What's Next?

Once you apply for your home loan with CBT, your loan request will go through these steps over the next few weeks.  

We will contact you.

Either the same day or by the next business day, we will contact you to let you know we have received your application.  We will also discuss details of your applicaton and make sure we know what you want to get done.  Then we will work with you to pick the loan that best aligns with your needs.  

Loan Estimate and Intent to Proceed

Within three business days of your application, we will send you a Loan Estimate that outlines the terms of your loan as well as our best estimate of closing costs.  If you agreed to receive and sign documents electronically, we will notify you by email.  Electronic delivery is done securely through this website.  It is highly recommended since it allows the process to move forward as quickly as possible.  If you chose to have paper documents, the Loan Estimate will be mailed to you.  Also included will be the Notice of Intent to Proceed.  This is a very important notice that must be signed and returned to us before the loan process can continue.  It simply states you intend to move forward with the loan request.  However, you may still change your mind and stop the request at any time.

Appraisal and Other Services

Once your Intent to Proceed has been received, we will order the appraisal and other required services.  The appraisal is the independent determination of the value of the property by comparing it to other similar properties that sold in your area.  It can take a while to get this done depending upon how busy the assigned appraiser is.  You will be provided with a copy of the appraisal once it has been received and accepted by the bank.  

Underwriting and Documentation

Our underwriters are local, so there's no delay waiting for your information to be shipped off for someone else to look at it.  They will review the loan file and the documentation you have provided while your home is being appraised.  Each loan request is underwritten using the same standards to meet regulatory and investor guidelines.  We may ask you for additional information and/or documentation to make sure the request meets all requirements.  You will have online access to upload any additional documentation on our secure website.  It can be a little stressful waiting on approval and gathering information.  We will do everything we can to make this as smooth as possible.  Getting us information as quickly and completely as possible will keep things moving and avoid unnecessary delays.

Homeowner's Insurance

During this time you should shop for your homeowner's insurance.  We will ask you for proof of coverage and an invoice or receipt prior to your loan closing.  The first year's premium must be paid before, or at the time of loan closing.  

Closing Disclosure

Once the appraisal and all documentation has been received and the request is approved, the loan will move to our closing area where your final loan documents are prepared and a closing is scheduled.  You'll receive your Closing Disclosure at least 3 business days before your closing.  It outlines the details of your transaction including final loan costs, and the exact amount you will need to bring to closing.  If there's a last minute change before closing, a new Closing Disclosure will be provided.  All funds for the day of closing must be certified and made payable to the closing agent.  

Changes during the loan process

It is best to not make any major financial changes during the loan process such as large purchases, new loans, job changes, or large changes in your account balances.  If you do have a substantial change in your situation, please discuss it with us as soon as possible so we can make certain it is documented properly for underwriting.