Financing Process

For most first-time homebuyers, the thought of financing a home is overwhelming. You’ve heard the rumors about piles of paperwork. But it doesn’t have to be a difficult process. If you prepare yourself, things can go smoothly from the start.

Often, prospective homebuyers seek pre-approval before looking for a home to be certain how much "house they can afford." With Fifth Third, the process is quick and very easy. Those who qualify receive a certificate that verifies their "ready-to-buy" status, which can give significant leverage in the bidding and negotiating processes.

After you find the home you want to buy, the more formal approval process takes the following steps:

1. Buyer completes a loan application
2. The lender begins to process the application
3. The lending institution requests an appraisal of the home you wish to purchase, a credit report and verification of employment and assets, such as bank accounts. The lending institution will run a credit report, and you will be asked to provide the following documentation to show whether you are a good risk:
   • Legible sales contract, executed by buyers and sellers
   • Application fee
   • Social Security numbers of all applicants
   • Driver's license or State ID
   • Name and address of all employers for past two years
   • Position and length of time at job
   • Current salary or rate of earnings
   • Copies of past two W-2 forms
   • If self-employed, past two years of Federal Income Tax Returns
   • Name and address of all creditors on all open accounts
   • Current account balances
   • Monthly payments
   • Account numbers
   • If child support/alimony payments are made, copy of recorded Separation Agreement and/or Divorce Decree
   • Proof of assets: checking/savings account statements, documentation of any additional sources of funds (gift letter, savings bonds)
4. The lender will provide a booklet containing specific loan information and a good faith estimate of closing and related costs
5. An estimate of your loan costs, in the form of an Initial Truth in Lending Disclosure Statement is provided
6. The lender evaluates the application, along with supporting documentation, and decides whether or not to make the loan
7. A settlement agency coordinates the signing of closing documents
8. Closing documents are recorded as official record
9. Seller is paid and title to the home is yours. The lender places a mortgage as a security against this title.

If you would like additional information, please contact a Fifth Third Mortgage Loan Specialist toll free at 1-866-351-5353 or visit a Fifth Third Banking Center near you.