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Home Loan Process
As the first step in the mortgage loan process, the application gives Washington Trust Bank the information necessary to help you pick the loan program that best fits your needs. Accurate information in this step makes the entire process easier, and gets you even closer to your new home.
Note: Do not have your credit checked or apply for new credit during the loan process, as this can affect your credit score and cause delays in the process.
This step is vital to the home buying process, and it is often the one that takes the most time. It is important to sign, date, and submit requested documentation as soon as possible, preferably within two business days. The quicker Washington Trust receives your documents, the sooner they can be processed.
Documents may include:
- At least 30 days of full bank statements (front and back pages of printed statement, or complete E-statement)
- All paystubs from the past 30 days
- Copies of the two previous year’s personal tax returns, including all schedules, attachments and K-1s
- Copies of the two previous year’s W-2 and 1099 forms
- Tax documents for any “other” income sources: rentals, personal business, etc.
As the mortgage loan process continues, be sure to keep current asset statements and paystubs as they may be needed.
Once your offer is accepted, the seller will require that you give them an Earnest Money deposit. We will need a copy of the front and back of the cancelled check after the money has cleared your account. This money counts toward your final closing costs.
An appraisal will be ordered by Washington Trust Bank.
Homeowner’s insurance must be obtained from the insurance agent of your choice. Once obtained, Washington Trust Bank will need agent contact and policy information for our records. Flood insurance may be required if the property is determined to be in a standard flood hazard area.
At this point, all information collected is sent to a Washington Trust Bank underwriter for approval. This typically takes between one to three business days.
Typically, the bank will convey the remaining conditions. This may include “prior to documents” or “prior to closing” conditions. It is very important that any conditions requiring action or documentation be addressed immediately. Any delays in meeting these conditions create delays in the loan process. Occasionally, additional documents may be required at this time. Once all conditions are met, documents are sent to the underwriter for final review and approval.
Once everything is approved by underwriting, a final verification of employment is performed and documents can be ordered. These are the final papers you will sign to close and fund your loan. These documents typically take one to two business days to produce, and they are generally provided to the settlement agent once complete.
Once the settlement agent has processed the documents, they will prepare a settlement statement and notify you of the final dollar amount you’ll need to bring to the closing. An appointment will be set to sign the final paperwork and collect funds. These funds will need to be certified or wired funds, and must be from an account listed on your application.
FUNDING AND RECORDING
At this point, all signatures and closing conditions have been met, and the loan is approved for funding and recording. This typically takes 24-48 hours after documents are signed.
WELCOME TO YOUR NEW HOME!
Once funding and recording is complete, the house is officially yours, and the keys are turned over to you. Congratulations!
After purchasing your new home, you will receive a number of disclosures and other documents for your records. We encourage you to contact Priority Service at Washington Trust Bank with any questions you may have regarding these documents.
For more information on the mortgage loan process, please contact your local Washington Trust Bank loan officer. We’re here to help, just let us know how we can serve you.