HOME LOAN PROCESS

If you’re interested in buying a home, Twin River Bank can help you make it happen. Contact one of our loan officers today (click on a branch location above for a list of lenders – Lewiston, Orchards, Clarkston or Asotin) or apply online in less than 15 minutes using our secure online application – no application fee.

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LOAN MEETING (10-20 minutes)

Our loan officers are happy to answer your questions and assist you in finding the program that suits your personal home loan goals. The greatest benefit to working with us is that you may choose not to leave home. Nor do you have to spend hours filling out mountains of paperwork. We enable you to inquire about available loan programs and rates online, over the telephone, by fax or by mail.

LOAN PRE-QUALIFICATION – TIME TO GO SHOPPING FOR A HOME WITH YOUR REALTOR OR ONLINE

A loan prequalification is a request for an indication of the type and amount of loan you may be eligible to receive. It does not constitute an application or a commitment to lend. A loan prequalification turns into a loan application at the time credit is requested by an applicant. Because a completed loan application is required to obtain loan approval, it is very important that any requests for additional documentation be provided in a timely manner.

LOAN APPLICATION (15 minutes)

Complete and Sign Application – Upon your request, we will send you a loan application form and disclosures. Once complete we will send a Loan Estimate to you to review. To expedite your loan approval, you will be asked to review, sign and return these documents to us in a timely manner (generally by DocuSign which sends an email to your cell phone, tablet or laptop) You may also stop by a branch and sign or return by mail or fax. 
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PROCESSING THE APPLICATION (3-5 days)

Processing the Application – Upon receipt of your application package, a lender will verify for accuracy, your credit, income, and asset information, then complete a credit and income decision.

Underwriting the Loan for Approval – The final underwriting process to approve or deny a loan is typically completed within 24 hours of final processing. Each underwriting decision is based upon several basic factors including without limitation, credit, income, debt to income ratios, cash savings, and property appraisal. Your lender will contact you with specific underwriting conditions to get them handled quickly.

APPRAISAL / TITLE WORK / HOME INSPECTION (2 weeks)

The bank will order your appraisal and will require the fee be paid up front. The average cost of an appraisal is $450-$650. An appraiser will inspect the interior and exterior of the property and compare the home with other homes that have recently sold in the same neighborhood. The appraiser will provide a written report and assign a market value.

A title company/ settlement agent is also selected to handle your closing. You will need to select a company with whom you prefer to work. We encourage you to contact your lender, at any time with questions or concerns relating to your loan.

If you choose to get a home inspection when you purchase a home – it is your right and very important to protect yourself from repairs and other future problems. You need to schedule an inspection as soon as the Home Purchase & Sale Agreement is accepted. A home inspector prepares a written report and should alert you to problems which will give you time to renegotiate the sales price or have the home repaired in time to close on the loan.

CLOSING DOCUMENTS / FUNDING (3 – 5 days)

After your loan has been approved, closing documents will be prepared and then provided to the title company closing agent for your signature. Signing usually occurs three business days after your receive your Closing Disclosures to review. After the closing documents are executed, your loan is recorded. Once you have signed the closing documents, you may need to provide funds for closing and normally the title company will require those funds in a Cashier’s Check. Depending upon the type of transaction, funds will generally be disbursed same day or within one business day upon our receipt of the fully executed documents and recording of the Deed of Trust/Mortgage has been completed.

POSSIBLE DELAYS

All time periods are estimates and are dependent on receiving completed documentation, loan approval guidelines, and the services provided by third party vendors.

  • If your inspector finds problems with the property, often the loan is held up until the problems are fixed or the buyer/seller could decide to set aside funds to fix the problem and go ahead with the closing.
  • The secondary market lender may have issues with the home appraisal and the original appraisal is put under review.
  • There could be problems with the title and it may take time to clear them up in order for the Title Company to provide title insurance to the buyer and lender.
  • If incomplete documentation is provided by borrower.