Our Home Loan Process

We've based our home loan process on empathy for our home buyers and their agents. It's simple and consistent, just the way we'd want to buy a home ourselves.

Step 1:
Meet with your Loan Officer

Your Southern Trust loan officer will take your application and order a credit report. With our Priority Approval program, we can take you from application to approval in only One Day! This gives you what you need to go house shopping with your agent and make a strong offer.

Step 2:
Find an Agent and a Home

Using a real estate agent to facilitate your side of the home buying process is a wise choice. With their expertise, they're able to negotiate the most competitive price and terms for your new home. Combine their skills and your Priority Approval letter and you've got a powerful combination that is bound to get the attention of a seller.

Step 3:
Make an Offer

Once you find the perfect home, you and your agent will write the contract and negotiate with the seller and their agent, if they're using one. Speak with your Loan Officer about locking your rate.

Step 4:
Processing

Once you're offer has been accepted, our operations department checks all of your required documents to make sure they are completed properly. If any issues arise, you and your loan officer are notified. An appraisal will be ordered at application to determine the fair market value of the property you are purchasing and you will receive a Good Faith Estimate and a Truth-in-Lending Statement, which will show your annual percentage rate (APR).

Step 5:
Underwriting

Once processing is complete, your loan file goes to one of our underwriters, a trained credit-risk analyst who will do everything possible to help you receive loan approval. You may need to provide initial and additional verification documents to them. When you're approved, you will receive a commitment letter that explains the terms of your loan, including any loan condiitons that need to be met prior to closing. Read your commitment letter carefully, and be sure to follow instructions to ensure a timely closing. In the case that your applicaiton is not approved, your loan officer can help you determine what actions need to be taken.

Step 6:
Closing

Congratulations! You're a homeowner! At closing, a closing agent will review the terms of your loan and explain each document. The closing agent will also provide you with a copy of the Closing Disclosure (CD), which shows all the costs related to the closing. These costs may include, but are not limited to, the down payment, loan origination fee, survey, appraisal, inspections, and title search costs. Information about escrow accounts, real estate taxes, how to make your monthly payment, and more will be provided.

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