Once you select Brattleboro Savings & Loan Association, F.A. to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.
Throughout the loan application process, we will keep you advised of our process. You can also email us with questions or new information. And if you want assistance, a mortage expert who can answer questions is just a phone call away. Here's an overview of the loan application process:
STEP ONE - Apply Now! Getting started is easy.
When you've selected a property and have a contract with the Seller, the next step is to complete your loan application, which can be done easily though our website. Click on the "APPLY NOW" button to the left, to start your application. We will also ask you to sign a "Borrower Certification & Authorization" form that gives us permission to verify information you supplied in your application. We will also ask you to supply copies of written documentation to support the income and assets listed in your application. At the appropriate time we will collect the appraisal fee and order an appraisal of the property for you.
STEP TWO - Your loan is Approved
If you have not selected an Attorney to represent you at the closing, your Real Estate Agent or Loan Officer may recommend someone. Your Attorney's responsibility, once the Brattleboro Savings & Loan Association, F.A. has issued a commitment letter for financing, is to search the title to the property to ensure that you are receiving good and clear title to the property and that the bank will have a valid first mortgage on it. Your Attorney, as an agent of the title company, will provide a lender's title policy to protect the bank's interests should a problem arise. You should also discuss with your Attorney, the benefits of purchasing an owner's title policy.
With some loan programs, there may be a designated "Closing Attorney". Your Loan Officer will advise you if the program you have chosen requires a pre-approved "Closing Attorney". The "Closing Attorney" will not be representing you, the buyer, unless a dual representation letter is executed. You may choose to have the "Closing Attorney" represent you and the bank, or you may choose to have your own Attorney represent you at the closing.
STEP THREE - Your Loan is Closed and Funded
You will need to obtain a homeowner's insurance policy to protect your new home. Your Loan Officer can assist you in finding a local agency that will meet your needs. We will also coordinate with your Real Estate Agent and the Attorney(s) to schedule your closing which will take place here at the Brattleboro Savings & Loan Association, F.A. or at a mutually agreeable place.
STEP FOUR - Welcome to the Brattleboro Savings & Loan!
Most of our mortgage customers are so pleased with their mortgage experience that they become our banking customers. We encourage you to open a checking, savings, or money market account with us and set up a direct deposit or automatic withdrawal for your mortgage payment. With our on-line banking service, you can access your accounts 24 hours a day from anywhere in the world - and our customers do! We look forward to welcoming you aboard!