- Application - An application can occur in person, over-the-phone, or electronically. The borrower's personal information is gathered and compiled as part of the application package. The application and the appropriate mortgage loan disclosures are sent to the borrower to sign and return to American Home Bank.

- Good Faith Estimate - In accordance with federal regulation, the borrower must receive an estimate of costs associated with the mortgage application. American Home Bank provides each borrower with an itemized list of estimated costs that the borrower may incur during the mortgage transaction. This list is known as a Good Faith Estimate.

- Underwriting - Once a loan officer receives the signed application, disclosures, and income and asset information, an underwriter reviews your request for a mortgage. A mortgage commitment letter is issued upon approval.

- Mortgage Commitment Letter - Upon approval, a commitment letter is issued to state in writing under what terms the loan is considered approvable. The commitment letter outlines the terms of the loan - usually called underwriting or "closing" conditions.

- Closing Conditions - Closing conditions identify the documentation that needs to be obtained prior to closing a loan. Standard closing conditions include, but are not limited to, the following examples: an acceptable appraisal, title insurance, source of the funds (money) needed to make down payment and closing costs, signed contracts between the borrower and builder/contractor or seller, and any applicable insurance policies (builder's risk/flood).

***Please note that the borrowers are not obligated to American Home Bank at this point. Borrowers do not have to start repayment of the mortgage until they go to closing. Borrowers may withdrawal their mortgage commitment with a lender at any time before closing.***