Resource Center
Conventional Fixed Rate
WHEDA Advantage
FHA
Conventional ARM
Down Payment Assistance
Find a Loan Officer
Request More Information
 
 
 
 

Mortgage Application Checklist


What to Expect in the Home Buying Process
(click here for a short video)

Though the real estate market may continue to change, the basic process of getting pre-approved and working through a final mortgage approval remains much the same at Great Midwest Bank:

  • Before touring prospective homes, begin with a free, no-obligation Pre-Approval.  With a Great Midwest Pre-Approval letter, your Realtor will be more willing to invest the time and effort required to find the right home for you.

  • A face-to-face meeting with one of our Loan Officers is time well spent, especially if you're a first time homebuyer.  Move-up (repeat) buyers will also find an in-person meeting with a Loan Officer helpful as you consider the sale of your existing home. 

  • To make the process most efficient, consider starting it by applying online, which takes about 30 minutes. 

  • In your follow-up meeting with a Loan Officer, bring as much information as you can from our Application Checklist. 

  • Your Loan Officer will determine what, if anything further, is necessary to submit the file for Pre-Approval.

  • With the appropriate documentation in hand, your Loan Officer can often provide a decision within 24-48 hours.

  • Your Loan Officer will provide you with a Pre-Approval letter.

  • Once you have identified a home and submit an Offer to Purchase that is accepted by the seller, forward it to your Loan Officer.

  • We'll update your application and provide you with disclosures and an estimate of funds necessary to close.

  • After a successful home inspection, we will order an appraisal after you deposit funds to cover that cost.

  • We will underwrite your file to verify your income, funds to close, credit-related items and anything else necessary for approval.

  • Upon receipt of the appraisal, the file is submitted for approval.

  •  After approval, we will issue a Loan Commitment which is delivered to the seller.

  • A title company prepares a Closing Statement detailing the transaction specifics for both buyer and seller.

  • We will provide you with a final, exact, figure for funds required at closing, typically a day or two in advance.

  • A cashier's check for the funds is required at closing.