Bank of Botetourt, taking care of you
Rates  :  About Us  :  Shareholder Relations
Contact Us  :  Hours & Locations  :  Careers  :  Home
lending

Learn More About the Mortgage Process

Buying a home may be the most exciting, confusing and stressful financial transaction you ever undertake. Even if you have done it several times you may find the process complicated and intimidating, particularly when it comes to getting a mortgage loan. If you understand the steps required to qualify for a mortgage loan, much of the stress can be reduced or even eliminated. That's where we come in. We're here to help you every step of the way and make mortgage process virtually hassle-free. The following explanation of the loan application process is intended to help you through the complexities of obtaining a mortgage loan.

Learn about the five simple steps to help you on your way to mortgage success.
    1) Shop loan programs and rates
    2) Get pre-qualified
    3) Apply for the loan
    4) Obtain loan approval
    5) Close the loan

Shop loan programs and rates

When buying a home, most people like to shop around, compare costs and terms, and to negotiate for the best deal. Bank of Botetourt is great place to start. We believe that an informed buyer is a happy buyer, so we make every effort to educate you about the many mortgage programs available and try to help you find a loan that will fit your specific needs. Visit our mortgage rates page to find information on our most requested mortgage loan options. But if you don't see a loan program that is right for you, just give us a call - let's talk about how we can tailor a loan program that can help you make your home buying dreams come true.

Get pre-qualified

Before you start looking for a new home, it is best to get pre-qualified. It's as easy as a phone call and we will help you determine how much house you can afford, and what the payment will be on the new loan. Once you are pre-qualified, you can inform your realtor of this and let them know exactly what your price range is. When you're pre-qualified, you don't have to waste a lot of precious time looking at homes that will not work for you. You can really streamline home the shopping process!
Call now to get pre-qualified:
In Roanoke, Botetourt or Franklin County, Call :(540) 992-LOAN (5626)
In Rockbridge County, Call: (540) 463-LOAN (5626)

Apply for the loan

Once you find the property you want to purchase and have a signed a sales contract, we need you come into the bank to meet with one of our Mortgage Specialists. You will need to complete loan application documents and provide any required documentation that is requested in order to apply for the loan. When we have the documents signed and have been able to verify all of the information, we submit your loan for approval to the underwriters.

Obtain loan approval

After the loan is reviewed by our underwriters, you may be asked to provide additional documentation. We will contact you if additional information is needed and give you an update on the status of your loan application. Once the underwriter has signed off on all required documents including the appraisal, your loan will be officially approved and we can schedule a closing date.

Close the loan

On closing day, all parties will sign the papers officially sealing the deal and ownership of the property will be transferred to you. Most home-sale contracts entitle you to a walk-through inspection of the property 24 hours before closing. This is to ensure that the seller has vacated the property and left it in the condition specified in the sales contract. If there are any major problems, you can ask to delay the closing and work with your realtor to request that the seller makes any necessary repairs. This is your opportunity to make any last-minute changes to the transaction before it is officially closed.

At closing, your participation will be twofold:

  • Sign legal documents.
    This falls into two categories: the agreement between you and your lender regarding the terms and conditions of the mortgage and the agreement between you and the seller transferring ownership of the property. Be sure to read all documents carefully before signing them, and do not sign forms with blank lines or spaces.
  • Pay closing costs.
    Borrowers handle the numerous fees associated with obtaining a mortgage and transferring property ownership in one of two ways: they either roll them into the principal balance of the new loan or agree to pay higher interest rates and have their lenders foot the bill. Some buyers may have to pay these out-of-pocket fees. If you are bringing money to closing most attorneys will require a cashiers check made out to the attorney's office.

A notary will require that you have a picture ID with you. If this was a purchase you should receive the keys to your new home and you should be able to move in the same day. If the transaction was a refinance there is a three day right-of-recession required before funds are disbursed.


Mortgage Terms Glossary
Download our Mortgage Loan Checklist

Back to Top

Privacy  :  Disclosures  :  Site Map
FDICEqual Housing Lender