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6 Steps to Ownership

These 6 steps define everything you need to prepare and obtain in order to make your purchase of a home smooth.

Step 1: PREQUALIFICATION

Citizens' friendly loan officers will prequalify you free of charge. Not only will this step help guide you toward a home in your price range, it will also give you more bargaining power when it comes time to make an offer. Please review the Application Checklist to see what items you should bring to this initial application.

Step 2: SELECTING A HOME

This is the fun part - working with your sales agent to find your dream home. Your sales agent will assist you in making your offer and negotiating the best price and terms. Click here to find links to local Realtors' and Home Builders' web sites!

Step 3: APPLYING FOR YOUR LOAN

Once your offer has been accepted, we will make an appointment to complete your loan application. If you did not prequalify, please review the Application Checklist. If you are already prequalified, you will just need to bring the signed purchase agreement for the property you wish to purchase.

Step 4: GOOD FAITH ESTIMATE

Shortly after you submit your loan application, we will send you a Good Faith Estimate of Settlement Costs and Itemization of Amount Financed. In this document, Citizens National Bank will estimate your settlement (or "closing") costs for the transaction, to the best of our knowledge. If you are already prequalified, you will receive these papers shortly after your initial application. If there are substantial changes to the terms, you may also receive a second set with your final loan package.

Step 5: PROCESSING YOUR LOAN

During this time period, we will collect documentation to verify your employment, income, savings, assets, and liabilities. The appraisal, title, and credit report will be ordered. After all required documentation is received, your loan package will be submitted for loan approval. A decision will be made based on a variety of factors including credit history, income stability, assets and property value. If you are already prequalified, most of this will already have been completed with your initial application. Usually, only the appraisal and title search remain to be ordered.

Step 6: LOAN CLOSING

The mortgage loan closing (or settlement) is the meeting at which you take official ownership of the house. You'll be required to sign papers, make your down payment, and pay your closing costs at the meeting in order to take possession of your new home.