Mortgage Loan Timeline

1. 1

   Consultation, PreApproval, & Origination

   Who, What, Where, When, & How Much?

   Complete your application online, in person, or on the phone! Once the completed application is submitted, a Mortgage Expert will reach out to discuss your qualification, loan terms, estimated payments & estimated closing costs. Your Mortgage Loan Officer will assist you throughout the loan process and will request any additional documents that may be needed.

2. 2

   Processing

   After origination is complete, you will receive a Loan Estimate which will contain tentative loan terms and estimated fees. The processor will receive and evaluate your asset and income documentation, as well as order an appraisal on your home. During this time on a Purchase, you will have any inspections completed. You will also confirm your homeowner's insurance, loan program, and lock in your interest rate.

3. 3

   Underwriting & Approval

   Your completed application and documentation will be submitted to a Loan Underwriter who will ensure that your loan meets our lending guidelines and that all documentation provided is current and accurate. You may be asked by your Processor or Loan Officer to provide additional information or documents after the initial review. After Approval, you will be Clear to Close and you will receive a Closing Disclosure no later than 3 days before your scheduled closing date showing your final loan terms and fees.

4. 4

   Closing

   30-45 Days from signing your Contract/Submitting your Refi Application

   Your Loan Officer will meet with you to sign documentation.

   Funding will be coordinated and applied after closing or a rescission period.

   *On a Secondary Market loan, we will Transfer Servicing to our Investor - this is who your payments will be made to for the life of your mortgage.

Construction Loan Timeline

1. 1

   Consultation, PreApproval, & Origination

   Who, What, Where, When, & How Much?

   Complete your application online, in person, or on the phone! Once you submit a completed application, a KVSB Loan Officer will reach out to discuss your maximum qualifying build price, loan terms, and estimated closing costs. Your Loan Officer who will assist you throughout the loan process and will request any additional documents that may be needed; such as Building Plans, Bids, Construction Contracts, etc.

   REMINDER: NO Construction Activity until AFTER Loan Closing.

2. 2

   Processing

   Once origination is complete, you will receive a Construction Loan Estimate which will contain tentative loan terms and estimated fees. The processor will receive and evaluate your asset and income documentation, as well as order an appraisal, flood determination, etc. on your home. During this time, you will also confirm your loan details & obtain homeowner’s insurance.

   The Loan Processor will ensure that your loan meets our lending guidelines and that all documentation provided is current and accurate. After we have all necessary documentation, your loan is Clear to Close and you will receive a Closing Disclosure no later than 3 days before your scheduled closing date showing your final loan terms and fees.

3. 3

   Closing

   Your Loan Officer will meet with you to sign documentation.

   Funding will be coordinated and applied after Closing and the Rescission period.

4. 4

   Construction

   Construction Begins. As Invoices are received, you will send them to your Loan Officer & Support along with a draw sheet to process an advance on your line.

   During the life of the construction loan, the Loan Officer will conduct Progress Inspections to ensure that construction is going as planned. You will be responsible for monthly interest payments during construction.

   Once Construction is Complete, a Final Inspection will be conducted to confirm completion and the process of Permanant Financing/Refinance begins.

Commonly Requested Documentation Checklist

• Copy of Drivers License
• 2 Years’ Federal Tax Returns
  Include W-2s, 1099s, and all Schedules
• 1 Months’ Pay Stubs & Employer Information
• 1 Months’ Bank Statement - All Pages
  All Pages for accounts which will be used for funds to close. Bank name & Logo should be located on the first page of the statement.
• Homeowner’s Insurance Agent/Company Info
• Current Rent Information OR Current Mortgage Statement
  If selling your current property, additional documentation may be requested.
• ^*Investment Account Statement
  ^*Only requested if counting withdrawals as part of income or assets for downpayment. Includes retirement accounts, stock, bond or other investmentaccounts. Bank statement required once transfer has completed to account.