At Bristol County Savings Bank, we know that purchasing a home is one of the most important financial decisions you'll ever make. That's why we've assembled an experienced mortgage team that's ready to answer your questions and help you through the process. We also offer a variety of mortgages so you can find the one that's right for you!

PRELIMINARY INFORMATION REQUIRED FOR THE LOAN APPLICATION

To expedite the loan process, please provide the following documents to your Mortgage Consultant:
  1. Most recent 1 month of pay stubs.
  2. Last 2 years Federal Tax Returns with all schedules and W-2s*
  3. Three months of statements for all Bank Accounts, Mutual Funds, Stock Portfolios, and Retirement Accounts.
  4. Current statements for all credit cards and installment loans.
*If self-employed, please provide a current year-to-date Profit and Loss Statement. If First Time Homebuyer, please provide 3 years Federal Income Tax Returns with all schedules and W-2s.

GETTING PRE-APPROVED

Being pre-approved before you enter into a purchase and sales agreement can be beneficial to all parties involved. Bristol County Savings Bank wants to help you succeed in your home purchase. The Bank will process your pre-approval application in a timely manner with a 120 day conditional commitment letter. The benefits of a Pre-Approval are as follows:

BEGINNING THE PROCESS

Once you have a signed offer to purchase or a purchase and sales agreement, it's time to meet with a local Bristol County Savings Bank Mortgage Consultant. When scheduling an appointment, be aware of critical dates that are outlined in your purchase and sales agreement.

At this time, you may want to consider locking the current mortgage rate for the next 60 days while your application is being processed. Please ask about our extended rate lock program for newly constructed purchases.

GETTING APPROVED

Upon the completion of your application, Bristol County Savings Bank begins processing immediately. Your credit and employment histories are verified and the Property Valuation report is ordered. You will receive a written notification of the Bank's decision.

TIME TO CLOSE

When your mortgage application has been approved, some conditions may have to be satisfied prior to the closing. Please contact your Mortgage Consultant if you have any questions. Once these conditions are met, the closing attorney will contact all parties to schedule a convenient time and place to close. For the closing, you will need to bring proper identification, a homeowners insurance binder with appropriate coverage, and a cashier's check for the balance of the down payment and closing costs. You may contact the closing attorney for the correct amount. At the closing, the attorney will review and explain all documents. You may have your own attorney present if you wish. Then, you will be asked to sign all documents to consummate the purchase of the property.

Congratulations on your Home Purchase!


If you would like more information, please contact us.