if you are required to have flood insurance, and advise you of our findings.
5. Credit Decision / Loan ApprovalA Union Bank underwriter will review the documentation you have provided with your loan application and will make an initial conditional credit decision on your loan request. You will be notified if any additional documentation is needed. Once all required documentation is received, including the appraisal and preliminary title reports, and if everything is determined to be acceptable, the underwriter will issue a final loan approval and we’ll contact you to set a loan closing meeting date. If, for some reason, we are unable to approve your original loan request, we may offer you an alternative loan product and/or terms.
6. Final Documents / ClosingAt least three days before your closing, you should get your official Closing Disclosure that is a five-page document providing you with more details about your loan, its key terms, and how much you are paying in fees and other costs to get your mortgage. The Closing Disclosure sums up the terms of your loan and what you are paying at closing.
Union Bank will then generate a package of loan documents (note, deed of trust, etc.) and send them to the closing agent. At the loan closing, the closing agent will assist you with executing the loan documents. The signed documents will be returned to Union Bank, and we will coordinate the final steps of the loan closing process with the title company and escrow.