The Mortgage Process

At Oak Bank, we want to make your dream home, a reality. We will make the process of buying a home, less intimidating. Use the map below to learn more about each step and make home buying less stressful. We will help you stay focused on the joys of being a homeowner.

Step 1
Check Rates and Do Calculations

	What might my monthly payment be?
	How much can I afford?
	Should I rent or buy?

Step 2
Pre-Qualify

Before you even begin house hunting, you will want to meet with Oak Bank’s Mortgage Lender about pre-qualifying for a mortgage. This step will help you determine exactly how much house you can afford.

Step 3
Complete & Sign Application

You will need to provide the needed information on your personal financial situation. You will also be asked to sign documents allowing the lender to check with your bank, employer and allowing a credit check.

Loan Application Forms

For your convenience, we offer all of the forms listed below for easy download. All forms are provided in PDF format. In order to view and print a PDF file you will first need to download and install a free copy of the Adobe Acrobat Reader if you don't already have it. Just click on the each link below and print out each form. They will print out on 8 1/2" x 11" paper. Once you've downloaded and filled out the forms listed below, you can either fax them to us at (608) 441-6001 or drop them off at 5951 McKee Road, Fitchburg, Wisconsin.

	Loan Application Check List.pdf
	Uniform Residential Loan Application.pdf
	Addendum to Uniform Residential Loan Application.pdf
	Authorization to Release.pdf
	Insurance Coverage.pdf
	Notice Regarding Your Application.pdf
	Notice Regarding Your Appraisal.pdf
	Request for Transcript of Tax Return.pdf

Oak Bank along with Equifax, Experian, Innovis, and TransUnion, (collectively the "Consumer Credit Reporting Companies”), encourage you to make an informed decision about receiving firm (preapproved / prescreened) offers of credit or insurance. Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers. Click HERE to find out more or to Opt-Out.

Step 4
Pre-approval

We will verify the information, check your credit, and then approve you for a loan amount, subject to appraisal.

Step 5
Find a Home

Once you have found a home, you will be asked to complete the property specific information on the application.

Step 6
Appraisal Conducted

The property you purchase is used as collateral to your loan and acts as a security to Oak Bank. Therefore, we require an independent appraisal report. The appraiser estimates the current value of the property based on the neighborhood, the size of the property, the age of the property, and it’s structural integrity. We will contact you with the results of the appraisal.

Step 7
Commitment Issued

Underwriters will review your application and make a decision on your loan. Once it is officially approved, you’ll receive a commitment letter. The final step is to schedule a time (within the number of days stipulated in the commitment letter) for the closing and property transfer.

Step 8
Closing

This is when you take legal ownership of the property. Closings are generally conducted by title companies, and frequently take place at their offices. Usually all the parties involved (seller, attorney, lender, and buyer) attend. Prior to the closing, you will be informed of the exact amount of down payment and closing cost money you need to bring. You will also be asked to bring proof of insurance for the property. At the closing, you will be given a brief explanation of a number of legal documents and asked to sign them. As a buyer, you will sign a mortgage note, which is the personal promise to repay the loan, and the mortgage, which is the financial lien or claim against the property. Finally, the moment you have been waiting for – you receive the house keys and are officially a homeowner!

Step 9
Online Mortgage Servicing

Once you have closed on your home, you can sign up for Oak Bank Internet Bank and have access to your loan balance, payment information, and make payments on your loan from another Oak Bank deposit account.

Click here to learn more about your home loan options.

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