Thank you for considering CommunityOne Bank for your home lending needs. For your convenience, we have included a description and timeline of the mortgage loan process. We hope you find this information helpful, and encourage you to contact us with any questions or to get started.
- The mortgage loan process begins with you discussing your financing needs with a Mortgage Loan Officer (MLO). Contact any of our branches and ask to speak with the local MLO.
- The next step is to submit a mortgage loan application to your MLO. You may submit your application in person, by telephone or by mail. Your MLO will obtain a credit report and ask you to provide supporting documentation which will expedite your mortgage loan request.
- Your MLO will provide you with Good Faith Estimate and Truth in Lending Disclosures within three business days of receiving your loan application. These disclosures are not binding. Once you have received the disclosures, we will collect the appraisal fee so as to avoid delays when it is time to order an appraisal.
- You typically have a choice at the time of application to lock or float your interest rate. Locking your rate guarantees it is the rate you will receive at closing (presuming you provide us with required information upon request and that your financial situation and loan request do not change during the loan process). We must be able to close your loan on or before the rate lock expiration date. Once you lock your rate you cannot unlock it in order to receive a lower rate. If you choose to float your rate, it will fluctuate up or down until you decide to lock. You will be asked to lock your rate at least one week before closing.
- The next step is for us to review all of your submitted documentation and order an appraisal.
- Once we have received all required loan documentation we will give you a loan decision. Many loan types can be approved in a short period of time, while other loans, such as FHA, VA and USDA, take longer to review and render a decision.
- Upon final approval, the loan file will be handed to our closing department to coordinate the loan closing. Our closing department will ask you to provide evidence of insurance and will prepare the closing package to be sent to the closing attorney.
- Prior to closing, your MLO will review with you the loan program, interest rate, term, cash to close and other information to ensure there are no surprises.