Residential Lending

Getting Started

Beyond the Basics of Financing a Home

The financing of a home is a complex transaction. It involves many different steps and you will speak with people performing specific functions and roles. Here is an example of the steps we will go through to process, approve, and fund your home loan. Depending on your preparedness, this process can take anywhere from 30 to 45 days, so it’s best to engage with your Citizens Bank & Trust loan officer as soon as you are seriously looking for a home.

Step 1 - Prepare your Documentation

There is a lot of documentation your lender will need from you to verify the information you’ve supplied to them on a mortgage application. Our Mortgage Application Document Checklist can help you get prepared, so you won’t feel so overwhelmed.

Step 2 - Get Pre-Qualified for a Mortgage

Contact your CB&T loan officer to be pre-qualified for a mortgage. During the pre-qualification process your lender will:

  • Review your income, credit, and savings of down payment.
  • Determine the value of the home for which you can qualify (which is not necessarily the same as what you can afford!).
  • Determine the approximate minimum down payment and closing costs needed for the purchase.
  • Provide you with a conditional, written pre-qualification letter, which most real estate agents and sellers will require to indicate you are serious about purchasing a home.

Step 3 – Find a Real Estate Agent and Find a Home

  • Now that you have your pre-qualification, you can contact a real estate agent and/or builder and begin your home search.
  • Make an offer and sign the contract to purchase, which will include a copy of your pre-qualification letter.
  • You may be required to include a check for an earnest deposit with your offer. This shows the seller you are serious with your intention to buy.
  • A seller generally has 48 hours to reject, accept, or counter your offer.

Step 4 – Apply for a Mortgage

  • Complete your CB&T Mortgage Loan Application Form and provide all the required documentation.

Step 5 – Final Underwriting

Once your loan application has been processed, a loan underwriter will review your mortgage loan application file to confirm that it meets all of the lender’s credit requirements and all the conditions to close have been met (ensuring every piece of information has been documented and verified, for example).

Step 6 – Loan Documents are Delivered to the Closing Agent

Upon approval of your mortgage, the closing will be scheduled and the lender will deliver all the necessary closing documentation to a local closing agent. A closing is a meeting with you, the closing agent, and an agent of the seller. When you sign the loan documentation, the closing agent distributes funds and you officially own your home. Your loan officer will be your steady guide through the real estate closing.

Step 7 – The Home is Yours

Once you’ve signed all of the documentation needed for your mortgage loan and the title is transferred to your name, the keys to the home are given to you and you have successfully purchased your new home!

Easy Access

Our Mobile Banking Services provide 24/7 access to your Citizens Bank & Trust accounts through your tablet or smartphone. This gives you the ability to conveniently pay your bills, check your balances, make transfers, deposit checks and much more while on the go.