Getting a Home Loan? Know What to Expect.
You’ve applied, and the mortgage journey has begun. Understand what happens, when it happens and the documents needed along the way. Your mortgage banker at Ameris Bank will also keep you informed and email you throughout every step.*
The Ameris Bank Mortgage Journey
Mortgage Application Received
At this beginning stage, a member of our team is busy reviewing the information in your application. Soon, you will receive a loan estimate and will have 10 days to review it to decide if you wish to move forward. In the meantime, review our borrower’s checklist and send us any documents you haven’t already sent our way.
During this phase, we are collecting and reviewing all the documents you sent us. This is an exhaustive review that involves several different parties. Your mortgage processor will reach out to your employer, credit bureaus and other entities that can provide relevant information supporting the information in your mortgage application. Once all the required documentation has been collected, your loan will be sent to our underwriting department.
UNDERWRITING YOUR LOAN
An underwriter is reviewing all the information collected to determine if your loan will be approved or denied. It is common for the underwriter to request additional information or ask questions to compile the most detailed, accurate information possible. If an underwriter contacts you requesting more information, try to respond quickly to avoid delays in the process. The underwriter should issue conditional approval within a few days after receiving your loan file.
RECEIVING CONDITIONAL APPROVAL
When you reach this point, your loan is approved with conditions. This means the underwriter has reviewed your loan but needs more information to provide final approval. There are a couple of important details you should consider at this point: Make sure you are finalizing your home insurance. And if you didn’t lock your rate when you applied, make sure to lock in a rate now.
GATHERING THE FINAL DOCUMENTS
At this point, your mortgage processor will reach out to you to obtain any additional information needed. They may ask for things such as an updated bank statement, proof of earnest money, or homeowners insurance. At least five days prior to your closing date, you will receive your initial closing disclosure. Be on the lookout for these documents because you will need to sign them at least three business days before your closing date. Staying on top of your paperwork helps ensure this process stays on schedule.
After the underwriter has reviewed all the final documents gathered and approved your loan, you are ready for your closing.
YOUR SUCCESS IS OUR JOB
We're here to help every step of the way.
* All loans are subject to credit approval.
Ameris Bank is a full-service financial institution serving customers in the Southeast and Mid-Atlantic, with locations in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia.