Mortgage Approval Process

1. Pre-Qualification & Application:

When purchasing a home, it is more important now than ever to get prequalified for a loan as the first step in buying your new home! At Uwharrie Bank, we want to make this as easy as possible. Before looking for a home, Uwharrie can help you determine how much home you can afford. In most cases, all we need is a recent paystub and your loan application. Apply Now to get started with our easy application or contact one of our top mortgage loan officers.

2. Offer to Purchase Contract:

Once you've made an offer on a house and it has been accepted, either you or your Realtor will quickly contact your mortgage loan officer. It is important to know that your interest rate cannot be locked until your purchase contract has been accepted.

3. Loan Options & Borrower Checklist:

Your mortgage loan officer will help you determine which mortgage is right for you by discussing different rate and term options. You will receive a customized checklist of the income and asset documents we will need from you. It is important to send these documents to your loan officer as soon as possible.

4. Disclosures & Appraisal:

We will then prepare disclosures outlining an estimate of costs to expect at closing. In order for the process to continue, you will e-sign the disclosures with your "intent to proceed". We will order a property appraisal from an independent third party appraiser. It typically takes 1 to 2 weeks for the appraisal to be completed. Upon completion, the appraisal is reviewed by our underwriter and approved by Uwharrie Bank.

5. Conditional & Final Loan Approval:

To ensure everything is complete and accurate, we will review and underwrite your file and request any missing or needed documentation to support your loan request. Once these conditions are received, your loan is reviewed by our underwriter for final approval.

6. Closing:

All parties involved with the purchase will work together to coordinate a closing date and time. Ideally, so that you are not rushed, you should allow 45 days from start to finish. A typical Uwharrie Bank Mortgage, with no delays, can close in 30 days or less.

7. Home Ownership:

After all documents are signed and recorded at closing, congratulations are in order!

Credit Do's and Don'ts to Keep in Mind

2 MINUTE READ

We use a debt monitoring service that notifies us when you have applied for credit after the time of your initial loan application. We monitor this up until the day of closing. We do this because...

Where Does My Earnest Money Go?

2 MINUTE READ

Hey, I gave my Realtor a $5,000 earnest money deposit check...Where does that money go?

This is a basic and very obvious question that most first-time homebuyers ask once their...

Who are Fannie and Freddie?

2 MINUTE READ

Most lenders would consider a conventional mortgage as a loan that conforms to the guidelines set forth by Freddie Mac and Fannie Mae, the two government sponsored enterprises (GSEs)...

What Does Title Insurance Protect Me From?

1 MINUTE READ

By including insurance when purchasing a property, your title insurer takes on the responsibility for legal expenses to defend your property's title, should it ever be challenged. Many different occ...

Related Articles: