Purchase a Home | Mortgage
Local Expertise, Local Service
A mortgage holds a special place in most people’s banking life. It looms large in our minds, both because it is a long-term investment and may seem like an overwhelming one. At SMW, we want to be your partner in taking this big step. Our loan advisors can meet with you to understand just what you are looking for, and we offer a range of terms, so it is easier to find a mortgage that suits your needs.
Shopping, but not for the first time? Then you know the drill. Our loan advisors are knowledgeable and committed to making the process run smoothly, whether you are upsizing, downsizing, or considering unusual properties. Best of all? SMW endeavors to keep your loan in house, providing local service instead of selling your mortgage on the secondary market.
Not All Mortgages Are the Same
The programs you qualify for may depend on your experience or the purpose of your purchase. Military, for example, could qualify for VA loans, while others may be looking at buying a second home/vacation home. SMW partners with local mortgage processing company, Servion Mortgage, to ensure that you have access to the expertise you need to get the most out of your important investment.
From your child’s first steps to graduation, we’ll help you find the perfect setting for all of life’s milestones.
- Competitive home mortgage rates
- Available for primary residence, second homes, or investment properties
- A wide range of terms, customized to your unique situation
- Efficient, on-time closings
- A wide range of financing programs available:
- Fixed rate mortgages
- Adjustable-rate mortgages (ARMs)
- Second mortgages
- VA loans
- Helpful loan advisors with working knowledge of the Minnesota real estate market
- Free pre-approval for extra confidence when it comes to securing financing
- Local decision-making and processing by your community credit union
- Attentive, friendly service from start to finish
Call a Mortgage Specialist at 800-766-5626 or
FAQs
What documents do I need to apply for a mortgage?
To get pre-qualified, you must provide the following information:
• Copy of your driver’s license
• Last 2 years of W2 statements from your employer
• Last 30 day’s worth of pay stubs
• Last 2 months of checking/savings statements - all pages
Depending on your employment status, it may also be helpful to have:
• Last 2 years’ individual tax returns - all pages and schedules
• Last 2 years’ corporate tax returns - all pages and schedules
• Last quarter (3 months) of stocks/bonds/ mutual funds/401(k) - all pages
• College transcripts (if graduated in the last 2 years)
What is the timeline for the mortgage application process?
While the amount of time between steps vary by applicant, the process usually runs in the following order:
• Application
• Pre-Approval
• Accepted Offer
• Lock-In Rate
• Update Credit Docs, if needed
• Order Appraisal & Title
• Conditional Approval
• Purchase Homeowners Insurance
• Submit Underwriting Conditions
• Clear to Close/Approval
• Closing Day