The Mortgage Process
- Apply
- Review & Process
- Appraisal & Title
- Final Approval
- Closing
Step 1: Apply for Your Mortgage
What You'll Need to Apply
- Loan Amount Requested
- Estimated Closing Date
- Purpose of the Loan (Purchase, Refinance, Construction, etc.)
- Property Address
- Property Type (Primary Residence, Second Home, Investment Property, etc.)
- Year Built
- Estimated Property Value
- Purchase Price (if applicable)
- Earnest Money Paid (if applicable)
- Annual Property Taxes
- Annual Homeowners Insurance
- Homeowners Association (HOA) Dues (if applicable)
- Full Name
- Email Address
- Phone Number
- Social Security Number
- Date of Birth
- Two-Year Residential History
- Two-Year Employment History
- Employer Name, Address, and Phone Number
- Employment Income
- Additional Income (you'd like considered when applying)
- Funds Available for Your Down Payment
- Additional Assets (to strengthen your application)
- Information About Any Other Properties You Own, Including:
- Property Address
- Property Type
- Estimated Value
- Annual Property Taxes
- Annual Homeowners Insurance
- HOA Dues (if applicable)
- Monthly Rental Income (if applicable)
Step 2: Application Review & Loan Processing
Once your application has been submitted, a Mortgage Loan Officer will review your information and contact you to introduce themselves, answer your questions, and explain the next steps.
If any additional documentation is needed, we'll let you know right away to keep your loan moving forward.
Once your application is complete, we'll begin processing your loan. If applicable, we'll collect any required fees for services such as the appraisal, credit report, or flood certification before processing begins.
During this stage, we'll:
- Verify your income, employment, and assets
- Review your financial information
- Prepare your loan for underwriting
- Keep you informed throughout the process
Step 3: Appraisal & Title Work
If an appraisal is required, we'll order one through a licensed appraiser familiar with your local market. The appraiser will coordinate access to the property with the appropriate party.
We'll also begin the title process.
- Purchasing a home: We'll work with your real estate agent or seller to coordinate the title work.
- Refinancing: We'll order the title work on your behalf and prepare the documents needed for closing.
Throughout this process, your Mortgage Loan Officer will continue to keep you updated on your loan's progress.
Step 4: Final Approval
Once we've received your appraisal, title work, signed application documents, and any additional information needed, we'll complete the final review of your loan.
If everything is in order, your loan will receive final approval, and we'll begin preparing for your closing.
Congratulations!
Whether you've purchased a new home, refinanced your current mortgage, or financed your next project, thank you for choosing Blackhawk Community Credit Union. We're honored to help you reach your homeownership goals.