Application Process & Timeline

The mortgage team at Bangor Savings Bank works together to make the experience of obtaining a mortgage transparent and personal for you, our borrower. We work collaboratively with you by providing timely communications and clear expectations with the goal to help expedite your mortgage closing.

We have an experienced mortgage team involved in every step of the process to ensure you are informed and supported. Here is a description of each team member helping you:

• Your Mortgage Loan Officer will consult with you about your mortgage options and pricing to find the right mortgage solution for your needs. They will assist you with completing your application and necessary paperwork and submit the request to our underwriting team.
  
  
• Your Client Service Coordinator will assist you with collecting your documentation, as well as answering any questions during the process. They will provide you with weekly updates on the status of your loan application.
  
  
• Your Closing Agent will work with the Bank and will coordinate your closing and bring all the parties together to sign the closing documents. They will ensure that you know what amount is needed to bring to closing and any documents you will need to provide at closing.

Thinking of getting started? Let us partner with you to meet your mortgage financing goals.

Loan Application Stage

When you are ready to submit an application, your Mortgage Loan Officer will collect any necessary information needed as well as any supporting documentation for your request. Documentation may include, but is not limited to, income, asset, and credit documentation. During the application process, your Mortgage Loan Officer will discuss which mortgage product fits your needs and will explain locking or floating your interest rate. Once all information and documentation has been received for you, your loan will be submitted for review. Typically, within two business days, you will receive notification of a decision on your loan request.

B-Informed Application Status Timeline and Information Document

*Please note the timelines listed in the letter provided. They are needed to ensure the timely closing of your mortgage.

Conditional Approval Stage

Your Client Service Coordinator will be your partner throughout this stage! Their primary responsibility is to assist YOU and explain all items needed before closing. They may also reach out for clarification or additional information that may be needed on specific aspects of your loan.

• Required disclosures need your signature and will be sent via the electronic delivery portal unless you choose the US Postal mail delivery option.
• Once you have had the opportunity to review your disclosures, we will need your intent to proceed and an application deposit.
• The appraisal and title search are generally ordered one business day after approval.
  *If you are constructing a new home, a different timeline may apply as a meeting with our construction inspection company is required.
• The Client Service Coordinator will order your homeowner's insurance binder. This is completed once you have made application with your insurance company and have provided us with your homeowner's insurance agent's contact information.

Pre-Closing

Your loan has been cleared for closing and final processing is taking place. As part of this process, we will do a telephone verification of employment to ensure that there has been no change to your employment status. We may also request an updated credit report to ensure that there are no changes in your credit profile. If there are changes in either your employment status or credit profile, additional documentation may be required.

Closing

For a loan closing, documents will be prepared. A closing date and time will be scheduled by the closing attorney. The closing typically takes place at the closing attorney's office, or at a mutually agreed upon location. Please be sure to bring valid photo identification and allow for an hour’s timeframe for your closing to sign documents.