Making Mortgages Easy, Step by Step.
A lot of people are intimidated by the mortgage process(1). But at Plains Commerce Bank, we’ve boiled it down into 7 steps and made it as simple as possible for your convenience.
Step 1: Application
Get the ball rolling by applying online, over the phone, or in-person. We’ll use the information you provide to get you into the most appropriate loan program, please be sure everything is accurate. All loans are processed right here in the Dakotas, which means the process to approval may be quicker and smoother.
Step 2: Pre-Processing
We’re off to the races once we receive your signed paperwork and supporting documents. This is when your appraisal, title commitment, and verifications are ordered, and your electronic file is created.
We comb through your file to see if anything is missing or unverified. If we do ask you for additional paperwork, the sooner you can get it to us, the sooner we can proceed to the next step.
Step 3: Processing
Processing means that we’re essentially preparing your file for underwriting (see Step 4). Once the appraisal, title commitment, and verifications are received, our processor plugs in the numbers. He or she may ask you for explanations regarding any inconsistencies, but don’t worry—they’re just looking out for you.
Step 4: Underwriting
The underwriter is the person with the big rubber stamp. Their job is to make sure that everything on your loan application has been verified and that your loan meets the eligibility requirements.
Step 5: Conditional Approval
Once your loan has cleared underwriting, there are loose ends or “conditions” that the underwriter will want to tie up. So if we ask you for more documentation, we’re not giving you a hard time—we just want to make sure we do it right the first time.
Step 6: Final Approval
Once all of your conditions have been received and the underwriter has signed off on them, your loan is considered “clear to close”. This is when we do our happy dance, and invite you to celebrate in any way you see fit.
Step 7: Closing
“Closing” is a fancy word for “signing all of your loan papers”. Your closing will usually be held at a title company. Be sure to bring your driver’s license with you, and if there is any money due, please bring a cashier’s check from your bank made out to the title company.