Preparing for a mortgage loan

Preparing for a mortgage loan can seem intimidating, especially for first-time buyers. While a mortgage specialist will guide you through the entire process, knowing the procedures ahead of time will help ease your concern.

The first step in the approval process is completing an application. This can be done online, at a banking center, or with a loan specialist. If you're shopping for a new home, a pre-approval letter will help you negotiate a home purchase.

As part of the application process, certain types of documentation will be requested . While documentation varies, things to gather include: driver's license, W-2's, pay stubs, previous years tax returns, IRA/401(k) statements, bank statements, and stock certificates.

Once you've completed a mortgage loan application and found a home to purchase, the following steps occur prior to your loan closing:

At closing, a number of documents are reviewed in detail and signed. An attorney or title company coordinates the closing.

Please visit one of our conveniently located banking centers or contact an experienced mortgage loan specialist for more information on home loans from The Bank of Kentucky.