What to Expect

...when you're expecting to buy a home

As you start the home buying journey, we understand that you have questions. The more knowledge you have from the start, the more likely you will feel secure in your decisions all the way to the closing. The mortgage process, although daunting at times, is far less intimidating if you know what to expect.

Selecting the right mortgage for you

Ask yourself:

• What is my price point for the new home?
• Do I have or need a down payment?
• Is this possibly my forever home?
• What is my monthly payment limit and is it in line with my income?
• What is my total outstanding debt?
• Should I be pre-qualified?

Completing the Loan Application

Information to have ready:

• Your personal information
• Your work information
• Your financial information (funds for costs, fees and down payments)
• Your new property information

There are several ways to start a Loan Application with Heartland Bank:

• Online prequalification
• Call our Mortgage Department at 614.490.7214
• Stop in at any Heartland Bank location

Loan Processing

Things to consider:

• After submission, we begin processing right away
• Documents will be sent to you for your review – including estimated costs and payments review
• Sign, retain a copy and send one copy back to us
• Provide Intent to Proceed
• Your loan officer may need to collect additional information
• Appraisals, title searches and liens settlement will be completed
• Don’t make major purchases, don’t move your deposits and don’t change jobs – these could all affect qualification

Loan Approval/Denial

You can expect:

• Written notification of our decision
• A local decision based on property review, application review and amount requested
• If approved, a Closing Disclosure listing final figures

Document Preparation and Closing

The final steps:

• Loan document preparation including any third parties needed for closing
• Title insurance will be purchased to validate the legal status of the new property
• If requested, escrow can be established for real estate taxes and homeowners insurance
• Proof of Homeowners insurance will be required
• A convenient closing date can be chosen that works for you, the agent and the seller
• All loan documentation will be signed and funds disbursed
• Appropriate documents will be filed with the county
• You will receive your keys!