Helping you find your way home

Finalization of Conditions

Your mortgage specialist and supporting team of loan processing professionals will work with you to ensure that all terms set in the commitment letter are finalized. Once all conditions have been satisfied, your loan will be “cleared to close.” This must happen no less than five business days prior to your mortgage loan closing date.

Homeowners Insurance

It is more important than ever to be prepared with a qualified offer. Engaging a mortgage specialist early in the process and getting prequalified for an amount that fits in your budget can give a seller more confidence that you can follow through on your offer. Be prepared to start the process with your last two years of W2 forms, two most recent pay stubs and two most recent bank statements.

At MVSB, caring is at the heart of everything we do, and we care about finding you the perfect home.

Select an insurance agency to insure for your new home and provide this agency’s contact information to your mortgage specialist. They will work with them to confirm your home is properly covered according to the terms of your mortgage. Your first year’s premium will need to be paid prior to closing.

Closing Disclosure

Home Search, Purchase and Sales Agreement

If you are buying, building or refinancing, the team at MVSB will give you one-of-a-kind service every step of the way.

Enlist a Realtor to assist you in searching for a home. They have good insight on the local market and what properties might check the boxes on your list. When you’ve found the right property, they’ll help you negotiate your offer and write up a contract. This will outline and bind all dates, deadlines and contingencies. A deposit is required that is usually refundable if there is an issue with inspections, appraisal or financing.

Home Inspection

We believe that by building and nurturing relationships, we can create a community where everyone feels welcome. Call us or apply online.

We recommend that you have a home inspection completed, but it may not be required. A home inspector will look to find any issues or code violations with the property.

Mortgage Application & Disclosures

Upon signing a Purchase and Sales Agreement, your next step will be to submit your formal mortgage application. Your mortgage specialist will review the application, your credit report and appropriate disclosures, and your loan cost estimates will be provided to you. Whether you’ve applied online or in person, you’ll be provided a conditional commitment letter outlining a list of any conditions, such as follow-up documentation, that need to be resolved or provided prior to finalization..

NMLS# 466022

You will get a copy of the final closing numbers showing the breakdown of costs and money you will need to bring to the closing in the form of an official check. Be prepared to bring an acceptable government issued identification with you to the closing as well.

Closing

A closing agent will go over the paperwork and loan documents that are required to be signed by you and the seller. All money is distributed at this time and the deed will then be recorded with you as the owner of record at the registry of deeds.

At MVSB, we do everything we can to help our neighbors become homeowners. It’s a reflection of how we do business. And that means always providing friendly, helpful and courteous personal service, coupled with an innovative online application that keeps our clients informed every step of the way. To learn more, call 800.922.6872 or visit mvsb.com. Equal Housing Lender, NMLS# 466022

Attorney/Title Work & Appraisal

Your lender will choose a closing company to research and ensure a clear title for the property. An abstract will be done to determine the legal owner of the home and will also reveal any mortgages, liens, judgments or unpaid taxes that will be need to be cleared prior to closing. An appraisal will be ordered to determine the value of the property.

Charlie Dowd Vice President Residential Mortgage Sales