Loan Process

We strive to make the mortgage process as smooth as possible for all of our customers.

Whether you’re buying your first home or it has been a little while since you’ve been through the process, it is important to understand how the whole process plays out.

Step 1

Gather information about the property you want to purchase, or have an idea of what you are looking for. It’s important to know an estimate purchase price (or property value if you’re refinancing). It’s also important to know other information, such as whether it will need repairs in order to be move-in ready.

Step 2

Gather all of the below information prior to application. If approved, you will give all of this information to the loan officer and/or loan processor.

  • Addresses for anywhere you lived during the previous two years.
  • Names and addresses of employers during the previous two years.
  • Your last month’s worth of pay stubs from any job where you currently work.
  • Evidence of social security income, pension income, retirement distributions, alimony or child support payments if applicable.
  • A current list of assets (bank accounts, retirement accounts, real estate, automobiles, etc.)
  • Your last two month’s bank statements on deposit accounts.
  • The most recent mortgage statement on your current loan if you are refinancing.

Other information or documentation may be necessary depending on your personal financial situation and the type of loan you are obtaining.

Step 3

Contact one of our branches and ask to speak with a loan officer. At that point you can decide whether it’s easiest to take the application over the phone or to set up a time to meet face-to-face. The loan officer will go through the application with you to determine whether you qualify for a loan and if so, help you determine what financing option is best for you. After application the loan officer will get you a packet of pre-disclosures together to sign and return. This packet will include a Good Faith Estimate and the required Truth-In-Lending Disclosure.

Step 4

Dos and Don’ts. Once you’re approved it’s important to keep several things in mind.

  • Do stay current on any loans or credit cards you may have
  • Do maintain your present employment 
  • Do determine where you will be getting your homeowners insurance
  • Do cooperate with the appraiser to schedule a time for them to come to the house
  • Do not apply for new credit, including credit cards
  • Do not take on additional debt, such as car loans 
  • Do not transfer funds between bank accounts without checking with your loan officer
  • Do not switch from a salaried/hourly paid position to a commissioned position

Step 5

Once we have received all of your information the processor will handle all of the necessary paperwork, communicate between the appraiser, title companies, insurance companies and realtors involved to get your loan ready to close.

Step 6

Closing! Once we have received all of the information and have received final approvals from all the parties involved we can schedule a closing. Closings for purchases typically take place at the title company. Closing locations for a refinance can vary.

It’s very easy these days to get caught up in the business of our lives and it seems like they are getting busier and busier all the time.  At Mid America Bank we strive to make the mortgage lending process go as smoothly as possible for you and your family so you have one less headache to worry about.  In order to expedite the process it helps if you already have some of the information on hand before we get started. 

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Below is a checklist of information you will need to know and documents we need copies of to process your loan.

  • Addresses for anywhere you lived during the previous two years
  • Names and addresses of anywhere you worked the previous two years
  • Your last month’s worth of pay stubs from any job where you currently work
  • A current list of assets (bank account balances, retirement accounts, real estate, automobiles, etc.)
  • Your last two month’s bank statements on deposit accounts
  • The most recent mortgage statement on your current loan if you are refinancing

Simplify your schedule.

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Fill out our Loan Auto Pay Authorization and have your loan payment automatically debited from your account every month.