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Home Buying Process

Use this checklist as a reference to help see what has been done and what still has to be completed in order to own your new home.

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Pre-approval and Finding a Home

  1. Meet with a Mortgage Loan Officer to discuss your needs and qualifications. You will discuss options with a mortgage loan officer and determine which of these options is best for you.

  2. Fill out an application with your Mortgage Loan Officer and get pre-approved. Your Loan Officer will pull your credit and discuss your income, assets, credit, and liabilities to help determine qualifying limits. This will help you narrow your home search to a home that is within your approved price range.

  3. Search for your new home. State Bank of Southern Utah encourages you to enlist the help of a licensed professional real estate agent to help you find and negotiate the purchase of your new home.

  4. Once you have identified a property, and they have accepted your offered purchase price. You are considered “under contract” or “in escrow”. This is just a designated time period to complete your inspections and financing in time for the closing date on the purchase of your home.

Inspections, Financing and Appraisals

  1. Finalize your application with your Loan Officer. Provide the verification documents that they request and review and sign your initial disclosures. We will assign a Loan Processor to who will work with you to navigate your loan through the approval process.

  2. Order any inspections that you intend to have done. State Bank of Southern Utah encourages you to have a home inspection to help identify the condition of the home and discover any issues initially. 

  3. We will order a title search and the appraisal for your property to determine its eligibility and value. 

  4. Your Loan Processor will package your loan and deliver the loan to our underwriting department for approval.

  5. You will receive a conditional approval letter that identifies any additional requirements needed to complete your loan. 

  6. Gather and submit final documentation request to start preparations for your loan closing.

Closing and Servicing Your Loan

  1. You’ll receive a closing disclosure no later than three business days before your closing date. It is very important that you review this document to ensure you understand the details of your loan and identify any questions prior to closing. If any changes are identified we may need to send you a new disclosure and you will have another three days to review the changes before we can close your loan. 

  2. We will confirm your closing date with you and with any real estate agent and title companies associated with this closing. We will confirm with you any costs needed for a down payment or closing costs.

  3. Sign your closing documents. Be prepared to sign multiple documents. You will be signing loan documents and closing documents. Review any and all documents before you sign. Transfer funds for closing costs and down payment to the escrow company.

  4. Recording of the transfer of ownership will usually take place on the next business day after signing.

  5. Enjoy your new home!

SBSU will continue to service and maintain your loan. This gives you local access and support for your mortgage loan!