Buying a home is one of the biggest financial decisions you’ll make, and securing a mortgage is a key part of that process. At Century Bank and Trust, we are committed to making your home loan experience as smooth and straightforward as possible. Here are the essential steps to getting approved for a mortgage with us.

Step 1: Pre-Qualification

Before you start house hunting, it's helpful to get pre-qualified. Pre-qualification gives you an estimate of how much you can borrow based on your financial situation. You’ll provide details about your income, debts, and assets, and our mortgage lenders will assess your financial standing. While this step doesn’t guarantee loan approval, it helps you understand your budget and strengthens your offer when making an offer on a home.

Step 2: Mortgage Application

Once you find the right home, the next step is to submit a formal mortgage application. At Century Bank and Trust, we make this process convenient, offering in-person and online application options. You’ll need to provide key documents, such as:

• Proof of income (pay stubs, tax returns, W-2s or 1099s)
• Employment verification
• Bank statements
• Credit information
• Details about the property you’re purchasing

Step 3: Loan Processing and Underwriting

After submitting your application, our team begins the underwriting process. This step involves:

• Credit Review: We assess your credit score and history to determine your eligibility and loan terms.
• Income and Asset Verification: We confirm that you have the financial means to afford the mortgage payments.
• Property Appraisal: An appraisal is conducted to ensure the home’s value aligns with the loan amount.
• Debt-to-Income (DTI) Ratio Analysis: We evaluate your existing debt payments relative to your income.

Step 4: Conditional Loan Approval

If your application meets our requirements, you’ll receive a conditional approval. This means your loan is likely to be approved pending a few additional steps, such as providing further documentation or clarifying financial details. At Century Bank and Trust, our mortgage team will guide you through these final requirements.

Step 5: Final Approval and Closing Disclosure

Once all conditions are met, your loan moves to final approval. You will receive a Closing Disclosure, which outlines the final loan terms, monthly payments, and closing costs. This document must be reviewed and acknowledged at least three days before closing.

Step 6: Closing on Your Mortgage

At the closing meeting, you’ll sign the final documents, including the mortgage agreement and deed. Your closing costs and down payment will also be paid at this time. Once all paperwork is complete, the loan is funded, and you receive the keys to your new home!

Why Choose Century Bank and Trust?

• Local Expertise: We understand the community we serve and provide personalized guidance.
• Flexible Loan Options: We offer a variety of loan programs to suit different financial situations.
• Dedicated Support: Our experienced mortgage lenders are with you every step of the way.
• Quick Processing: We strive for an efficient loan process to help you move into your home faster.

At Century Bank and Trust, we take pride in helping individuals and families achieve homeownership. If you’re ready to start your mortgage journey, contact us today to begin the process!

NMLS ID #407330