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How Our Mortgage Process Works

Clear, local guidance from prequalification to closing. Whether you’re buying, building, or refinancing, here’s exactly what to expect—and how we help at every step.

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What to Expect

Local Decisions

Underwriting and decisions made by people who know our community.

Transparent Timeline

Our goal is to close on our before your purchase contract closing date. Typical Purchase & Refinances close in 20 to 45 days.

Guided at Every Step

Your Mortgage Loan Originator will explain requirements and next steps so you’re never guessing.

Step-by-Step Mortgage Process

1Prequalification

Connect & Prequalify (15–30 minutes)

We review goals, estimate budget, and discuss products (Conventional, FHA/VA, Indiana Housing, Portfolio, HELOC, Construction). Soft credit check may be used for prequal.

  • Share income, assets, and housing goals
  • Get a price range and monthly payment estimate
  • Receive a prequalification letter (if applicable)

2Application

Complete Application (20–60 minutes)

Submit a full application and authorize credit. We’ll confirm your identity and collect required disclosures.

  • eConsent and initial disclosures (RESPA/TILA)
  • Upload documents (see checklist below)
  • Lock rate if desired and eligible

3Underwriting

Underwriting (1 business day)

An underwriter reviews the file against program guidelines. You may see conditions—small items we need to finalize approval.

  • Initial review of loan estimate
  • Initial review of income
  • Initial review of assets
  • Sufficient funds to close and program guidelines

4Processing

Processing (1–10 business days)

We verify income, assets, and property details. Appraisal and title work are ordered.

  • VOE/VOA, tax transcripts (as applicable)
  • Appraisal and title commitment
  • Homeowners insurance binder requested
  • Submit to Underwriting for final review 

5Underwriting

Underwriting (1–2 business days)

An underwriter reviews the file against program guidelines. You may see conditions—small items we need to finalize approval.

  • Clear any remaining conditions
  • Conditional or final commitment issued
  • Closing scheduled when “clear to close”

6Closing

Closing (+/- 1 hour)

You’ll receive a Closing Disclosure at least 3 business days before closing. At closing, sign final documents and receive keys (for purchases).

  • Review Closing Disclosure for accuracy
  • Bring government ID and funds to close (certified)
  • Post‑closing: welcome packet and servicing information

Documents Checklist

Income

  • Recent pay stubs (last 30 days)
  • W-2s (2 years)
  • Tax returns if self-employed (2 years)
  • SSA or pension award letters (if applicable)

Assets

  • Bank statements (2 months)
  • Retirement/investment statements
  • Gift letter and donor documentation (if applicable)

Property

  • Purchase agreement (fully executed)
  • Homeowners insurance agent info
  • Plans/specs and budget (for construction)

Identity

  • Government-issued photo ID
  • Residence history (24 months)
  • Landlord contact (if renting)

Frequently Asked Questions

What’s the difference between prequalification and preapproval?

Prequalification is an early estimate based on information you provide. Preapproval includes a full application and credit review and may require documentation. Sellers typically prefer preapproval for purchase offers.

Will my rate change during the process?

Your rate will not change after it is locked. You may lock your rate once you have a property address, verified income, verified assets sufficient to close, eligible credit score and an eligible mortgage program. Locks have specific terms (45-60 days). Your Mortgage Loan Originator will explain options and timing.

Do you service my loan?

At First Federal Savings Bank, we take pride in providing local servicing on the majority of our home loans. That means your questions are answered by people right here in our community. If you choose a loan product or rate that we don't directly offer, we then work with carefully selected, trusted partners who will service that loan, Your closing package and welcome letter will clearly explain who will service your loan.

What if the appraisal comes in low?

If value is lower than expected, we’ll review options such as renegotiation, program changes, or additional funds. A formal reconsideration of value process may be available per investor guidelines.

 

Talk With Us

Prefer a quick chat? Call us and we’ll walk you through the process and products that fit.

Fair Lending & Compliance

We follow fair lending laws and regulations, including Equal Credit Opportunity Act (ECOA), Fair Housing Act, and RESPA/TILA disclosure requirements. Program availability, terms, and timing may vary based on eligibility, property type, and market conditions. This page is for general guidance; your Mortgage Loan Originator will provide program‑specific details.