, A te hm To) What to Expect During the Home Loan Process Prequalification * At the beginning of your application process you will be asked to sign an E-consent form via email. You will set up an account on the portal where you can log in and access future loan disclosures, sign and accept them electronically, upload your income/asset documents, and check the status of your loan. * Please provide your most recent 30 days of paystubs, previous two year's W-2s and two months of your most recent bank statements (all pages, even if they appear blank) during the initial application process. * If you are self-employed or commission based, or you own rental properties, please provide two years worth of your most recent tax returns - business/personal (all schedules). * Please allow 48 hours for underwriting to review your loan application. Once your loan application has been approved, we will contact you. * Providing the requested documents allows us to give you an accurate quote for your loan program and avoid surprises later in the process. * Choose a real estate agent. We can recommend an agent that will take great care of you. If you are already working with an agent, let us know who they are so we can contact them and let them know that you're ready to start looking for homes. Accepted Purchase and Sale Agreement * Once you have found a home and have an accepted offer be sure to send a copy of your purchase contract to your loan officer as soon as possible to avoid delays. * All pages of the purchase and sale agreement must be signed by both parties. * Make sure to include all counter offers and addendums. Interest Rate Lock * You must have a fully signed and accepted purchase and sale agreement before you can lock your interest rate. * Your interest rate is locked for 45 days - during this time, the rate is guaranteed and cannot go up or down, We offer extended rate locks (specifically for new construction). Please consult your loan officer. ‘Some additional fees may apply for extended rate locks beyond the initial 45 days. Inspection * You are not required to do a home inspection, but it is highly recommended. * If you choose to do a home inspection, you will need to choose the company you want to use and you will order the inspection from them. Your real estate agent can refer a company to you if needed. * Once you have received your inspection report (typically 5-10 days to complete), review the report to verify that the condition of the home meets your expectations. Appraisal * After your home inspection is complete, you will need to notify your loan officer you are ready to move forward with the appraisal. * We send the appraisal request to the appraiser and the normal turnaround time is 7-10 business days from the date of request. The appraiser contacts the listing agent to get in the home. * Please begin shopping for homeowner's insurance. We suggest you get multiple quotes and then let your loan officer know the name of the company and agent you choose.Proof of Home Owner's Insurance * The request for proof of insurance is sent to your agent and the normal turnaround time is 2-3 business days from the date of request. Verification of Employment * This is ordered from your employer and the normal turnaround time is 3-5 business days. * Inform your supervisor/HR department that you are buying a home and that we will send a verification form to them to fill out. (Note: If your employer uses TheWorkNumber, you will need to set up a salary key online with your employer and then let us know what the salary key is.) Updated verification documents may be needed depending on how long it has been since initial application. Final Underwriting * Once we have received the appraisal, proof of home owners insurance, and all verification items your file 08s into final underwriting. This process can take 3-5 business days. * You may be asked to provide additional documents based on any new information obtained during this review. We do our best to collect all items up front but sometimes additional items are requested at this point as supporting documentation. * After your file has gone through final underwriting, we prepare a closing disclosure along with the title company to ensure your final cash to close is accurate with all property tax and interest prorations. * We will send the closing disclosure to you electronically to sign. * Federal lending guidelines require you have a mandatory 3-day waiting period from the date of your acknowledgement of the closing disclosure before you can sign loan documents and close your loan, Sign Closing Documents and Get the Keys to Your Home * Once your file has been cleared to close in final underwriting, we will send your loan documents to the title company. This is typically same or next day. * Your real estate agent will coordinate a time with you directly for you to sign all of your closing and loan documents at the title company. * At closing, you will sign a Deed of Trust. The Deed of Trust must be recorded with the county before you get the keys to your home and start moving in. If you sign in the afternoon, the recording will most likely not take place until the next morning and then you would get the keys later that afternoon. If you sign in the morning, the recording should take place that afternoon and you would have keys by the end of the day. * If your loan is a refinance of your primary home, federal regulations require you to wait an additional 3 days (Right of Rescission) after signing before the loan can be officially funded and recorded. That means if you are getting cash back, you will not receive it the same day you sign. How can you help expedite the process? © Provide all requested items to your loan officer as soon as possible and check your email everyday for updates and/or requests. * Follow the borrower Do/Don't list which will help reduce last minute additional documentation in the event that something changes. Congratulations on making the decision to purchase a home, and thank you for choosing Idaho Central Credit Union for your home loan needs. Our Home Loan Experts are here to help you every step of the way. Don't hesitate to contact us if you have any questions or concerns throughout the process.