Home Purchase Loan Process

Whether you're looking to get pre-approved or have just found your home, we can help you every step of the way. Our experienced loan officers will help you determine which loan options best suit your needs.

We offer you a smooth and reliable service with a personal approach.

Depending on your circumstances, your path forward may vary. We invite you to stop by or call the nearest Huntington Mortgage office and let us show you how we take your mortgage needs personally.

In general, this is what you can expect after applying for your Huntington home loan:

1st Step:

Complete your application thoroughly. Suppose you have started the process online with a pre-approval or rate quote. In that case, your information will be received by a qualified mortgage loan officer, who will contact you with any additional information needed and the mortgage. I will guide you through the rest of the process. Like most buyers, you want your loan approval process quick and smooth.

At Huntington, we make this possible by minimizing the documents you must provide. The following checklist shows what is needed to get your loan reviewed.

• Application Fee (if applicable)

• A contract of sale signed by the buyers and sellers (when available)

• All applicants' social security numbers

• Complete addresses for the last two years (including owner's full name and address for the previous 24 months)

• Name, address, and income earned from all employers for the past 24 months.

• Copies of W-2 forms for the past two years

• A copy of the most recent pay stub for the year to date

Account number, monthly payment, and current balance for installment loans, revolving charge accounts, student loans, mortgage loans, and auto loans, and the name and address of the owner of these accounts.

Account numbers and current balances of all deposit and investment accounts, including checking accounts, savings accounts, stocks, bonds, 401Ks, etc., and the name and address of the owner of those accounts.

Last three months' account statements for deposit accounts, shares, etc.

If you choose to include child support/arrangement income, please bring copies of court records or canceled checks showing payment receipts.

If you are applying for a VA loan, you must also bring the following additional documents:

DD-214, certificate of eligibility or statement from your commanding officer if you are on active duty

If you are self-employed or on commission:

• Federal income tax returns for the last two years with all schedules

• Year-to-date profit and loss statement

• If you have other characteristics:

• Address and current market value of the properties.

• If a loan is owed on these properties, please provide the lender's name, address, account number, monthly payment, and the current balance on all loans.

• Copies of federal income tax returns for the last two years with all schedules

• Year-to-date profit and loss statement

• A copy of your lease if you rent

If within the previous seven years you had filed for bankruptcy:

A copy of the petition and discharge, a handwritten justification for the bankruptcy, and evidence of superb credit following the default are all required.

2nd Step:

The Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) require that, within three business days of receiving your request, we provide you with the following:

Loan Estimate: This form provides a detailed estimate of the costs you will incur at closing and approximate information about your annual percentage rate (APR) and cost of financing.

Settlement Costs Brochure: This brochure is published by the Consumer Financial Protection Bureau (CFPB) and is intended to provide general information about the various debt settlement costs.

3rd Step:

Credit Report Huntington will obtain a credit report that shows your credit history. If your credit report shows late payments or defaults, you may need to provide a written explanation as to why this happened. If you have filed for bankruptcy in the past, you may need to provide copies of official bankruptcy documents and a written explanation of why the default occurred.

Property Appraisal: A property appraisal is essential for almost any home loan. A review is an estimate of the property's value at a given date as determined by a qualified professional appraiser. Typically, Huntington selects the appraiser and places the order for the appraisal.

The value may be based on replacement cost, sales of comparable properties, or the property's income-generating potential.

Property Inspection: An inspection will be required, which is a physical measurement of the property by a registered professional showing the dimensions and location of buildings as well as easements, rights-of-way, roads, etc.

Other property inspections: Other property inspections that may be required include a pest or termite inspection, usually paid for by the seller. Inspect septic systems and well water, if applicable; Building inspections that indicate electrical, heating, and plumbing systems are functioning correctly—equipment inspections, etc. You or the real estate agent can order these inspections, and they should be discussed with them to determine when they are needed and who is responsible for payment.

4th Step:

Your loan is processed and can take anywhere from 48 hours to three weeks or more, depending on the type of mortgage you choose and other factors. Self-employment, title clearance, appraisal concerns, and a delay in submitting documents to the lender are additional elements that could lengthen the processing time for a loan. Huntington checks and verifies the information you provide. In addition, your application and requested documents are reconciled to ensure file accuracy and integrity.

5th Step:

The loan decision is based on all your information, including your credit report and property appraisal. This decision must comply with government agencies' regulations, guidelines, and standards, any secondary market investors, and Huntington. During this process, you may also be asked for additional information. After deciding on your file, a Huntington mortgage loan officer will contact you with information, and you will receive a credit approval letter.

6th Step:

Your Huntington mortgage loan officer will contact you to arrange a deadline that works for you. At that time, Huntington will remind you that you need your homeowner's insurance policy, which must be mailed to us at least one week before your closing date. The closing agent or title company handling your settlement will contact you 24-48 hours before the settlement date. The purpose of the call is to give you the exact dollar amount you need to close.

7th Step:

The "end" or final settlement is an exciting day. The buyer becomes the owner of the desired property, and the seller receives payment for it. The word "closing" refers to both the time of liquidation and the process of transfer of ownership of the property. The settlement attorney and closing agent will guide you through the document review and signing process.

8th Step:

Congratulations on your new home! The settlement packet you receive at closing will include information about where and how you can make your mortgage payments. Making your mortgage payments on time is essential to maintain good credit standing.

Take the time to review the closing package documentation very carefully. Please contact your mortgage loan officer with any questions about these documents.