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Mortgage Process Step 4

Final Loan Review

Once the title report, appraisal and flood certification are received, along with any additional documentation I have asked you to provide, your loan file is ready for final review. One of our underwriters will review your complete loan file and make a final credit decision.

Once the final loan decision has been made, one of our closing specialists will contact you to schedule the loan closing. At this time you will receive a final estimate of your closing costs as well as the amount of any additional funds that you will need to bring to your loan closing. These costs are typically provided to you on the HUD-1 Settlement Sheet. It is important to know that these funds must be brought to your closing as a certified or cashier’s check. You may be able to wire or transfer funds electronically by ACH to the closing agent's escrow account prior to closing. Personal checks are not accepted.

You will also need to provide proof that you have of the following types of insurance for your new property:

 
  Hazard insurance – this type of insurance protects you in the event of any loss or damage to the property due to theft, fire or certain weather-related losses once it is secured by the mortgage loan.
   
  Flood insurance – if you are determined to be in a flood plain, this insurance is required and provides compensation to you and the mortgage company in case the property is lost or damaged from rising water.
   
 
 



Chevy Chase Bank, F.S.B. and the B.F. Saul Mortgage Company are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the United States. We encourage and support an affirmative advertising and lending program in which there are no barriers to obtaining home financing because of race, color, religion, sex, handicap, familial status (e.g., having children), age or national origin.