Solidarity Community Credit Union | Banking in Kokomo, IN

Mortgage Process

FHLB Grant Programs

What to Expect: The Mortgage Loan Process

At Solidarity Community Federal Credit Union, we make the mortgage loan process straightforward and stress-free. Here’s what you can expect from start to finish:

Step 1: Get Pre-Qualified:

Start by applying for a pre-qualification online or in person. This gives you a clear idea of how much you can borrow, what your estimated payments will be, and what to expect for down payment and closing costs.

Step 2: Shop For Real Estate with Confidence:

Once you’re prequalified, your loan originator will provide you with a prequalification letter. You can share this letter with your realtor when viewing homes or keep it for your own records if you’re searching on your own.

Step 3: Processing and Underwriting:

After you’ve found your dream home, submitted an offer, and have a signed purchase agreement, your loan will move into the processing and underwriting stage. During this time, your loan originator may request additional documents that haven’t yet been provided. Once all required documentation is received, our underwriter will review your loan. The underwriter may ask for further clarification, request more information, or approve the loan as “clear to close”.

Step 4: Clear to Close:

The “clear to close” process is straightforward. Our closer will coordinate with the title company to finalize and balance all the necessary mortgage closing documents. Once everything is ready, you’ll schedule a closing date and time with your realtor through the title company.

Step 5: Disbursement and Funding:

During the disbursement and funding steps, your loan will be funded on the closing date if it’s a home purchase. For a refinance, funding will occur three business days after the closing date, as required by law.