Applying for a mortgage can be an intimidating process. Fortunately, there are a few things you can learn that will help make the process much easier. Here are some tips from MainSource Bank that will help get you ready to apply for your mortgage:
- The Process
When you apply for a mortgage with MainSource Bank, you start by filling out the online application. This takes about 20 minutes, and it’s as simple as answering a few questions about the home and your finances. Once you’ve finished the application, a Mortgage Loan Officer will reach out to you, ready to help guide you through any questions or concerns you might have. You will need to work with your Mortgage Loan Officer to collect information needed to process the request.
Once you’ve been approved, you’ll go through the signing and verification process, then MainSource will contact you to determine your closing date. A few days before this date, your Mortgage Loan Officer will reach out and walk you through the final steps, so you shouldn’t be surprised by anything at closing. You will receive a preliminary closing disclosure outlining all the costs and other important financial terms not less than three business days prior to your closing date.
- Documents You’ll Need
You’ll need several documents to process your request, including your ID, W-2s for the last 2 years across all employers, paystubs for the last month, and more. MainSource has a checklist you can use to make sure you have everything you need – review it and feel free to reach out to your Mortgage Loan Officer if you have any questions or concerns about documentation. We also provide the list of needed items during the online application process.
- When to Lock the Interest Rate
Since interest rates fluctuate, it is important that you understand your options to lock an interest rate during the lending process. Fortunately, there are ways to strategize when to lock your rate in. Don’t jump the gun: Interest rate locks typically expire between 30-60 days after you and the bank agree to the lock terms. If it takes longer than that for your loan to process, you may lose the rate lock. In some circumstances, rate extensions can be obtained. Your Mortgage Loan Officer will help you find the right time to lock in the best combination of rate, costs, terms, and product with plenty of time to process your loan.
- How to Find the Best Program for You
There are plenty of Loan programs available in the marketplace and they can be hard to navigate on your own. Fortunately, our Mortgage Loan Officers know the various features very well, and can help you figure out which is best for you and your situation. Having a knowledgeable advocate like this on hand can be a big help when faced with a wide variety of options.
- How to Protect Your Info Online
In the age of leaks and hacking, providing personal data online can be risky. When you apply for a mortgage with MainSource, you can feel confident thanks to their information security technology, designed to ensure that all customer information stays 100% safe. Several security measures along the way keep your data in the right hands.
- What Percentage of Your Home’s Value You Can Borrow
Several different factors influence how much of your home’s value you can borrow. With this many variables in play, there’s no single easy answer to how much you can. However, by filling out the online application and working with your Mortgage Loan Officer, you can find these answers and more.
Head to MainSource Bank’s Mortgage Center to select a loan officer, receive rate quotes, and apply.