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Mortgage Process

 

1.  Pre-Qualification & Application

  • Before looking for a home, the bank can help you determine how much home you can afford.  At Uwharrie Bank, we want to make this as easy as possible by either calling our offices or contacting us online at mortgage.uwharrie.com.

2.  Offer to Purchase

  • Once you’ve made an offer on a house and it has been accepted, either you or your realtor will give it to our mortgage originator. It is important to know that your interest rate cannot be locked in until this contract is received by the bank.

3.  Loan Options & Disclosures

  • The mortgage originator will help you determine which mortgage suits you best by discussing different rate and term options with you.  The bank will then prepare disclosures outlining an estimate of costs to expect at closing. In order for the process to continue, disclosures and requested documentation should be returned to the bank as soon as possible.  At this time, you will also be asked to pay an application fee of $400 to cover fees associated with your application.

4.  Appraisal

  • The bank will order a property appraisal from an independent third party. It typically takes one to two weeks for the appraisal to be completed. Upon completion, it is reviewed and approved by the bank. 

5.  Final Loan Approval

  • To ensure everything is complete and accurate, the bank will review your file once again for final approval. It is possible that additional information or documentation may be requested at this time.

6.  Closing

  • All parties involved with the purchase will work together to coordinate a closing date.  A typical mortgage from start to finish with no delays can close within 30 days.

7.  Home Ownership

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

 

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NMLS #447110
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