making your new home a reality

key in lock

Financing ProceduresWhile each financial transaction is different, our goal is to help make the loan approval process as smooth as possible. Here’s a step-by-step overview:

  1. Get qualified with your local bank. You may pre-qualify using ERIEBANK's one-click "Pre-Qualify Now Button" on the right side of your screen.

  2. Select your new home and negotiate your purchase contract with your local real estate agent. Signatures are required of you and the seller.

  3. Meet with a loan officer. To make this process most efficient, you may want to bring information on the Application Checklist.

  4. Select attorney or settlement company to represent for closing. Your closing agent will complete a title search to identify any liens that have been recorded against your property, search the records at the courthouse to make sure the seller of the property has sole ownership and the legal right to sell the property, and verify that all title and deed conveyances are in order. The attorney or settlement company will close your loan.

  5. Your lender will order an appraisal. The appraiser verifies value of the property to determine fair market.

  6. Your lender will request a mortgage credit report. A credit reporting agency verifies your credit and other important information, including payment history, amounts owed, length of credit history (a long history is good), recent credit applications, and types of credit used (credit cards, automobile loans, student loans, etc.).

  7. Application processing: The lender verifies your job, income, debt, assets, credit and any additional information.

  8. Final underwriting: The underwriter analyzes your income, credit, cash reserves and the property itself. At this point the underwriter may request additional information from you to clarify or answer some questions about your financial picture. You should allow five business days for the lender to notify you and your sales associate that all information has been completed and loan has been approved. After all underwriting criteria has been evaluated by your bank, the final loan decision will be made.

  9. Closing: A closing date and time will be scheduled and a closing agent or attorney will conduct your closing. Prior to you arriving, he or she will have retrieved the accurate tax and insurance information for the home, and will have prepared a preliminary settlement statement. You will need to bring a certified check for the proper amount along with a homeowner’s insurance policy and paid receipt to the closing. You should also contact the lender with the homeowner’s insurance premium amount at least one week prior to closing. The closing agent will have you sign all the proper documents and will supply you with copies of these forms.

  10. Congratulations on making your new home a reality!