Mortgage Financing Process

The mortgage team at Bangor Savings Bank works together to make the experience of obtaining a mortgage transparent and personal for you, our borrower.  We work collaboratively with you by providing timely communications and clear expectations with the goal to help expedite your mortgage closing.
 

We have an experienced mortgage team involved in every step of the process to ensure you are informed and supported, here is a description of each team member helping you:

  • Your Mortgage Loan Officer will consult with you about your mortgage options and pricing to find the right mortgage solution for your needs.  They will assist you with completing your application and necessary paperwork and submit the request to our underwriting team.
  • Your Client Service Coordinator will assist you with collecting your documentation, as well as answering any questions during the process.  They will provide you with weekly updates on the status of your loan application.
  • Your Closing Agent  will work with the Bank and will coordinate your closing and bring all the parties together to sign the closing documents.  They will ensure that you know what amount is needed to bring to closing and any documents you will need to provide at closing.

Thinking of getting started?  Let us partner with you to meet your mortgage financing goals.

Pre-Qualification (Purchase Transactions Only)

Your Mortgage Loan Officer will help you decide the best financing option by discussing topics such as down payment, monthly payment, credit history, employment & income, assets and property type.  They will help you choose the product that works for you and will provide you with a letter to share with real estate brokers and other interested parties of your financing intentions.  Let your Mortgage Loan Officer know immediately when you find a property to purchase.

Loan Application Stage

When you are ready to make application, your Mortgage Loan Officer will collect all necessary information to complete a formal loan application as well as any supporting documentation.  This documentation may include income, asset and credit documentation.  At this point you will select the mortgage product that best suits your needs and determine whether you want to lock or float the interest rate.   
Usually within two business days you will receive notification of an underwriting decision.  This letter will explain the terms of your mortgage and remaining documentation needed to prepare your loan to be approved for closing.   
               *Please note the timelines listed in the letter provided.  They are needed to ensure the timely closing of your mortgage.

Application Processing Stage

Your Client Service Coordinator will be your partner throughout this stage! Their primary responsibility is to assist YOU and explain all items needed before closing. They may also reach out for clarification or additional information that may be needed on specific aspects of your loan.

  • Required disclosures need your signature and will be sent via the electronic delivery portal unless you choose the US Postal mail delivery option.
     
  • Once you have had the opportunity to review your disclosures, we will need your intent to proceed and an application deposit.
     
  • The appraisal and title are generally ordered one business day after approval,
          *If you are constructing a new home, a different timeline may apply as a meeting with our construction inspection company is required.

     
  • The Client Service Coordinator  will order your homeowner's insurance binder. This is completed once you have made application with your insurance company and have provided us of your homeowner's insurance agent's contact information.

Pre-Closing

Your home loan has been cleared through underwriting.  As part of this process, we will do a telephone verification of employment to ensure that there has been no change to your employment status.  We may also request an updated credit report to ensure that there are no changes in your credit profile.  If there are changes in either your employment status or credit profile, additional documentation may be required.

Closing

Your home loan has been cleared for closing, the closing documents have been completed and a closing date and time have been scheduled. The closing typically takes place at the closing attorney's office, or at a mutually agreed upon location.   Please be sure to bring valid photo identification and allow for an hour’s timeframe for your closing to sign documents.