Home Loan Process
When you are ready to begin the home loan application process, everything runs more smoothly when you have all the documentation gathered to one place. At AgStar, we want you to be able to:
Once you have assembled all the information, complete your loan application. The application itself is the basis for your loan. This pulls everything together and gives AgStar a much better understanding of your financial state. We then take this information and get to work on securing your new mortgage. Your personal AgStar Mortgage Specialist will let you know if any other documents will be required as you get closer to closing on your loan.
We are always just a phone call away with answers to your questions and concerns. Your Mortgage Specialist is your advocate and confidant during the home loan process, and will make every effort to ensure you receive the funds you need and understand every step along the way.
Here are the general steps and timelines involved in acquiring a typical home mortgage:
- Gather Necessary Documentation
- Pay stubs from present employer covering the most recent 30 days, showing year-to-date gross income.
- W2 forms for all employment for all borrowers for the most recent two years.
- Federal tax return copies for most recent two years.
- If self employed, year-to-date profit and loss statement and balance sheet if corporation or partnership.
- Submit Completed Application
After you submit completed application, credit and other factors are checked. You’ll be notified of initial loan approval within one day.
- Credit Approval
Once documentation is received, AgStar Home underwriters will analyze your loan for credit approval, validate your income, assets and liabilities, plus follow up with any missing information. We will mail early disclosures within three days.
- Site Review
When application fee is received, our appraisal team will schedule your site review.
- Final Loan Approval
Title work and documents will be reviewed in preparation for final loan approval and closing. Your Home Mortgage Specialist will communicate with you on the status of your loan.
- Schedule Closing
When all the paperwork is complete and the final loan approval is granted, we will schedule a closing at a time that’s convenient for you. The closing takes place at one of our many offices and lasts about 45 minutes.
The entire process usually takes between 30 and 45 days.