You’ll meet with your dedicated Loan Officer by phone or in person to discuss your loan needs.  You’ll fill out an application online, verbally by phone or in person, and will be asked to sign a number of documents and disclosures, including a “Loan Estimate,” which is a summary of how we expect your transaction to close. This estimate takes into account your loan amount, interest rate, estimated monthly payment and closing costs, but may not include seller contributions, earnest money deposits, inspections and Home Owners Association’s (HOA’s) monthly fees.

Your dedicated Loan Processing Specialist will review your application and coordinate details including ordering home appraisal, title search, and employment verification.  Your Loan Processing Specialist will then submit the file to your designated Underwriter for approval.

We’ll order a third-party appraisal to confirm value.  The appraisal could be a drive-by, database inquiry, or walk-in. This appraisal is for Legacy Mortgate Team at Goldwater Bank’s purpose only, and it is separate from any appraisal the county may perform.

We’ll need to verify homeonwers insurance to the coverage and deductible requirement of your loan.

This means that your loan has been conditionally approved, pending review of appraisal, bank statements, paystubs, insurance, or letters of explanation.

After final approval, we will issue you a “Closing Disclosure.”  The closing disclosure represents your final numbers at that time, including the amount of money you are bringing or receiving from closing.  Federal law requires that this closing disclosure is delivered to you at least 3 days before closing.  This means it is extremely important that you e-sign or physically sign and return this closing disclosures as soon as possible in order to avoid any unnecessary delays in closing your loan.  The last stop is the closing table, where you’ll need two forms of identification and a pre-arranged form of payment, if required.