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Personal Banking

The Mortgage Process

The mortgage process usually consists of six steps:
1. Application
2. Preliminary approval
3. Loan processing
4. Home appraisal
5. Final approval
6. Closing

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1. Application
The first step is simple — you need to apply. If you're not quite ready to apply or need more information, review this website or call the Bremer location nearest you. Check out our Mortgage Application Check List so you know what you will need when you apply. It's up to you how we start the process. You can:

More Information

2. Preliminary Approval
Based on the information you give us, we'll let you know the estimated loan amount you are pre-approved for and help you determine the best possible financing and mortgage product for you. Your Bremer mortgage lender will explain all the details to you at this point and present you with your options.

3. Loan Processing
In order to purchase the home or property you have selected, additional forms must be completed to process your loan. Here is a summary of the forms involved:

  • Good Faith Estimate of Settlement Costs: This details the loan amount and all related charges and fees.
  • Truth in Lending Disclosure: This lets you know what your estimated annual percentage rate of interest (APR) will be and any other program features that apply.
  • Borrowers Authorization/Certification: When you sign this, you authorize that all the information you provided is correct to the best of your knowledge. It also allows us to finalize the process by contacting your landlord, employer, mortgage company and others, and obtaining a credit report to verify your credit history.

As always, be sure to make a copy of the forms for your records and keep them in a safe place.

4. Home Appraisal
Next, we'll arrange an appraisal of the property to determine its market value. We use carefully selected and approved appraisers that visit the property and compare it to other similar properties in the area to ensure the house is appraised at the right value.  You'll receive a copy of the appraisal at closing.

We also obtain a title opinion (an attorney's opinion) at this time. This will tell us the legal details of the property including liens against it (i.e., another loan). You will be entitled to obtain owners coverage for title insurance at your closing. This process may take up to 30 days and will depend on the location of the abstract.

5. Final Approval
During final approval, an underwriter looks over all the paperwork and loan details and decides whether or not it supports the preliminary approval issued earlier (step 2). A few key items reviewed include:
  • The Property: In this case, they review the appraisal report to verify value.
  • Total Debt Ratio: This is the ratio between all your stable sources of income against all your debts. Debts and income used in this process may vary based on loan program chosen.
  • Cash Reserves: After your loan settlement costs are paid, this is the amount of money left over in your bank account.
  • Credit History: Looking at your current and past payment history is a measure of how likely you'll repay your loan.
  • Employment History: The stability of your income, and how likely it is to continue, is reviewed.

6. Closing
You're finally here. This is the "mountain of paperwork" you've heard about. But don't worry — it's the closing agent's job to explain everything to you so you know what you are signing. Your Bremer mortgage lender can arrange to be there as well to assist with questions. At this time, you will be expected to take care of the closing costs and the balance of your down payment. Once you complete this step, you'll be a homeowner!