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Mortgage Process, What to Expect

  1. Pre-Qualification & Application
    • When purchasing a home, it is more important than ever to get   prequalified for a loan as the first step in buying your new home! At Uwharrie Bank, we want to make this as easy as possible. Before looking for a home, the bank can help you determine how much home you can afford. In most cases, all we need is a recent paystub. Apply Now to get started with our easy application or call one of our top mortgage consultants.
  2. Offer to Purchase Contract
    • Once you’ve made an offer on a house and it has been accepted, either you or your realtor will contact our mortgage consultant. It is important to know that your interest rate cannot be locked in until your purchase contract has been executed.
  3. Loan Options & Borrower Checklist
    • The mortgage consultant will help you determine which mortgage suits you best by discussing different rate and term options with you. You will receive a customized check list of the income and asset documents we will need from you. It is important to send these documents to the bank as soon as possible.
  4. Disclosures & Appraisal
    • The bank will then prepare disclosures outlining an estimate of costs to expect at closing. In order for the process to continue, you will e-sign the disclosures with your intent to proceed. The bank will order a property appraisal from an independent third party appraiser. It typically takes 1 to 2 weeks for the appraisal to be completed. Upon completion, it is reviewed by our underwriter and approved by the bank.
  5. Conditional & Final Loan Approval
    • To ensure everything is complete and accurate, the bank will review and underwrite your file and request as a condition for loan approval, any missing or needed documentation to support your loan request. Once these conditions are received, your loan is reviewed in by an underwriter for final approval. It is possible that additional information or documentation may be requested at this time.
  6. Closing
    • All parties involved with the purchase will work together to coordinate a closing date and time. A typical mortgage from start to finish with no delays can typically close within 30 days.
  7. Home Ownership
    • After all documents are signed and recorded at closing, congratulations are in order!