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How do I know what type of first mortgage loan is best for me?

 

That’s what we are here for! Once we receive your application, our mortgage specialists will work with you to determine and explain what mortgage type(s) terms you are eligible for to assist you in choosing the best mortgage loan for you.

 

Can I apply for a loan before I find a property to purchase?

 

Yes! We strongly encourage borrowers to get pre-qualified for a mortgage loan before you find a home to purchase. This helps to determine how much you can afford and what steps are needed to be prepared!  

 

How do I apply?

 

It’s easy! Visit our online Mortgage Center, click APPLY NOW, and then start your home purchase or home refinancing application. There is no cost to complete the application or to get pre-qualified!

 

We are only able to accept application submitted through our website at this time. If you need assistance in completing your application online, please call 314-768-5959.   

 

What information will I need to apply?

 

You will need the following information for each applicant while completing the application:

-   Social Security Number

-   Address and Residency Information

-   Full two-year Employment History

-   Income Information

-   Asset Information

We recommend having a recent pay stub from your current employer and the prior year’s tax returns available to assist you in answering the questions during the application.  

 

When will I be contacted after I submit my application?

 

You will receive an initial decision within one to two business days after we have received your application and have successfully pulled your credit reports.

 

If you are initially eligible, a mortgage specialist will contact you by phone or email to discuss your application, ask any questions necessary to determine eligibility and work with you to get pre-qualified.

 

If you are not eligible for first mortgage financing, you will receive an email and a notice will be mailed within 30 days. Be sure to review the email to get connected with our Pathways to Financial Wellness team for one-on-one financial check-up, coaching sessions, and our free home buying seminars to help you prepare in the future.

 

What’s the difference between Initially Eligible, Pre-qualified and Approved?

 

Ø  Initially Eligible

You may be eligible for the request, subject to verification of the application details. We will request your supporting documentation and review your application for eligible loan types, asset requirements and down payment assistance eligibility.

 

Ø  Pre-qualified

We will issue a pre-qualification letter after we have verified the supporting documentation, and you are eligible for approval for the specific loan type, loan amount and term, and any conditions that must be met before you are approved.  

 

Ø  Approved

All closing requirements have been satisfied, and you are authorized to proceed with loan closing. 

 

 

What supporting documentation is needed to become pre-qualified?

 

Once we determine you are initially eligible, we will collect documents from each applicant.

 

-   Proof of income (paystubs, tax returns, W-2, SSI award letters, etc.)

-   Proof of required assets to cover down payment and closing costs

-   Homeowners insurance declarations page for any properties owned

 

It is common for additional documents to be needed during the loan process. Please expect to provide additional and/or updated documentation as the application moves forward.

 

How long does it take to close on the loan?

 

Most loans close within 30 to 45 days, but can vary if things are delayed for any reason. Loans with down payment assistance through government agencies can take a bit longer to close.

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