Loan Process

Loan Process

Step 1: Contact us and begin your application.

Fill out our quick online application to get started. An Advancial Mortgage loan officer will call to learn more about your financing needs and discuss your options. During this call, your loan officer may also ask for any additional information including your employment information, income, assets, debt and expenses to complete your application.

After your application has been completed and your credit has been evaluated, Advancial Mortgage will work with you to find you the perfect loan for your situation. Within three days of completing your application, we will send you a copy of your Good Faith Estimate (GFE), a document that will help you understand the various costs associated with your mortgage loan.

Step 2: Provide important documentation and order your appraisal

To begin processing your loan, you will be asked to sign some initial documents and forms. We will also need to obtain various documents to verify information contained on your application. Please refer to our Application Checklist for a list of required documents.

Advancial Mortgage will order a property appraisal from a licensed appraiser who is familiar with home values in your area. Your mortgage loan officer will contact you with details on the costs of the appraisal and obtain your authorization to move forward. Typically the appraiser will need to view the interior and exterior of the home. For home purchases, the appraiser will contact the realtor to schedule the appraisal. For mortgage refinances, the appraiser will contact the homeowner to schedule the appraisal.

As soon as the appraisal is completed and all of your documents received, we will begin underwriting your loan. This step can take up to 14 days. An Advancial Mortgage representative will be in contact with you throughout this time to keep you informed about your loan status.

Step 3: Close your loan

When your paperwork has been finalized and approved, an Advancial Mortgage representative will contact you to coordinate a closing date. Please note that your homeowners insurance policy is necessary for closing and should be mailed to Advancial Mortgage at least one week before your scheduled closing date.

The closing agent or title company handling your settlement will contact you anywhere from 24 – 48 hours before the settlement date. The purpose of the call is to provide you will the exact dollar amount you will need to bring to closing. You will be asked to bring this amount in the form of a certified or cashier’s check. On your closing day, the closing agents will guide you through the process of reviewing and signing documents.

Get the Latest News

People looking at clipboard

How to Choose a Real Estate Agent

As you start on the path of finding a home, having a real estate agent guide you in the process can make a difference.
Continue to Article
article preview image

Credit Card Debt? Tip the Balance in Your Favor

If you’re overwhelmed with high-interest credit card debt, or if you want to simplify your finances, you may want to consider a balance transfer. A balance transfer occurs when you move the amount you owe from one or more credit card accounts to another credit card, preferably one with a lower interest rate.

Continue to Article
article preview image

Your Guide to Auto Refinancing

Love your car, but not your loan? Many Americans are paying way too much on their auto loan each month, averaging about $550 per month on new car payments.* If your loan payments are too high for your budget or you’re overpaying on interest, then refinancing might be right for you.

Continue to Article
Leaving Advancial.org
You are leaving www.advancial.org and entering a site that is not operated by Advancial Federal Credit Union. Advancial does not provide and is not responsible for the product, service, overall website content, security or privacy policies on any external third-party site.
Continue
Equal Housing
We do business in accordance with the Federal Housing Law and the Equal Opportunity Act.

Leaving Advancial.org. You are leaving www.advancial.org and entering a site that is not operated by Advancial Federal Credit Union. Advancial does not provide and is not responsible for the product, service, overall website content, security or privacy policies on any external third-party site.
Continue
NCUA
Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States government.

Leaving Advancial.org. You are leaving www.advancial.org and entering a site that is not operated by Advancial Federal Credit Union. Advancial does not provide and is not responsible for the product, service, overall website content, security or privacy policies on any external third-party site.
Continue
My Loan Applications
You are leaving www.advancial.org and entering the Loan Applications site.
Continue