The Bank of New Glarus and its Sugar River branches have experienced mortgage lenders that can help you discover your best home loan option. Whether you're looking to purchase a new home, build your dream home or refinance your existing mortgage, we want to make the mortgage process easy, fast and affordable with great rates. If it's home improvements you want to make, check out our home equity loan program or "HELP" loan for more information. Click on our Financial Tools menu to view our calculators and other helpful links for homebuyers.
The Mortgage Process
At the Bank of New Glarus we want to make your process of buying a home, less intimidating. We have outlined the necessary steps below to provide you with the knowledge and tools to make home buying less stressful. We will help you focus on the thrills of being a homeowner.
Step 1: Check Rates and Calculate
Go to our Financial Tools menu to answer the following questions:
- What might my monthly payment be?
- How much can I afford?
- Should I rent or buy?
Step 2: Pre-Qualify
Before you even begin house shopping, you will want to meet with one of our experienced Lending Officers about pre-qualifying for a mortgage. This step will help to determine exactly how much house you can afford.
Step 3: Complete and Sign Application
Once you have met with one of our Loan Officers, you will need to provide the needed information on your personal information on your personal financial situation. At this point, you will also be asked to sign documents allowing us to check with your bank, employer and allow a credit check.
Step 4: Find a home
Once you have found a home, you will be asked to complete the property specific information on the application.
Step 5: Appraisal Conducted
The home that you purchase will be used as collateral to your loan and acts as a security to The Bank of New Glarus and its Sugar River Branches. Therefore, we require an independent appraisal report. The appraiser estimates the current value of the property based on the neighborhood, the size of the property, the age of the property, and it's structural condition. We will contact you with the results of the property appraisal.
Step 6: Commitment Issued
Our underwriters will review your applications and make a decision on your loan. Once it is officially approved, you'll receive a commitment letter. The final step is to schedule a time (within the number of days mentioned in the commitment letter) with your loan officer for the closing and property transfer.
Step 7: Closing
This is when you take legal ownership of the property. Usually all the parties involved (seller, attorney, lender, and buyer) attend. Prior to the closing, you will be informed of the exact amount of down payment and closing cost money you need to bring. You will also be asked to bring proof of insurance for the property. At the closing, you will be given a brief explanation of a number of legal documents and asked to sign them. As a buyer, you will sign a mortgage note, which is the personal promise to repay the loan, and the mortgage, which is the financial lien or claim against the property. Finally, the moment you have been waiting for, you receive the house keys and are officially a homeowner!